A New Path Forward: Alternative Funding Models in International Education

Many international students face an array of financial barriers if they decide to pursue higher education in the United States—some of which are beyond their control. Increased tuition rates, devalued currencies, and ineligibility for financial aid can complicate an already complex process for international students, experts say.

While funding challenges are common for international students, two institutions have found creative ways to reduce financial barriers. The University of Maryland-Baltimore County (UMBC) and William Paterson University (WP) have explored funding models that ultimately make it possible for these students to successfully pursue their studies in the United States.

Financial Frustrations

Some of the financial challenges international students face are outside of their control, like exchange rates, government restrictions, and geopolitical disruptions; others are caused by students’ perceptions of how expensive it will be to study in another country.

“One of the biggest financial challenges international students encounter is the uncertainty caused by fluctuations in exchange rates,” says David Di Maria, associate vice provost for international education at UMBC. “While the cost of attendance at most institutions typically rises by two or three percentage points each year, international students may face much higher increases due to a strengthening U.S. dollar.”

Another challenge is the increase in global economic and political instability, says Di Maria. “Economies are interconnected, even interdependent. A disruption in one part of the world can have ripple effects elsewhere.”

These challenges can be particularly pronounced for students from certain parts of the world, according to George Kacenga, vice president