Application for Financial Aid as International Student

[Penglu]

Hi, although I got my BA from US, I am still considered as an international student when I apply to MFE programs. Since my undergraduate school has covered my tuition costs for all four years, my family has not been under huge financial constraints. But now, when I checked those MFE programs, seems like some of them still allow you to apply for FA, but getting granted is another story.

So my question is, if I apply for a particular MFE program while in the mean time I apply for FA, will it decrease my chances of getting into that program>?

Or the school will treat qualification into the program and possibility of FA as separate issues? I may get accepted into the program, but they school may not necessarily provide you with FA even if I have applied at first place? thank you so much!!

 

[Andy Nguyen]

If by FA you refer to FAFSA, then you are not eligible. Many MFE programs will automatically consider all applicants for its merit-based scholarships, tuition stipends, etc. You don't have to apply for that scholarship separately. I don't rule out the possibility that some programs will have some sort of funding solely for the MFE applicants and may need an extra essay or something. You have to do homework to find this out.

In conclusion, admissions are judged based on their merit alone, and separately from your ability to fund your study.

 

[Penglu]

Thank you so much for this!

 

[TraderJoe]

In the USA the only universities which offer financial aid for the MFE program are Purdue, UNC-Charlotte, and Georgia Tech.
In Switzerland, you can get an excellent MFE for free at ETH, EPFL, St. Gallen.
In Germany, ULM is free.
Most universities in France, Germany, Scandinavian countries will charge $1,000 per year in tuition compared to $50,000 per year in USA.

 

[Andy Nguyen]

TraderJoe,
You probably refer to merit scholarships.
CMU MSCF gives out partial tuition merit scholarships (as much as 20K+) to around 1/3 of admitted students, according to Gwen, Director of Admission at CMU.
Illinois Institute of Technology also gives out lot of these scholarships. According to a student review of the MS Finance program there
Review of Illinois Institute of Technology MS Finance program | Quant Network

I learnt later that mostly all students accepted to this program receive scholarships and this is only a way for the school to attract students. Most students would not take admission in this school if not for the scholarship.

 

[TraderJoe]

That is correct. CMU and IIT give partial student scholarships, but the student is still going to end up with a massive amount of debt (close to $100 K debt).
Purdue, UNC-Charlotte, and Georgia Tech give out Teaching Assistantships. So the tuition is waived for the MFE program and the student also gets a living stipend of around $1,200 per month. So the student essentially gets the MFE degree for free with zero debt.