3 Financial Mistakes International College Students Need to Avoid

When you’re building a college application list, you expect to spend a lot of time looking through college websites, comparing admission statistics, evaluating academic programs and researching the campus atmosphere – but you also need to keep in mind all the associated expenses.

While financing your college dreams can be complicated for anybody, international students need to keep a few additional hazards in mind. Here are some tips that can help you avoid serious problems:

Don’t Assume Every School Offers Financial Aid

You may have the grades and the standardized test scores that show your abilities, but will that actually translate into scholarship offers? Not every school offers the same kinds of financial aid packages or funding opportunities. Even when a school does have financial aid, the competition for what’s available can be fierce.

You need to research every school’s total costs for tuition, housing, meal plans and extra expenses and see what actually fits your budget – or at least know how much of a scholarship you may need to go to each of the schools on your list.

Don’t Wait Until the Last Minute to Pursue External Scholarships

There may be a host of scholarship and grant opportunities out there, particularly if you have unique talents in the sciences, the arts or athletics. If you find the right one, you may be less dependent on the financial aid offerings of any given school.

You can’t wait until you see the financial aid offers from various colleges start to roll in, however, to start looking. You should make researching grants and scholarships part of your application push – and start early in the school year.

Don’t Assume You Can Work to Cover Your Bills

This is a common mistake for international students who think that they – like their American contemporaries – can pick up a part-time job somewhere to pay for some of their living expenses.

Most international students who end up studying in the United States will need an F1 visa for non-immigrant students. Under an F1 visa, you are able to obtain an on-campus work-study job – but these are typically part of your financial aid package with the university, not something that will cover extras. Even then, you’re limited to only 20 hours per week of work while school is in session.

For the most part, F1 visa holders are only allowed to work off-campus if they have an unexpected financial hardship that arises after they’re in the United States. That restriction is there because students are required to demonstrate their financial ability to cover both their educational and living needs as a requirement for the visa in the first place.

If you’ve never sat and discussed a budget for your college with your parents, this is the time to start. A frank discussion will help you build a better college application list and plan ahead. Your guidance counselor and other advisors can also help you start to explore financial aid options so that you can fully achieve your educational dreams.