As any student can vouch for, Studying abroad ensures that they get to absorb a life changing cultural experience as well as the chance to enjoy one of the best standards of living internationally. Amongst the various study abroad locations, one stands out. The country of a million dreams- America is undoubtedly the most popular study-abroad destination globally, attracting scores of international students for higher education studies which represents the pinnacle of learning and achievement.As a dedicated student, it is quite usual for you to start prepping at least eight months to a year earlier of applying to the American varsity of their choice. Use this lead time well and prepare an SOP (statement of purpose) as well as to figure out the additional courses that you should take to improve on your chances of landing the required seat at the university. That extra fillip towards attending the paid workshop on latest trends in your field could add a great asset to your resume. This time is also correct to evaluate your finance options and secure funds needed to finalize budget for living in a foreign country.
One of the smartest steps you can take is the time investment in choosing the right enough financial cover for your educational needs. Maybe that extra fillip towards attending the paid workshop on latest trends in your field could add a great asset to your resume. If not planned in advance, living expenses on your study abroad trip could likely weigh you down financially, making you lose focus on your studies. In that case, you should know that with Avanse finance, you can now qualify for a larger study Loan. This financial assistance covers your course fees and living expenses.
There are two aspects that you need to consider while planning your finance options for completing your masters in the States.
1: Direct component (Or expenses in USA): Once students have applied successfully for courses and completed payment formalities post receiving their i20 visas, they will need to arrange for their accommodation in the US. Contrary to popular belief, the overall costs for tuition and living varies considerably between different universities/colleges, courses and cities that a student chooses. In addition to paying tuition expenses, students will also require financial support for travel, personal computing devices, course literature, and personal expenses.
This includes the tuition fee, cost of living, once the university agrees to offer you admission. It is also likely that the university will ask you for Proof of Funds to showcase that you will be able to focus thoroughly on your studies while living in the States. You may also want to consider the costs associated with extra credits for the area of your study or for achieving the pre-requisite courses required to complete your MS. The cost of living could vary tremendously depending on which course, university, location (city) you choose to complete your masters. The tuition fee for instance can vary between $10,000 to $20,000 for public institutions and reach approx. $15,000 to $20,000 for private universities. Average living expenses in different cities in US can vary between $500 to $1000/month. Don’t forget to account for health insurance too as medical treatment costs are quite high in the US!
2: Indirect costs (expenses in India): Various ancillary and yet important expenses will line up once you figure out the preferred course for your Masters. These start with the application fee for the university which averages around $100 and then submitting various documents that verify fulfilling the minimum required criteria/mandatory tests for application to American universities. A quick snapshot of such costs includes:
This is followed by (Acceptance of application from govt. approved US school (SEVIS I-20) fee at approx. INR. 12000
*(A total of whooping Rs.1,00,000 if you are planning to apply a min. of 5 universities.)
While these expenses may be daunting, there are a number of support systems in place for students to get financial assistance. It is also possible to get assistance through loans with your financial service provider or through securing grants, and scholarships from the university.
Ensure that keep an appropriate budget for every month for food, rent and last minute contingencies, and also save up on a regular and systematic basis so that you can showcase proof of funds to the university. One of the fastest ways to secure proof of funds is to work with an education loan provider.
Avanse Education loan for MS US not only covers full cost of education but living expense and all the other expenses* which will facilitate your stay and journey to your dream.
*as per defined by Avanse rules and regulations. To clearly understand the terms and conditions, follow the link.
“Our loan is designed and structured to meet your education cost needs, so that you can aspire without boundaries.”
We always aim to offer you competitive interest rates on your Avanse Education loan.
The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate + Spread.
Our current Base Rate is 14.25% (WEF 01.05.2023).
The Spread is floating and is based on analysis of overall credit and course profiling.
This rate is subject to the terms and conditions of Avanse Financial Services Ltd.