The Finances Required To Pursue an MS in USA

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There are thousands of students who move to the USA to pursue their further education. If you are also thinking about moving to the USA to study your Masters, you will be opening a lot of career opportunities for yourself. But before this plan gets underway, you also need to arrange the finances for your study abroad plans.

Your expenses begin as soon as you start preparing for your education abroad. This means you start spending right while you are in India itself. So, let us take a look at the expenses you will incur while in India as well as when you start living in the US. Knowing these expenses will help you understand how much of an education loan you need.

Expenses while preparing to go to USA

Here are some of the expenses you will incur while preparing to go to the USA for your MS:

1. Common entrance exam

Most students planning on going to the USA choose GRE (Gradual Record Examination) as their common entrance exam. This is because most of the reputed American universities accept GRE scores. This is most likely to be your first expense; you would have to pay around Rs.15,800 as the registration fee for your GRE exam.

2. Language test

Along with the common entrance test, the language test is another important criterion for most universities in the US. It is actually the most important one since there are certain universities that may not put emphasis on the entrance test score, but will certainly require your language test score. TOEFL is one of the most accepted tests for most universities in the US; you would have to pay about Rs.13,500 to register for this test.

3. Applying to US universities

The cost of applying to a US university can be around Rs.3700 (though that figure can go a bit higher). You also need to figure in the expenses involved in sending across your TOEFL and GRE scores. Now, you will apply to more than one university. So, you would need to multiply the cost of a single application by the number of universities you send in your application to.

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Expenses while studying in the USA

Here are the main expenses you will incur while you study abroad in the USA:

1. Course costs

The course fees are the biggest expense that you need to keep in mind. The fees for an MS in USA can vary between universities. Expect to pay close to Rs.30 lakhs for your course – do check the exact costs with your university of choice.

2. Accommodation and related costs

The cost of your accommodation will vary based on the type of accommodation you choose. There are several options here ranging from hostels to private apartments. You would need to pick the one that suits your budget the best. On an average, accommodation and associated expenses can cost around $1000 per month. Try to spend as little as possible and pay for your accommodation through money earned from summer jobs.

Now that you have an idea of the finances you require, you can kick-start the process of your higher studies. If you are facing a problem with your savings, do not get disheartened. We at Avanse are gladly willing to help you out by providing an education loan that covers your entire expenses, academic as well as non-academic.

We hope that this article has been a useful read. All the best for your future plans!

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