The cost of studying in the United States is relatively high, which many families can’t afford. Although the school provides various scholarships, what other financial policies are there? I will give you a detailed introduction below.
What are the Financial Aid policies for studying in the United States? Types of Financial Aid at American Universities There are two types of aid at American universities, Scolarship and Financial Aid.
Both types of grants are financial grants, but they are different in nature.
A Scholarship is a kind of “reward” money given by an American university to an applicant based on his or her grades, general qualities, or special skills.
These scholarships are usually small, ranging from a few thousand dollars to $10,000 to $20,000.
Some American universities offer scholarships directly to outstanding students at the time of admission, without requiring applicants to apply in advance.
Some American universities will require applicants to indicate whether they need a scholarship or not in the online application. Applicants need to select “Yes” to get a scholarship.
Financial Aid is financial aid given to students by the United States government, schools, or private institutions.
The amount is generally large, ranging from a quarter of the tuition fee to the full amount.
Applications for such grants usually require additional forms to be completed and supporting materials to be submitted.
Almost all American colleges and universities can offer Financial Aid to their students.
Financial Aid in the United States is generally divided into Need-aware and Need-blind.
If you apply for an FA and are accepted, the school will not fully meet your needs and will only give you financial aid Based on your family’s financial situation.
Colleges with a need-aware policy consider a student’s financial situation and Need for financial aid when making admissions decisions.
As a result, the amount of financial aid an applicant applies for can affect the outcome of admission.
When applicants come from similar backgrounds, colleges may prefer to accept students with less Financial Aid.
Most schools implement this kind of application policy for international students.
Although the university will not say on its official website that “international students will reduce the probability of getting an Offer”, the friends in the overseas study circle know that the difficulty of applying for FA will be increased after applying for FA, so they may consider whether to lower the standard of choosing a school.
*Need-blindNeed-blind does not pay attention to the applicant’s financial status when reviewing the application materials.
The final admission results are independent of the amount of Financial Aid applicants apply for.
Princeton University’s financial aid program is designed to encourage all eligible students.
You can apply to Princeton regardless of your financial status.
The admissions policy is Need-blind and financial aid applicants are not at any disadvantage in the admissions process.
If accepted, Princeton University will fully meet the applicant’s financial needs through financial aid.
The no-loan policy replaces student loans with grants that students don’t have to pay back, so students graduate with little or no debt.
Families earning between $0 and $65,000 are eligible for grants to cover full tuition, room and board.
For students admitted to the class of 2025, the average grant is $62,200 and tuition is $56,010. The average grant covers 100 percent of tuition and 61 percent of students are eligible for financial aid.
1. Harvard University offers need-based financial aid, enabling the best students to gain admission regardless of their financial means.
About 20 percent of students pay nothing, 55 percent receive need-based scholarships, and 100 percent graduate debt-free.
Foreign students can receive exactly the same financial aid as American students.
To learn more about financial aid, or have any questions, please click online.
If you have any doubts about whether you are suitable for studying abroad, you are welcome to participate in the free assessment of Future Abroad.
1. The Massachusetts Institute of Technology admits the most talented students in the world.
Once admitted, MIT will meet a student’s full financial needs for a four-year undergraduate career.
The average need-based MIT scholarship awarded to undergraduate students in 2020-2021 was $45,146, with most students from families earning less than $90,000 not paying tuition.
Eighty-two percent of undergraduates graduated debt-free in 2021.
The full cost of MIT was $77,020.
Students who receive financial aid pay an average of about $17,986 a year.
Yale University is dedicated to providing financial assistance to students from diverse backgrounds and around the world.
All financial aid is based on need to ensure that talented students can afford a Yale education, regardless of their financial background.
The procedures for applying for financial aid are set by individual schools and programs.
American colleges require students to submit a Free Application for Federal Student aid, which measures a student’s family Financial ability to provide different forms of aid, including Grant, Work-study, or Student Loans.
Except for the Grant, which is not reimbursable, the other two require students to “work” on campus or pay back money after graduation.
The former associate dean of admissions at Yale University and Georgetown University says the federal government currently offers almost no financial aid to non-US citizens at undergraduate level.
Therefore, it is not recommended that domestic students consider applying for this kind of financial aid.
The scholarships offered by American universities at the undergraduate level are generally divided into three categories: 1) Need-Based: A student’s family financial situation is checked, including parental income, family assets, and other factors.
This scholarship is very generous for American applicants, but only a few universities offer it to international students.
2). Merit-based: It generally comes from school funds, social enterprises and private donations.
Scholarships can range from full scholarships to as little as a few hundred dollars a year.
The criteria have little to do with nationality, family circumstances or financial ability, and are based on grades or other performance.
Most schools do not require students to submit additional applications, and they award scholarships to the best freshmen along with their offers, based on the size of the applicant pool that year.
3). Need-Blind: It’s not strictly a scholarship policy. It’s an admissions policy of American universities.
American universities that adopt this policy will not consider the applicant’s family financial situation, whether the student applies for financial aid or not does not affect the admission result.
The university will provide 100% financial aid as needed to those who are admitted and in dire financial need.
Currently, most private U.S. universities and top liberal arts colleges offer Need-Blind admissions policies, but only six of them apply to international students: Princeton, Harvard, MIT, Yale, Dartmouth College, and Amherst College.
