Financial aid from US Foundations

Please tell me what is the right way to contact some good US foundations that offers the financial aid for study in US? Is there any centralized exam by which one can be eligibile for those financial aid, I am talking about higher education.

University of California, Berkeley has taken a landmark decision that it shall be giving its financial aid to middle-class students in 2012. This new financial aid is likely to cost Berkeley around $12 million every year. The families, which are earning up to $140,000 will contribute not more than 15 percent of their annual income to finance a student’s education.
Several private universities offer similar programs for families with incomes up to $200,000. However, it is said that Berkeley was the first public university to do so. Normally public colleges have focused on merit scholarships to lure top students and aid for the poorest families to ensure access, but this approach has left out a wide group of families.
On top of the parental contribution of 15 percent of income, the students have to pay about $8,000 per year — generally a combination of loans, work-study and private scholarships.
At the bottom end , that would make for a total payment of $20,000, a 37.5 percent discount off the $32,000 total of tuition, room and board for California residents. On the upper end, it would be about $29,000, or a 10 percent discount.
Out of state students, who are around 30 percent of Berkeley’s freshman class this year, will get comparable discounts on the first $32,000 of tuition and fees, but still they have to pay an additional amount of $23,000.
The new policy shall be helpful for the 4,000 students which are anticipated to be awarded grants by the administration next year.

Financial aid in US for higher studies:

Every year more and more students and professionals are leaving India for better prospects abroad, mainly USA. Of around 1.6 lakh aspirants who applied to various offices and satellite centers of the US Educational Foundation in India (USEFI), around 12,000 students finally enrolled into undergraduate or Master's courses.

As far as aid is concerned US universities normally provide tuition waivers plus assistant-ships. For example, if you work with a teaching faculty member for about 20 hours per week, you can earn anything between $ 900 and $1,500 per month. You are offered such assistant-ships during your first year of study and these can be renewed, if you continue with a high academic record. However, these are not offered to students pursuing courses at the undergraduate level. By getting assistant-ship you are also
benefited on account of health insurance which is subsidized.

The second form of university aid is by means of offering a fellowship, which includes a stipend and tuition-waiver. Needless to add, only the most brilliant students are awarded fellowships by the universities.

About financial aid, Dr P.J. Lavakare, Executive Director, USEFI, says, "You have to distinguish between financial aid and scholarships. Most US universities offer financial aid, but they are not necessarily based on merit. These aids are of different kinds - it could be in the form of research assistant-ship or tuition waver for a semester or for the entire course. Postgraduate students can get graduate or teaching assistant-ship."

In order to decide about grant of financial assistance, American universities consider the result of examinations during studies in India, the scores of the objective tests, recommendations from teachers / employers, and personal essays written by students while completing admission application forms. It helps your chances of getting financial aid if you are able to send your completed application and financial aid forms early.

Some philanthropic/financial institutions in India offer financial aid (normally in the form of loan scholarships) to Indian students for higher studies in the United States. However, these are mainly for studies leading to master's and Ph.D. degrees. You may look out for these financial aid their advertisements in the leading newspapers.

There are a large number of banks that provide student loans for higher studies abroad. Besides, commercial firms also sponsor students for study overseas. In addition, there are immense opportunities to earn on and off the camups in the universities. You may accept on campus jobs, but study should be your top priority.

Students may also seek the help of USEFI on financial planning. The USEFI education advising offices are in Delhi; Chennai; Kolkata and Mumbai.
They advise students on financial planning through a series of seminars and individual meetings. The students may also use USEFI library resources to look for financial assistance, to find universities and college, compare programs and practice for their tests.

For further details you may contact:

United States Edurcational Foundation in India (USEFI),
12, Hailey Road,
New Delhi
(Phone 011-23328944)