Studying abroad offers students numerous benefits, and the USA has been one of the top destinations for international students for several reasons, including its world-class education, diverse culture, and abundant career and personal growth opportunities. When you study in the USA, you get access to a flexible education system, cutting-edge research facilities, and degrees that are recognised globally.
Key highlights:
- Benefits of Pursuing Higher Studies in the US
- Financial Planning for Studying in the USA
- How to Plan
- Consider the Cost of Studying in the USA
- Create a Budget and Follow Religiously
- Part-Time Work Opportunities
- Assess
- Education Loans
- Use Various Online Calculators
Benefits of Pursuing Higher Studies in the US
- Academic Excellence: The USA is home to several world-class universities that prioritise academic innovation, research-driven learning, critical thinking, and problem-solving.
- Vibrant Campus Life: Students can expect a dynamic experience at US universities, which supports their personal and professional growth.
- Flexible Education System: USA universities allow students to explore various fields of study and to tailor their education through different interdisciplinary programmes and specialisations.
- Research Opportunities: The USA is known for research in areas including biotechnology and artificial intelligence (AI). Studying in the US offers students the opportunity to participate in groundbreaking research and collaborate with industry leaders and government organisations.
- Earning Opportunities While You Study: Students are allowed to work part-time for up to 20 hours in a week on-campus when their classes are in session. Students are also allowed to enrol for practical training in employment that is directly related to their field of study with:
- Curricular Practical Training (CPT): CPT is integral to the student’s major, and it must be a part of their programme of study.
- Optional Practical Training (OPT): OPT must also relate to a student’s course. Students can apply for 12 months of OPT at each level of education (bachelor’s and master’s).
- Science, Technology, Engineering, and Mathematics Optional Practical Training Extension (STEM OPT): F-1 students with STEM degrees can apply for a 24-month extension after completing their OPT.
Financial Planning for Studying in the USA
Financial planning to study abroad is a necessary aspect for students planning to pursue their studies in the US. Funding higher education in the USA requires a multifaceted approach, which should include proper budgeting, considering all costs involved in the study abroad journey, education loans, and so on.
How to Plan
Consider the Cost of Studying in the USA
There are several costs that you must take into consideration apart from the tuition fees in the USA.
| Public University Fees (Undergraduate) | ~USD 15,000 – USD 31,700 (Per Year) |
| Public University Fees (Postgraduate) | ~USD 20,000 – USD 36,000 (Per Year) |
| Private University Fees (Undergraduate) | ~USD 30,000 – USD 65,000 (Per Year) |
| Private University Fees (Postgraduate) | ~USD 35,000 – USD 70,000 (Per Year) |
| Accommodation (On-Campus) | ~USD 9,800 – USD 11,100 (Per Year) |
| Accommodation (Off-Campus) | ~USD 600 – USD 1,500 (Per Month) |
| Health Insurance | ~USD 700 – USD 1,100 (Per Year) |
| Visa Application Fees | ~USD 185 |
| Study material | ~USD 600 – USD 1,100 (Per Year) |
Important Note: These costs are indicative of the expenses of studying in the US. Actual costs may vary.
Create a Budget and Follow Religiously
Set a realistic budget based on income and fixed costs, and calculate how much you can afford to spend on necessities every month. Stick to the budget you have set and focus on spending money on essentials, like school supplies, food, etc., before considering spending on non-essential purchases. Make smart decisions, like avoiding dining out too often. Please remember the mantra, “A penny saved is a penny earned”.
Also Read: Study in USA for Indian Students - Everything to Know
Part-Time Work Opportunities
Working while you study is another great way to supplement your finances while you are studying in the US. Students can earn anywhere from ~USD 15 to ~USD 50 per hour while working during their studies in the US. Some part-time jobs you can explore include Teaching Assistants, Campus Tech Support, and Research Study Assistants, to name a few.
Education Loans
For many students, education loans form an essential part of their financial planning for studying in the USA. Student loans help you to pursue your academic aspirations without using your family’s savings built over the years. Abroad study loans let you fund your US education independently, preserving those savings for crucial contingencies like health emergencies. Additionally, responsibly repaying your student loan helps build a strong credit history, which may unlock some benefits when you opt for other financial products like credit cards, home loans, and more.
Use Various Online Calculators
There are multiple online calculators available that you can use to make financial planning easier. You can use a College Course Expense Calculator to understand your potential college expenses, an Education Loan Eligibility Calculator to know the approximate loan amount you are eligible to borrow based on your current finances, and an Education Loan EMI Calculator to calculate estimated EMIs, for ease.
At Avanse Financial Services, we offer a range of options for those looking for a student loan for USA study programmes. You can check out the eligibility criteria and apply for an education loan that suits your needs best. With Avanse student loans, you can benefit from 100% finance, quick loan sanctions and flexible repayment options. If you have any queries, please feel free to connect with us.
