Grants For International Students In The Us - Think about the international graduate students you are recruiting. Do you know how they finance their education? Do you know the true cost of attendance for your programs? Can you tell a Nigerian student what options they have to finance their studies at your institution? Do you know where to point them for resources? If you answered no to any of these questions, don't beat yourself up! It was not always necessary to discuss funding as part of the admissions process. However, we're increasingly finding that students are seeking this information earlier in the admissions process, so equipping your teams with the skills and resources to engage prospective students in these conversations can improve the recruiting process and your admissions goals. have a significant impact on Behind them are real students who have made life-changing decisions. Post-Pandemic International Student Enrollment In the early stages of the pandemic, institutions and academic programs hesitated to create accessible pathways for international students to apply (and ultimately enroll), their number and highlighting the critical need for education. These options include fee and exam waivers, generous stipend packages, additional benefits, and increased flexibility and sensitivity to individual circumstances. We have just announced that the number of international students has officially increased by 15% since the pandemic. However, the financial circumstances faced by many candidates may not be the same. The global economic impact of the past 3 years, along with temporary ways to encourage international enrollment, has encouraged a diverse demographic of graduate students. These potential international graduate students now come from families that have lost their jobs, primary income or major assets due to COVID-19, or whose economies are still suffering from disruptions, economic instability or their political climate. Because of this, it is at a standstill. . These applicants are more likely to rely on scholarships, grants, and financial opportunities as they seek a master's degree to improve their financial situation. Are your admissions teams ready to have open and honest conversations about their ongoing needs? Holon IQ predicts that an additional 1 billion post-secondary graduates, primarily from Asia and Africa, will pursue English-language degrees over the next 30 years. Prodigy Fiscal Year (2021-2022) Funding for research site development, especially for international students, has historically been a secret and taboo topic outside of the financial aid office (and sometimes within financial aid!). . Data from the Open Doors Institute for International Education for 2022 shows that 56% of graduate students are "privately or family funded" in terms of "main source of funding" for international students. This is a vague category that is not traditionally disclosed, but generally means that more than half of all international graduate students who come to the United States use a combination of savings and loans. This vast and unexplored slice of the pie has unfortunately led to the assumption that international students regularly "figure out" how to pay for their degrees, but what we're seeing now is an increase in tuition, Scholarships are declining and admission strategies. Demands for increasingly diverse and globalized classrooms have forced a conversation about what constitutes "private" funding. Institute of International Studies (2022). "The main source of funding is international students" - graduate. Open Doors Report on International Knowledge Exchange. Financial Challenges for International Students Current Funding Limitations So what are the current options for international students? A true international student cannot qualify for US financial aid, and most US and home country private lenders require a co-signer, guarantee and credit established in the applicant's host country, which is creates significant barriers for many students. Scholarships for these students are small and rarely cover the full cost of attendance. These are often merit-based and therefore often exclude essential students. Aid is primarily awarded after an admissions decision or once a student is on campus — usually not until their sophomore year — so they may not be considered guaranteed when budgeting. Revenue sharing agreements are still relatively new, with limited rules and not always suitable for an international student who plans to return to their home country. Institutional barriers Bureaucracy, outdated policies, outdated ways of thinking, fragmented systems, and individual administrators can lead to fundamental challenges in getting funding resources directly into the hands of international students. Potential obstacles include: not considering the full range of funding for international students: only scholarship and/or aid information is shared, teams, historical policies and offices (financial aid and registration), international Burial or lack of financial information for students; When similar services are not available to international students, all student information is collected, and uninformed recruiters and admissions teams may not know where the resources are, or may be under the impression that they do not exist. Prepared Only After Acceptance - Both parties invest a lot of time and effort, only after realizing it will not be possible Some forms of funding are not accepted as "proof of funds" for the issuance of I-20 - Learn Applicants are required to falsify their report causing savings or bank account balances to increase. The impact of funding negotiations on recruitment and student decision-making Teams need to feel comfortable, motivated and empowered to discuss finance to an extent as it increasingly affects students. Be part of the hiring and decision-making process - will the organization admit it? this? if not. Engaging students in conversations and giving them the tools they need to make better decisions can go a long way in building relationships, trust, reputation, and ultimately a stronger and more diverse campus. A few ways to do this include: offering webinars about funding to prospective and accepted students before they decide to enroll, having common information and not hunting students down in administrative offices. Referrals, connecting enrolled students with funding sources to help them. Manage their debt and personal finances so they can study and succeed on campus on time – prevent fraud, build credit, and budget effectively. In addition to international students' need for financial opportunity, there is another element of need. A student may receive a scholarship for the following optional program, and your program may not have the same options for admission. Providing them with external funding options such as personal loans and external scholarships will allow them to choose your program as their best option. Prodi Finance loan application data from 2019-2021 shows rising tuition fees, declining scholarships and limited personal savings. As the needs and backgrounds of international graduate students change, it is clear that access to funding will become an important part of the recruitment process. Providing students with financial information and opportunities opens the way; It allows students to choose the most appropriate programs and schools, provides affordable education for low- and middle-income students, creates greater enrollment and more competition, resulting in more Diverse groups lead to richer classroom experiences, and better learning. Reputation, brand and interest in your programs. Addressing the barriers So how can you and your teams immediately help your prospective students pursue education funding? Act fast for a big impact Don't force potential students to search for information: list funding options and resources on your admissions pages and, if possible, create a dedicated page for international students. Even if it's something like, "Yes, we have funding resources for international students, I'll put you in touch with XX on financial aid," the above is clearly a link to financial aid teams and resources and Level of cooperation needed - How to evaluate your resources knowing that most students will apply for loans or use their savings - How can your school help students get a return on this investment so that Reduce student payment concerns? Are you recording expenses according to career and salary performance data? Institutional Adjustment See your admissions process through the eyes of an international applicant - where and what funding options are available? How many different offices, managers and resources are needed? Is there pressure from management to increase enrollment? Help campus stakeholders understand that connecting students with funding sources can help drive leverage and website conversions, update marketing materials, and possibly access scholarship resources. Colleagues to diversify! You don't have to reinvent the wheel. Funding sources may be available in many departments. Can you join? Review school rules and regulations - how old are they? Where can they be checked or changed? Are there creative (and convenient) ways to work around it? Limited staff? Consider using local experts and agents who provide area-specific resources for overseas students. Additional resources include website language, FastChoice and Elm Select.
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