Financial Aid Basics

Overview

This article covers some of the most fundamental things you need to know as you engage with the financial aid process:

• The current average cost of attendance for any US college/university is around 60 - 70 Lakhs per year. This includes your tuition costs, accommodation, meal costs, and books. It usually excludes the cost of transportation, to and from the US, and within the US itself. Please note that some colleges may have their own slightly different versions of this so it is always a good idea to check the specific college's official website for the most up to date info.
• Parents (and other family members or people) paying for their child's education are known as sponsors. There is no limit to how many sponsors you may have, however, if your total family income (as reported on the sponsor's income tax return or ITR) is higher than 100,000 USD (83 Lakhs) per year, then you will typically be found to be ineligible for aid. If more than one student (supported by the same sponsors) is applying in the same year, or a younger sibling (excluding cousins) will apply in the next four years, then this figure goes up to 175,000 USD (1.5 Crores) per year. Please note that this information applies only to international students and not US citizens.
• Applying for financial aid does impact your college shortlist and outcomes. Certain colleges and universities are more generous and favorable towards giving aid to international students. Generally, these are the liberal arts colleges (LACs) and smaller private institutions that will need to be added to your lists to increase your chances in getting an aid package. Your mentor will discuss these with you as needed. Public Universities like the University of California and Georgia Tech do not offer aid to international students. 
• Financial aid and scholarships are different. Scholarships are offered by a select few US colleges and universities and may/may not have an application process. You must apply for aid using the CSS Profile. You can learn more about the profile and how it works here: Introduction to the CSS Profile. This is a separate form that needs to be filled in. I will assist you with this process as it becomes relevant in the application timeline.

All students who wish to apply for financial aid must fill in this form: https://airtable.com/apppvuocSkcoL3SXJ/pagjsoqW5hUbqAZPV/form before their research lists can be generated.