Can Bangladeshi students apply for U.S. federal financial aid?

You’ve likely heard that filling out the Free Application for Federal Student Aid (FAFSA) is a crucial first step to qualifying for financial aid, but what if you’re a Bangladeshi student looking to study in the U.S.?

Federal aid, including Pell Grants and federal student loans, is limited to U.S. citizens and permanent residents. You also need a valid Social Security number to fill out the FAFSA online to qualify for other forms of aid.

However, there are some instances where international students can complete the FAFSA. Even if you aren’t eligible for federal student aid, you may still qualify for financial aid in the form of institutional scholarships, grants and education loans for Bangladeshi students.

MPOWER Financing, for example, offers no-collateral, no-cosigner education loans for Bangladeshi students looking to study abroad in the U.S. or Canada. Find out if you’re eligible for an MPOWER Financing student loan by clicking the link below.

1. Total number of Bangladesh students in the U.S. (2023/2024):In 2023–2024, more than 17,000 Bangladeshi students were enrolled in U.S. institutions, which is an all-time high. This is a 26% increase from the previous academic year.Source: TBS News Bangladesh
2. Average cost of a master’s degree in U.S.:According to the Education Data Initiative, as of Nov. 23, 2024, the cost of a master’s degree typically ranges between USD 44,640 (BDT 4,668,000) and USD 71,140 (BDT 7,528,000), depending on the school, major, and program length. On average, the cost is around USD 62,820 (BDT 6,582,000).Source: Education Data Initiative – Average Cost of a Master’s Degree
3. Employment outcomes for master’s degree graduates in the U.S.Nearly 90% of master’s degree graduates from the class of 2023 were employed or continuing their education within six months of graduation, reflecting strong career prospects for advanced degree holders. While this marks a 0.9% decrease from the class of 2022, it remains higher than employment outcomes recorded during the pandemic, highlighting the resilience of the job market for master’s graduates.Source: NACE – Class of 2023: Nearly 85% of Bachelor’s Grads Employed or Continuing Education

The FAFSA is a form issued by the U.S. Department of Education. College and graduate school students must complete it to qualify for federal financial aid, including Pell Grants and federal student loans. Many universities use the FAFSA to determine students’ eligibility for other forms of aid, such as institutional grants or work-study programmes.

However, you must meet the U.S. government’s eligibility requirements for federal student aid. You must be a U.S. citizen or permanent resident (meaning you have a Form I-551, I-151, or I-551C, also known as a “green card.”) You must have a valid Social Security number to fill out the FAFSA. Bangladeshi students and other international students without Social Security numbers cannot complete the FAFSA.

If you aren’t able to fill out the FAFSA, you can still qualify for financial aid in other ways. To qualify for grants, scholarships and institutional loans as a Bangladeshi student, you may need to complete one or more of the following applications:

• International Student Application for Financial Assistance (ISAFA): The ISAFA is a form many colleges and universities use to determine your eligibility for institutional aid. The form is free to complete, and you can access the application online.
• CSS Profile: The CSS Profile is another commonly used application used by schools all over the U.S. It collects information about your family’s income, assets, and expenses in Bangladeshi Taka.
• Institutional Applications: Some schools have their own financial aid applications for international students. For example, the University of Pennsylvania requires the CSS Profile and a separate Penn Financial Aid Supplement application.

Contact your selected college to find out what the financial aid application process is for Bangladeshi students. Ensure all documents are properly attested by the University Grants Commission (UGC) of Bangladesh.

Scholarships and grants

There are many grants and scholarships for Bangladeshi students; unlike student loans, they don’t have to be repaid. Scholarships and grants can come from universities, nonprofit organisations, government agencies, and private companies.

For example, the Fulbright Foreign Student Program provides funding for graduate students and young professionals to study and conduct research in the U.S., and MPOWER offers a variety of scholarships for Bangladeshi students.

You can search for scholarships and grant opportunities with databases like IEFA.org and Edupass.org.

Fellowships and assistantships

Fellowships and assistantships provide funding opportunities for graduate and doctoral students. For example, students at MIT can apply for the Josephine de Karman Fellowship, which provides up to US$25,000 (BDT 2,750,000) in funding for students completing dissertations.

Student loans for Bangladeshi students

While federal student loans are not available, several options exist for Bangladeshi students:

Through MPOWER, you can:

• Borrow up to US$100,000 (BDT 11,000,000)
• Make interest-only payments while studying
• Get a 0.25% discount for automatic payments
• Comply with Bangladesh Bank foreign exchange regulations
• Access Islamic financing options