June 26, 2018
EB-5 Benefits for Students
“There is no greater legacy that a parent can give their child than the very best education available. They may not be good stewards of a monetary gift, but the gift of a great mind is something they can cherish for the rest of their lives.”
The United States has historically been the top destination for international students owing to its quality higher education system, welcoming culture, and relatively open labor market. Today, the United States remains the country of choice for the largest number of international students, hosting about 1.1 million of the 4.6 million enrolled worldwide in 2017 (Migration Policy).
According to NPR (National Public Radio), an estimated 70 to 80 percent of families are utilizing the EB-5 visa program for their children’s education. The Immigrant Investor Program, also known as “EB-5,” was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by immigrant investors by creating a new commercial enterprise or investing in a troubled business. According to EB-5 Affiliate Network, for high-net-worth individuals, the quality of education in the country of immigration is a chief concern. The US boasts almost 2,000 public universities, including renowned universities like the University of California, Berkeley, and the University of California, Los Angeles.
Studying abroad can be an important investment made by EB-5 investor parents on behalf of their children to provide them with quality education and the opportunity to learn in an unfamiliar and stimulating environment. In fact, many companies tend to favor educational backgrounds at American institutions and resumes with experience at American companies.
The U.S. Education System
The U.S. has the best university system in the world, boasting prestigious schools like Harvard, Princeton, Yale, and Stanford. Most foreign nationals who hope to send children abroad for better education will choose the U.S.
- According to The Washington Post, out of the top 20 Universities in the world, 80% are in the United States.
- Of the top 500, 140 of the world’s highest-ranking universities are in the U.S.
How much can in-state residents save at the top 25 public universities in the USA?
- EB-5 Visa holders gain cheaper access to U.S. higher education, as they have the opportunity to qualify as an in-state resident at public universities.
- On average, a resident (as compared to a non-resident) can save at least 45% of the cost of attending college, with an average annual savings of $23,045. If a student is in college for 4 years, that’s a total savings of $92,183.
- For international students, the approximate tuition cost for a 4-year degree in a public university is nearly $140,000.00. This is more than three times the cost than for an in-state student.
Source: The Washington Times
Paying for College
The U.S. government and universities in the United States have both historically shown commitment to helping students finance their education. Each U.S. university has a dedicated Financial Aid and Scholarships office that works closely with all students who need financial assistance. Most university systems offer a financial aid award package, consisting of a combination of scholarships and grant money from college and other sources, low-interest loans, and a work-study job during the academic year.
- Grants: Colleges, states, and the federal government give out grants, which don’t need to be repaid. Most are awarded based on your financial need, and determined by the income you reported on the Free Application for Federal Student Aid (“FAFSA”). The FAFSA is a document a student should fill out and submit each year to determine the amount of financial assistance they receive from their university and the government. International students are not eligible for these grants, but EB-5 permanent residents are.
- Admission Scholarships: Some universities award scholarships at the time of applying for admission. A variety of scholarships can be awarded based on a student’s academic merit, financial need or both. There are also “restricted” scholarships available to students with specific backgrounds, academic interests or career goals.
- Work-study jobs: These are part-time jobs on or nearby campus for eligible students, depending on their finances and the funding available at the school. You need to have submitted the FAFSA in order to qualify. Work-study jobs pay students directly, at least once a month. Undergrads earn hourly wages.
- Private scholarships: There are thousands of private scholarships out there from companies, nonprofits and community groups.
- Federal Loans: The typical family uses loans to cover 20% of the cost of college. The federal government offers educational loans with lower interest rates and more borrower protections than a private lender.
EB-5 is a great pathway to permanent residency in the U.S. with numerous options for a higher education. For more information or questions about EB-5, contact us at firstname.lastname@example.org