The United States is one of the most preferred destinations to study abroad. Every year millions of students from around the globe dream of studying here. The country boasts of having the best top ranking universities such as the Massachusetts Institute of Technology (MIT), Harvard University, Stanford University, University of California Berkeley (UCB), University of Chicago among others.
To support the study abroad dreams of international aspirants, the US government has introduced various measures in the form of financial aids like grants, scholarships, loans. Here is the list of the financial benefits offered by the United States to the students.
The United States Federal Student Aid offers grants, loans, work-study and more to help students pay for college or career school. The applications for the Free Application for Federal Student Aid (FAFSA) are open till June 30, 2024 for school year 2023-24.
A student needs to demonstrate financial need for need-based federal student aid programmes. He or she must have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau). The student must have enrolled or accepted for enrollment as a regular student in an eligible degree or certificate programme. He/she must be enrolled at least half-time to be eligible for Direct Loan Programme funds. The student must have maintained a satisfactory academic progress in college or career school.
The student must sign the certification statement on the Free Application for Federal Student Aid form stating that they are not in default on a federal student loan, they do not owe money on a federal student grant, and they only use federal student aid for educational purposes.
Grants
The federal government provides grants for students attending college or career school. Most types of grants, unlike loans, are sources of financial aid that generally do not have to be repaid. The types of grants offered by the US government include Federal Pell Grants,
Federal Supplemental Educational Opportunity Grants (FSEOG), Iraq and Afghanistan Service Grants, Teacher Education Assistance for College and Higher Education (TEACH) Grants.
Most of these grants are awarded only to students with financial need. Anyone interested in securing these grants will be required to submit a Free Application for Federal Student Aid (FAFSA) form.
Scholarships
Some scholarships for college are merit-based. You earn them by meeting or exceeding certain standards set by the scholarship-giver. Merit scholarships might be awarded based on academic achievement or on a combination of academics and a special talent, trait, or interest. Other scholarships are based on financial need.
Work-Study Jobs
The Federal Work-Study Programme allows students to earn money to pay for school by working part-time. The students will earn at least the current federal minimum wage. However, you may earn more depending on the type of work you do and the skills required for the position. Your total work-study award depends on when you apply, your level of financial need, and your school's funding level.
Loans
The US Department of Education's federal student loan programme is the William D Ford Federal Direct Loan (Direct Loan) Programme. Under this programme, the US Department of Education is your lender. There are four types of Direct Loans available:
Direct subsidised loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
Direct unsubsidised loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
Direct PLUS loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
Direct consolidation loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.