It is very difficult for students who have recently graduated or are going to graduate soon. They have to face a plethora of financial problems while studying in international students. They face difficulties paying their bills and since they don’t get jobs immediately, so it is really difficult for them to manage their finances. For example, there is a very famous university i.e. University of Texas at Arlington which allows international students to become a part of just 10 percent of the student body. Though this university offers research grants, research funding to clear bills, teaching assistantship, and scholarships, but still this facility is not provided to all international students. Only some lucky ones get an opportunity to avail these facilities, rest have to depend on their own, to manage their own finances. If international students have GPAs, only then they are able to avail these facilities, otherwise, they have to look for other opportunities to manage their finances until the time they are studying at an international university.
When we conducted a virtual survey to find out the financial issues that students have to face overseas, we come across many students belonging to different departments of different universities. There is a Physical student named Kunal Tiwari who told us that he lost his university’s tuition assistance last semester as his GPA dropped below 3.00. This completely explains the plight of international students. Let’s see what the basic financial issues of international students are:
International Students don’t get loans
One of the basic financial problem that the students studying in international universities have to face is that they don’t get loans. None trusts them to grant them a loan nor are international universities very open to granting loans and stipends to the students in the initial phases. Students are assessed on the basis of their academic performance, and their performance decides whether they are eligible for a stipend or not. If they turn out to be eligible, then it’s great, but if not, then they have to suffer like other international students
International students are not legally permitted to work off campus
Another major financial issue that international students have to face is that they don’t get a legal permission to work off campus. It increases their difficulties because they neither have proper resources abroad nor they have a permission to work. So, nothing is basically left to them in terms of finance. They have put in so much effort to meet their needs abroad. It even affects their process of learning as their economic difficulties make them anxious and depressed, and they are unable to learn anything. It also mitigates their chances to get a scholarship from a university, for these scholarships are solely depended upon the performance. And when there is no performance, there is no chance of getting a scholarship. So these students have literally no option left except overcoming their fears and gearing up themselves to work hard and get financial aid from the universities.
They have to work on campus
Students need to have a social security number as without it, they are unable to get their essential things, not even a cell phone connection. So, it is important for them to have a social security number. But the issue is that it is not so easy to get a social security number. In order to get that number, they have to have an on-campus job. And this job though utilises their most of the time, more than 20 hours a week, but it still doesn’t pay them more than $7 per hour. The time, they spend working on campus, if they utilised in enhancing their skills or improving their process of learning, they can get far better jobs, but they have no other option except learning to meet their needs.
The exchange rate between US dollars and domestic currencies is very high
Another financial problem that the students of international universities have to face is that the exchange rate between US dollars and their domestic currencies is very high. So, even if they buy something for $5, it will be much if we convert it into their domestic currencies. It adds more to their problems. Therefore, it is safe to say that they have to cost a big fortune to study in the US.
The institution can prevent financial hardship by ensuring that students normally have an adequate amount of money to study in the UK, if not, they should be provided funds from the institution. Apart from that, institutions should give marketing materials containing a detailed assessment of the cost of studying and living at the campus. The information should be accurate and apart. In that marketing material, they should also include
UNIAID/UKCISA International Student Calculator and the personal statements of the students on money matters. Apart from that, institutions should clearly publish the financial information on their websites in a web-friendly and easy-to-read format. They should inform students, as early as they can in the recruitment process about their tuition fees as well as accommodation charges and living expenses. They should also ensure that all the applicants are completely aware of the requirements of UK immigration.
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