What is the difference between loan and scholarship?
No School Loan for International Students:
International students are not eligible for borrowing money from a school or financial institutions in the US because there is no guarantee that loan will be paid back. Many of international students do not have a social security number, a type of trust, and it is difficult to keep track of them once they return to their home countries.
Scholarship for International Students:
For international students, scholarship or grant are available that does not need to be paid back. It is a give-away money that support your finance by reducing your tuition amount. There are different types of scholarships, grants, as well as its eligibility.
Types of Scholarship
There are mainly three types of scholarships that international students are eligible for.
1. Merit-base Scholarship: academic factors
Ranging from $1,000 to 20,000, a merit-based scholarship is given to students who have excellent academic achievement, or extraordinary accomplishment in sports or arts. Once you're selected, it is usually renewed every year as long as you keep up with the required GPA.
Main set-back is its competitiveness and non-permanent nature. It applies to all the applicants, including American (domestic) students, so you're competing against everyone who likes to go to the same college. Also the amount or availability changes according to the school's financial situation and need/trend of the time. Until you send in application, you don't know how much is available and if you're eligible for it.
2. Need-based Scholarship: financial factors
If you do not have sufficient fund for study abroad, you may be eligible for a need-based scholarship. The evaluation is made on your family's income, loan statements, and the number and age of other siblings who also need educational fund in addition to you. There is a deadline for submitting required documents, usually earlier than the admission deadline.
The decision on eligibility and the amount is also depending on school's capacity. It can be renewable if you keep the required GPA.
3. Scholarship for International Students
Scholarship for international students are available in some schools, where they value diversity and what international students bring into campus. Especially small colleges like liberal arts colleges, the influence of International students are appreciated and treasured. To keep the balance, applicants from under-represented countries tend to receive some type of financial rewards over other nationalities (i.e. China and India). Other factors include excellence on GPA, English test scores, and SAT test scores.
Scholarship Achievement (Past 8 Years)
Azusa Pacific University
Baldwin Wallace University
Buena Vista University
California Lutheran University
College of Saint Benedict & Saint John's University
College of St. Elizabeth
College of Wooster
Davis and Elkins College
Edinboro University of Pennsylvania
Emory & Henry College
Emporia State University
Eastern Washington University
Franklin Pierce University
Gustavus Adolphus College
Holy Names University
Husson College (ME)
Johnson State College
Johns Hopkins University
Lewis & Clark College
Mary Baldwin College
Marymount Manhattan College
Minnesota State University, Moorhead
Monterey Institute of International Studies
Mount Ida College
Mount Holyoke College
New England College
North Carolina Wesleyan College
Ohio Northern University
Ohio Wesleyan University
Pine Manor College
Point Park University
Roger Williams University
Sacred Heart University
Saint Michael's College
Salve Regina University
Slippery Rock University of Pennsylvania
Southern New Hampshire University
St. John's University
St. Lawrence University
St. Louis College of Pharmacy
St. Louis University
University of Denver
University of Detroit Mercy
University of Evansville
University of Hartford
University of Iowa
University of Massachusetts Amherst
University of Minnesota, Missoula
University of Montana
University of Mount Union
University of Pennsylvania
University of St. Mary
University of the Pacific
University of Tulsa
University of Wisconsin, Whitewater
Washington & Jefferson College
Warren Wilson College
West Virginia Wesleyan College