myUface Blog

A lot of students begin their search for financial aid by trying to find 100% support from U.S. sources.  After a few weeks of effort, most of them realize that a full scholarship isn’t likely.  Discouraged, they all too often give up their dreams of studying in the U.S.

But what if you don’t need 100% financing?  What if you need, say, only 50%?  What if you need only 25?  If you can find significant contributions from your own assets, you’ll significantly increase your chances of being able to find enough financial aid.

So, the very first place to start looking for financial aid for your U.S. education is . . . (drum roll please) . . .

Yourself.

First, do you have any savings?  Do you own any assets that you might sell?  How much money could you set aside over the next year if you started saving now?  Are there part-time jobs you could take in order to supplement your income?

What about your parents?  Now is a great time to have a frank, serious discussion about what, if anything, they can commit to your education.  In the U.S., families often take out loans on their homes or other real-estate property to finance college education for their kids.  Is that an option in your country?  Are your parents holding onto a piece of land without a clear plan for using it?  Do they have an extra car they’d be willing to sell?  It’s imperative that you identify as much as possible from within your own family.

Now, let’s pause for a moment.  Right now you might be thinking, Ask my parents to help?  Yeah, right.  They want me to stay at home and study at the local university, which costs MUCH less.  No way they’re going to help me go to study in the U.S. And besides, we don’t have nearly enough.

If you’re afraid your parents won’t help you, try  telling them how important studying in the U.S. is for you, and showing them how seriously you take it.  Don’t just ask for money and hope they’ll take care of everything.  Instead, show them how you’re looking for support from multiple sources – including yourself.  You might want to ask them to give you a loan instead of simply paying for your university (generally speaking, parents offer very good interest rates).  Involve your parents in the process of identifying and applying to U.S. universities, so they can see firsthand the advantages.  And most importantly, share your conviction that  a U.S. education is a great investment in your future.  Remember, the worst thing that happens is that they say “No.”  In which case, you won’t be any worse off.

After you’ve had a frank (and possibly awkward) conversation with your parents, go have the same frank conversation with other relatives.  Remember, you’re NOT asking for someone to pay for the entirety of your education.  You’re simply identifying small pieces of funding that, when added together, can reduce the amount of financial aid that you need from other sources.

Once you’ve identified as much funding as possible from yourself, your parents, and your other family members, it’s time to look for outside sources.

Closing Question: I’d be curious to know whether asking parents for money for university is considered “normal” in your culture.  Do parents generally fund their children’s education?  Do students ask their parents for financial assistance?

Posts in this Series

1. Your Education is an Investment - 08 Jul
2. Researching Scholarship Opportunities - 07 Jul
3. How to Ask Questions About Financial Aid - 28 Jun
4. Ninth Option for Financial Aid: Loans - 27 Jun
5. The Difference Between Scholarships and Fellowships - 26 Jun
6. Eigth Option for Financial Aid: U.S. Universities - 25 Jun
7. Seventh Option for Financial Aid: Ethnic Communities in the United States - 24 Jun
8. Sixth Option for Financial Aid: Private Organizations in the U.S. - 23 Jun
9. Fifth Option for Financial Aid: U.S. Government Programs - 22 Jun
10. Fourth Option for Financial Aid: Scholarships from International Organizations - 20 Jun
11. How to Ask for Support - 18 Jun
12. Looking for Support in Your Country: Why it Makes Sense - 17 Jun
13. Third Option for Financial Aid: Individuals in Your Country - 16 Jun
14. Second Option for Financial Aid: Private Businesses or Foundations in Your Country - 15 Jun
15. First Option for Financial Aid: Government Programs in Your Country - 14 Jun
16. The Third Step in Financial Aid: Find What's Available - 11 Jun
17. The Second Step In Financial Aid: Identify Your Assets (This post)
18. The First Step In Financial Aid: Identify Your Needs - 09 Jun
19. Finding Financial Aid for your U.S. Education - 08 Jun