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For a student who is looking to apply
to USA universities,
it is normal practice to start the preparation at least 8-12 months prior to
making the move. Students should use this time wisely and find out about the
additional courses that they can take in order to have a better chance of
securing admission to their preferred university. They should also focus on
preparing a good SOP (Statement of Purpose). Attending workshops will certainly
help you improve your knowledge on your preferred field would look positive on
your resume.
One of the
main concerns that most students have is regarding the finances of pursuing an
education abroad. The most effective solution to this is to take an education loan for
financial support. But before you go to a lender, you need to have a good
understanding of the amount you will be needing. This is why it is important
for you to know the expenses you will incur when you are pursuing your Master’s
degree in America.
To help you
with this, we have given a breakdown of those finances below. Read on:
When it comes to finances, we need to consider the expenses we would be incurring both in the USA as well as in India.
When you
plan for your study in USA,
your expenses start right from India itself. A lot of students opt to go to a
counsellor for guidance, and the average fee that counsellors charge is
Rs.25,000. Before applying for US universities, you need to give certain tests,
for instance, GRE (Rs.12,000), TOEFL (Rs.9000), or PTE (Rs.6000). When you are
ready to start applying to universities, the average application fee would be
around $100.
Once your
application form is accepted by a US government-approved university, the SEVIS
I-20 fee would be around Rs.12,000. Next, you would start your visa application
process which would cost you Rs.10,000. The cost of dispatching your bank
statements, transcripts on the college letterhead, and affidavits would further
cost you around Rs.8000. Lastly, flight tickets to the US would be around
Rs.50,000.
Once you
have received your I-20 visa after you complete all the payment formalities,
the next thing is to worry about your accommodation. This would largely depend
on which city you live in. The range for accommodation costs could vary from
anywhere between $500 to $1000, based on your budget and preferences.
Next up is
the tuition fee that the university will charge you for your course. This again
depends on the university that you choose, as the tuition fees for public
universities in the USA could cost you about $10,000 – $20,000, whereas private
universities could charge $15,000 – $20,000.
So, these
are the expenses that you would have to incur when you are planning on pursuing
an MS in USA. Yes, the expenses certainly add up to quite an amount, but this
should not come in the way of your education. We at Avanse can provide you with
the financial support you need by providing a suitable education loan, so
please feel free to get in touch.
We hope
this article has been informative, good luck!
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.