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What wil it cost?
Before you plan to study abroad in the U.S. or Canada, it's important to have an understanding of the costs involved.
Here are the details of specific costs involved:
1. Application costs
Your study abroad plans start with the application process. If you plan to apply to four-five different universities/colleges, you have to consider the costs, including: application fees, international courier charges, documentation fees and miscellaneous expenditures like stationary, copying, etc.
USA : Application fees range between USD $25-$100 per institution, with most fees ranging from USD $50.00-$75.00. Very few colleges will process applications without this fee and it must be paid before you can get a decision on your application.
Like in the US, most Canadian universities do charge an application fee, and they are similar to what is charged in the U.S.
2. Standardized Tests
In most cases, students have to take one or more standardized tests such as TOEFL/GRE/GMAT/SAT/IELTS as a prerequisite for admission. Test registration fees range from USD $165-USD$ 250 each, not including possible extra score reporting fees, if you do not know which schools you plan to send the scores at the time of registration. If you need to send additional score reports after having taken the tests, these fees range from USD $10.00- $28.00 per school. In addition, if you plan to take a test preparation course, you will have to budget for these coaching fees as well.
3. Tuition and fees
Please note that all the costs indicated are approximate and vary depending on the universities and type of programs. Also note that tuition costs can increase from one year to another; the average increase may be around 5-10% per annum.
4. Living Expenses
The cost of food alone can come to an average of USD $300.00 per month. If you include other incidental expenditures like rent, utilities, entertainment, transportation and other expenses, the average could be around USD $800.00-$1,500.00 per month for a single student depending on the location and the style of accommodation. (Some urban areas like Boston, New York City and San Francisco-- are more expensive than others.) If you have a spouse or children, it's recommended to increase this amount by at least USD $500.00 a month for each dependent that accompanies you. (Note: dependents are not authorized to accept employment in the U.S.)
5. Health Insurance
Health insurance is mandatory for all international students who plan to study abroad. Depending upon the company and policy taken, the cost of insurance for a student could be from Rs 30,000-75,000 per year in the U.S
6. Books and supplies
The cost of books and supplies could be anywhere between USD $400.00-$1,200.00 per year, depending upon field of study and the courses chosen. Keep in mind that in some programs, students are required to purchase a laptop computer and also software packages.
7. Other costs
Your student visa application fees (presently approximately Rs 6,400), airfare and other miscellaneous expenses like a security deposit on a room or apartment rental, basic necessities etc. are also to be factored in while calculating the expenditure involved for studying abroad.
Roundtip airfare from India to the U.S. can cost between Rs 35,000-55,000 depending upon the time of year and airline. .
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Chart of Average Educational Costs in the U.S: (All amounts indicated are in USD $)
| USA (PUBLIC) |
| |
TUITION FEES |
LIVING EXPENSE |
| Undergraduate |
10,000-30,000 US $/Year |
7,200-12,000 US $/Year |
| Graduate |
10,000-30,000 US $/Year |
7,200-12,000 US $/Year |
| USA (PRIVATE) |
| |
TUITION FEES |
LIVING EXPENSE |
| Undergraduate |
15,000-45,000 US $/Year |
8,000-12,000 US $/Year |
| Graduate |
15,000-45,000 US $/Year |
8,000-12,000 US $/Year |
Financial Planning
Students who study abroad often regard it as the experience of a lifetime. It's an exciting time when you can learn almost as much outside the classroom as within it. But it can also be very expensive, and it takes some advance planning. By creating a sensible budget and sticking with it, you can better manage the financial side of studying abroad.
Setting a Budget
We recommend making a budget for your first year to get an idea of approximately how much money you will need to be comfortable. When looking at the overall cost of studying in the United States, it's important to distinguish between fixed costs-fixed tuition and fees to be paid to your university or college and your rent-versus indirect costs, which are mostly living expenses.
Once you have figured out how much tuition and educational fees will cost, it's a smart idea to make an annual budget for your other non-fixed costs, such as for food, entertainment, books and supplies, transportation and other miscellaneous costs. Because there are strict limitations on off-campus employment for international students, when you apply for your student visa, you will need to show proof that you have enough funds to cover all of your cost for the first year of study.
Ways to Reduce Educational/Tuition Costs
Obviously tuition is the most expensive aspect of studying abroad, so if finances are a concern, there are some things to consider before you choose a school or program.
Best Values:
Each year U.S. News and World Report, a magazine, comes up with a list of what are called "Best Values: Great Schools at Great Prices" and the list includes schools that have strong academic reputations and are more affordable. The data also includes tuition costs, and the amount of financial aid and scholarships that are disbursed annually. Check this list to see if any of these schools offer programs in your field of study.
Accelerated Programs:
Completing a four or five year bachelor's degree in three or four years can save you thousands of dollars. Students can accelerate their programs by earning transfer credit or advanced standing for college-level studies completed in the home country (for example through A-levels, International Baccalaureate, advanced placement exams, or courses taken at local accredited post secondary institutions in your country, if accepted by the U.S. institution); taking courses at a nearby community college if tuition is lower and credits are transferable; attending classes during the summer if they are available; or taking one additional course each term.
