In 2024, will US universities have fewer scholarships and financial aid than before?

Parents and students listen to advice on studying abroad in the US

On the morning of October 22, the American Education Organization (AEG) held a seminar on studying in the US on the topic of luggage and costs. Speaking with Thanh Nien on the sidelines of the event, Ms. Khuat Khai Hoan, founder of the American Education Organization (AEG), provided more information about scholarship opportunities and financial support in the land of the stars and stripes in 2024.

American universities in financial trouble?

According to Ms. Hoan, two years ago, international students flocked back to American universities after the country relaxed its entry regulations after Covid-19. This fact caused the admission rate to many American universities to be low because there were many applications but the school's quota was limited to a certain level, causing many difficulties for Vietnamese international students.

"This year, Vietnamese students are facing another difficulty: the number of international students coming to the US has decreased by about 1 million people, leading to universities no longer having the financial resources they used to have. This directly affects the number of scholarships, financial aid levels and admission requirements as many schools change their scholarship and financial aid policies for international students, some schools have reduced them by half," said Ms. Hoan.

Ms. Hoan also informed that to receive financial support from good quality schools, parents should meet the financial capacity of 40,000-45,000 USD/year (981 million-1.1 billion VND), including tuition and living expenses for their children. However, there are also schools in less populated states such as Alabama and Kentucky that require lower financial capacity because the tuition fees of these schools are also lower than average.

Ms. Khuat Khai Hoan, founder of the American Education Organization AEG, said that many American universities award fewer scholarships and financial aid than before.

Not only did Ms. Hoan believe that the number of Vietnamese students studying abroad in the US has decreased significantly, she also pointed out another reality: the "overload" of information and advertising, causing the percentage of parents and students who truly understand the school and how to effectively invest in studying abroad to be low.

Distinguishing between scholarships and financial aid

At the event, Ms. Khuat Khai Hoan also pointed out the difference between scholarships and financial aid. Accordingly, scholarships (merit-based scholarships) are awarded based on students' academic achievements as well as many other factors such as extracurricular activities, leadership ability... Scholarships can be awarded for one year or full-time study at school, provided that students meet the requirements for academic achievement.

"The scholarship application includes scores (grade point average, standardized test scores such as SAT, English proficiency scores such as IELTS, TOEFL, etc.) and personal factors (essays, letters of recommendation, extracurricular activities, school interviews, etc.). For scholarships, students will be automatically evaluated and awarded if they are eligible, without having to fill out a separate form such as financial aid," Ms. Hoan informed.

Financial aid is granted based on the financial ability of the student's family during the student's time at school. In addition to documents proving the student's academic ability, the application for financial aid must also include documents proving the parents' income, proving the bank savings account, and filling out separate forms depending on the requirements of each school.

Vietnamese international students should clearly distinguish between scholarships and financial aid to have an application strategy suitable for their family's finances, according to experts.

"In high school, American schools do not have scholarships, and whether or not there is financial aid depends on the school. In university, schools have both scholarships and financial aid. However, with financial aid, most private schools will have it, while public schools do not because they reserve this budget for domestic students," said the study abroad expert.

With over 25 years of experience in the field of study abroad consulting, Ms. Hoan believes that the two "key" factors that help students increase their ability to compete for scholarships and financial support are essays written by themselves and letters of recommendation from teachers.

"A good recommendation letter must assess the student's personality, attitude, relationships in class, community spirit and ability to work in a team. This is a difficult challenge for many teachers, especially those in public schools. On the other hand, a good essay must show who the student is and whether they are well-rounded or not. However, there are consulting units that directly edit or even write on behalf of the student. This is a case of cheating and if discovered, the school will refuse to enroll the student," Ms. Hoan warned.

Source link: https://thanhnien.vn/nam-2024-cac-truong-dh-my-co-it-hoc-bong-va-ho-tro-tai-chinh-hon-truoc-18523102218393505.htm