I have been putting aside the task of penning this post for a long time now! Its perhaps the inherent uneasiness I feel when it comes to the money matters or maybe it has more to do with my own “seemingly” never ending laziness!
However, without wasting more time, let me just try and put down the information I wish to share…..
Money is inherent part of our education. More so when it comes to getting an education from the states. One needs to have adequate finances for the entire application, admission and program continuation stages! Sources of the same can vary and is often dependent on many factors. Having said that, let me just pen down the approximate expenses one can expect to incur at each stage under some specific conditions and also some useful tips which might be helpful for the aspirants!
APPLICATION
It would depend on the number of applications and also vary according to the universities as well. But a rough estimate of around $75 for each application should be good for an approximation. Also add the cost of tests (GRE/GMAT/TOEFL) at approximately 300$. Add the cost for sending the applications which would depend on the service used and can go upto as high as 20$ per application for DHL. Also include the cost of sending scores through ETS.
My Expenses: My total application expenditure came close to $1600.
ADMISSION
This stage is one of the most intense with regard to finances if one is planning on masters and has little or no scholarship or other similar financial backing.
Add the cost of Visa application, Any confirmation charges for the university, i20 expenses (these need to be shown at the visa interview), pre-departure shopping, airline tickets, booking, etc!
The i20 expenses will include tuition, living expenses and all other miscellaneous expenses. Typically varies from $10,000 per academic year to as high as $60,000 depending on the university. Normally, living expenses shown in the i20 are way more than what most Indians incur – thanks primarily to the frugal living style, sharing of apartments, etc! Source for the same (i20 expenses) is best shown through a Bank Loan. It is best to source a part of the same through the loan and also, is recommended, that one shows the total amount mentioned for the first year as expenses in the form of liquid assets and rest (second year) as fixed assets. However, this is not a dictum and in many cases; specially with good universities/good academic background, will not be that big an issue.
For PhD candidates, it is normallynot necessary to show for funds as they are fully supported by the university/department/professor! However, if they are not fully funded, the extra amount mentioned in the i20 has to be shown in personal/parental/sponsor assets!
A lot will depend on the university and your confidence level as well. It is normally seen that those going for highly ranked universities are never asked for financials!
My Expenses: My total admission expenditure came close to $1300. I have a fellowship from my University and therefore was in the clear!
PROGRAM CONTINUATION
A stage I am not conversant with since I have not started my program as such. But I am in a position to give a general idea.
Living expenses can vary from as low as $300 to $1000 depending on the state/university. Typical example for the two can be UTD for the former and USC for the latter. In most cases, it is possible to make up for the same by doing an on-campus job. In many universities, it is easy to get one. The best source for information on the same would be the graduate program you are applying to and the students already there in the university! One will also need to pay for the continuing tuition expenses (3 semesters in a year – fall, spring, summer). Private Universities cost more than Public Universities in General. Typically, a masters will last 1.5 to 2 years while a PhD will last from 3 to 6 years! You would also need to pay for health insurance and health care! Apart from these there are some additional fixed expenses that one does incur in States. An important point to take note of is the fact that all earnings for international students in USA are taxable and come under the purview of IRS. Deductions are made at source. (This includes scholarships, fellowships, Graduate assistantships and on-campus jobs/internships, etc!)
SOME USEFUL LINKS:
www.ets.org
https://www.vfs-usa.co.in/
http://www.irs.gov/
Sources of funding for the program can incude external scholarships like those from Private funds, state scholarships (USA), Indian agencies (for indian students), Companies, Universities, Departments, etc. The hunt for funding can be very exhaustive and should be started right from the time one starts the application/initial research stage! It does pay off in many cases!
Best wishes to all prospectives…..