Two-year and Community Colleges:
Many students, international and American, save thousands of dollars in tuition by attending community colleges for their first two years and then transferring to four-year institution to complete their Bachelor's degree. There are many excellent community colleges and often they have strong transfer programs to competitive colleges and universities.
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Non-fixed Costs: What's Included and How to Reduce These Costs
Housing
After you have been admitted to a program, your institution's housing office will contact you with information on the availability of on-campus housing. In many cases, on-campus housing can be less expensive than off-campus housing and provides some benefits-proximity to campus, subsidized services such as computer labs, cafeteria services and lounges with television and/or other entertainment, and also the opportunity to meet many other students, American and international.
Still sometimes on-campus housing is not available or is not desirable and you may prefer to live off-campus. Depending on the type of housing you need and the location of your college or university, the cost of off-campus housing can vary considerably. In general, housing in large urban areas and on the West and East coasts is the most expensive. In addition to rent, you should also budget for furniture and other household essentials because most rentals in the United States are not furnished. In addition to monthly rental fees, in many cases you will need to budget for utility costs that can include gas, electricity, water, garbage services, cable TV and/or Internet services and in some urban areas, parking. These additional fees can add from US$50-US$200 a month to your housing costs.
Saving tips: Consider getting a roommate(s) to split the cost of rent and utilities. Buy your furniture used-look for garage sales and check out campus bulletin boards for sales. Check out Craigslist.org, a web site that provides listings of things for sale by individuals.
Transportation
Depending on where you decide to live, transportation costs can add up quickly. If you will be using a car while you are in school, you will need to budget for operating expenses such as fuel, parking fees, and routine maintenance that will be incurred commuting to and from school. On some college campuses, parking can cost as much as US$100 a month.
If you are trying to save money, look into public transportation-it is often more economical than having a car, particularly in urban areas, and can be very convenient. Or consider buying a bicycle or scooter (new or used) to get to campus. Walking is free and is good for your health. Finally, you might also want to budget for airfare home during holidays and other academic breaks so that you can visit with your family and friends.
Saving tips: Many universities offer a free or low-cost shuttle bus service both on-campus and for the areas surrounding the school. Take advantage of it when you can. In addition, be sure to check in with your school to see if they offer discounted public transportation passes. If you plan to buy a car, look at purchasing a fuel-efficient used car, and see about the possibility of carpooling (sharing rides) with other students so that you can share the costs.
Health Insurance and Wellness
Most colleges and universities require that their students show proof of health insurance coverage and this can be quite expensive and is something to be sure to include in your budget. Many institutions offer their own health insurance plan for students and their families, which is often subsidized and costs less than it would if you purchased the plan yourself. You should also budget for other health related items: vitamin supplements, over-the-counter medicine when you are ill, and a gym membership, so that you can have a place to exercise and relieve the stress of being a student.
Saving tips: Many colleges and universities have on-campus health clinics, offering health services at a low cost. They may also offer classes in stress reduction or other health-related areas that you can take advantage of. If there is no health clinic on campus, look for urgent care or community clinics off campus that offer lower cost health services. If you need to see a doctor, be sure to see someone who accepts your insurance. If you'd like to join a gym, see if there is one on campus, and/or if any local gyms have student rates available.
Food
If you're an undergraduate, your college or university in most cases will offer what is called a meal plan that will allow you to eat your meals on campus in cafeterias or restaurants for a monthly fee. The food may not be as delicious as home cooking, but such a plan can be very convenient for a busy student, usually offers many choices, and is often a good deal financially. If you have a family and live off-campus, meals may occupy a larger portion of your budget. If money is tight, try to eat as many meals at home as possible, instead of eating in restaurants.
Savings tips: If you live off-campus, try to use generic products instead of name brands; clip coupons; and pack a lunch rather than eating out. Many restaurants in college/ university towns offer discounts to students; always ask when you eat out. If you have the space, plant a vegetable garden and grow your own fruits and vegetables.
Entertainment and Extracurricular Activities
A big part of the experience of living and studying overseas is what you do outside the classroom. Be sure to budget for extracurricular activities such as movies, sporting events, concerts, trips to museums, short trips to visit friends, and other activities.
Saving tips: Your student activity fee may entitle you to attend concerts, lectures, movies, and sporting events at a discount. Take advantage of these on-campus events. Check to see if museums and other organizations offer special student rates. Plan on signing up for a subscription at a local theater so that you can get lower priced tickets to these events. Volunteer to serve as an usher at the opera or symphony and you can attend for free.
Textbooks and school supplies
Be sure to budget for books and supplies (including notebooks, paper, pens, cartridges for your printer) as these items can add up quickly. You may also be required in some programs to purchase a laptop computer or specific types of software; oftentimes universities and colleges will offer a special price for enrolled students. You can usually check with your department to get an estimate of these costs.
Saving tips: The best way to keep textbook costs low is to buy used ones. Most campuses have stores near campus that sell used books, and you can also check campus bulletin boards for ads offering texts for sale. Be sure that the edition of the book you are buying matches the one that is required for the course.
