- If a student needs financial aid, it is critical that the student meet all necessary application deadlines.
- Applicant must provide documentation of money saved in the bank to cover a year (9 months) of education and living expenses. For the visa process there must also be proof of continued income to show that there will be more funds for years to come.
- The bank account containing a year’s college costs should be well established with a history of deposits/care over time, and should not be a recently opened account.
- Having assets like a house or a share in a business are not accepted as proof that costs will be covered. It needs to be stated in terms of money in a bank account.
- Money can be added together from a variety of sources like a scholarship, a sponsor, parents, work study etc., but it all needs to add up to the cost of a year.
- Most schools have forms that need to be filled out in addition to a bank statement. Make sure that you have all the necessary forms from the specific schools, before you go to the bank.
- For visa application family should be able to show that there will be sufficient income to support the completion of the students’ stated educational goal. Assets such as houses owned and shares of businesses may be used for this purpose.
General Information
United States
Please note that many of the “Best Value” deals in American education are intuitions who’s “sticker price”, or price you see on the web page, are between $40,000 and $50,000. This price tag is not generally reflective of the ACTUAL cost that students pay once financial aid is factored in.
Many schools cost information will give you the estimated prices for everything except for transportation to and from school, and an entertainment/clothing budget. They will often include all fees, books, room/board and tuition.
WARNING: Be aware of what each schools cost covers and what may be additional charges. Here is a link to a sheet that can help with this thought process and to compare schools with different systems. (Link to financial work sheet_"download”)
Australia/England
Scholarships are more challenging to find for the first year of education in Australia or England, but more schools have scholarships available for students who have academic success in their first year there.
The principals stated in the “Pay for school” section above apply for Australia/England as well. Students will need to prove that there is money to pay for the year’s education and that there is a strong source of income for the completion of the studies.
WARNING: Please note that room/ board are often not included in the price tag. Often the price tag is tuition only. Room and board costs are very dependent on location. You should try to estimate these cost if they are not given: ask the school, look up cost of living, and see your school counselor. (See work sheet to help with cost analysis_"download”).
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