Financing your studies in the US: What are your options?

Did you know that most University students in the US have received financial help of some kind to pay their way through school? If you’re considering studying in the US, but the costs have thrown you off, know that there are many options for you to finance your studies without paying the full tuition cost. Let’s take a look at some ways you can get money to study abroad in the US.

The first, and most obvious one is to apply for merit-based and need-base scholarships directly with the schools you’re applying to. The requirements are different, merit-based scholarships are awarded according to academic achievements and need-base scholarships are awarded according to your particular financial situation. Most schools also have sports and arts programs, with which you can get a scholarship if you are particularly talented in some of the areas the school is interested in. Since this will vary from school to school, you should evaluate these options directly with the School’s admissions advisor.

The second option is to look locally, in most countries both private and public organizations offer different types of scholarships, credits, or financial aid for students who want to study abroad. These may vary in shape and form depending on your professional goals, or the major you’re planning to pursue.

If you’re thinking about student loans, it is also a good idea to check with local banks and credit entities, as they’re more likely to offer you better interest rates and issue you a loan as a citizen. Keep in mind that US banks and credit entities rarely issue loans for international students unless they’re co-signed by a US Citizen; and even then, your loan might be denied.

Last but not least, crowdfunding platforms like MindSumo offer rewards for people who solve the challenges they post online. The rewards vary from $10 to $1000, or more. And you never know, you might actually have a great idea to solve some of the problems they’re advertising and win a prize!