Miscellaneous
You'll want to also include in your budge the fees required to apply for your student visa; check the U.S. consulate website in your country for a list of these fees. In addition, it's a good idea to budget for items such as a mobile phone, clothing (especially if you are moving to an area where the climate is vastly different than at home), and even a small, general emergency fund. In some graduate fields, you may want to also include funds to allow you to attend research conferences, and pay membership association dues.
Beware of:
Credit cards
Credit card companies know where to find good customers at colleges and universities. You will likely receive many offers from credit card companies in the mail, and even while walking across campus. Even if you have the best intentions, a credit card-used freely-can ruin even the most carefully planned budget. If you do get a credit card, try to find one with a low interest rate, pay off the full balance each month, and plan to use your card only for items you really need.
Hidden Fees
Many banks and credit card companies charge fees for things like ordering new checks, or bouncing a check, sending in a payment a couple of days late, or using an unaffiliated ATM. Another example are cell phone companies that may charge you for going over a certain number of minutes during a billing period. Be sure to read the small print when you sign up for these services.
Parking Tickets
Many students struggle with parking tickets. Parking can be difficult on many college campuses and students who are in a hurry often forget to feed the parking meter, or check posted parking signs. These tickets can range from $25-$300 and can add up very quickly. Another good reason to consider public transportation or riding a bicycle to school! |
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Ways to Pay for your Study Abroad Experience
Scholarships, Assistantships and Loans
Obviously scholarships and grants are the most desirable way to pay for your education so be sure to plan ahead and apply for as many scholarships as you can. You should begin looking into this at least a year in advance, as many scholarship deadlines require that you apply early, even before you have learned of your admissions decision. In addition, if money is a concern, you should look into applying to those colleges and universities that offer scholarships and awards to international students-at the undergraduate level, only a handful of well-endowed colleges and universities in the U.S. are able to meet the financial need of all the students they admit, and admission to these schools is usually very competitive. Financial aid in the form of scholarships is more often available at the graduate level, but the amount of support varies and in some professional graduate programs, such as programs in Law, Business (MBA) and Journalism, very little aid is available to support students.
Most types of scholarships for international students are highly competitive and require excellent academic records. You will often find the terms "scholarships" and "financial aid" used interchangeably, but technically speaking, a scholarship is a financial award based on merit, including outstanding academic performance, special talent in sports or performing arts, or perhaps community service or leadership. Financial aid is a "need-based" grant based on the student's financial need, as documented by family income, assets, and other factors.
Once offered admission to your program, be sure to contact the department chair to inquire about institutional awards and possible assistantships or part-time jobs on campus. (An assistantship usually involves 10-20 hours a week of work as a teaching assistant in a classroom or lab, or doing research. These positions often include a tuition waiver and in some cases, an hourly wage.) Your department may also have listings of private and outside non-profit organizations that offer scholarships to students in your field of study. You should also research possible funding from your country's local government, corporate, or foundation sources. Fulbright grants are another way to pay for your graduate-level studies in the U.S.; deadlines are usually in May, and you would need to apply at least one year in advance of beginning your program.
For more information, visit the United States-India Educational Foundation (USIEF) website.
We would also recommend looking at Internet search engines, such as Fastweb.com, Finaid.com, and Internationalscholarships.com. (You should never pay to have to apply for scholarships; be wary of any company that has a fee for scholarship listings.)
After you have exhausted funds that do not need to be repaid, you may want to consider student loans to cover your remaining costs. A word to wise though: before taking a loan, make certain you know how you are going to repay it, and how a loan will affect your plans for graduate or other further study and for returning home. As an international student, you will not be eligible for low-interest loans sponsored by the U.S. federal government, but there are a number of banks that offer loans to non-U.S. citizens provided that they have a co-signer who is a U.S. citizen or permanent resident. Finally, there are a number of different loan options from Indian lenders; speak to your Bharat student counselor for more information.
Employment:
Current immigration regulations permit international students to work on campus - up to 20 hours per week during the academic year, and up to 40 hours a week during the summer vacation periods. By working 10 to 15 hours a week, you could earn enough to pay for incidentals such as books, clothing, and personal expenses. Do note though that you will likely not be able to secure such a job until you arrive in the U.S. and that this future income cannot be used to prove financial ability when you apply for your student visa.
Campus jobs may include working at the university's cafeteria or restaurants, bookstore, library, or health club, or within the university's administrative offices. After the first year, you can also apply for employment as a resident assistant (R.A) in a university dormitory. R.As serve as the first point of contact for students needing assistance or who have queries regarding dorm life. In return, R.As receive free accommodation and sometimes a small salary and/or meal plan.
Under current regulations, after your first year of study, you can meet with your international student advisor on campus and may apply for authorization to work off-campus in your field of study (again, for up to 20 hours a week during the academic year, and 40 hours a week in the summer months.) If you are in a situation of extreme financial hardship, you may also be able to apply for off-campus employment authorization outside of your field of study, but you should note, however, that there is no guarantee that this request will be granted. If you are married and are in the United States on an F-1 student visa, your spouse does not have permission to work. As there are many regulations about employment, you should always check with your international student adviser before considering any form of off-campus employment. |
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