Nikhil Mankala Community Mentor Mentor_tag

16 days ago

Financial Plan for US

Are you planning to study in the USA? The USA is a great choice for your future. It offers top-ranked education institutions as well as incredible international work experience.

Creating a budget is a big part of the process and you’re probably wondering just how much it will cost to obtain a qualification in the USA. Below are the complete details: -

We already know that studying abroad is incredibly beneficial for both your personal and professional growth. You’ll gain more than just a world-recognized qualification but also the soft skills such as adaptability, cultural awareness, problem-solving, and courage.

On the flip side, it also comes with a price tag. How hefty that price tag is depends on many factors
and that’s why it’s important to create a budget and stick to it, at least
until you find a part-time job while studying to have a little more wiggle room.

Here are a few common expenses to keep in mind as an international student at the States:
1. Mandatory Exams (GRE/GMAT/IELTS/TOEFL/Duolingo)
2. Application Fees
3. Tuition Fees
4. Visa Fees
5. Accommodation & Food
6. Health Insurance
7. Transportation
8. Recreation

1. Mandatory Exams: As an international student we all are aware that to secure an admission in a university we must meet certain requirements such as GRE/GMAT/IELTS/TOEFL/Duolingo*. Let’s look at the cost for each of these exams –
GRE: $213 (Approx. 17,000 INR)
GMAT: $275 (Approx. 22,000 INR)
IELTS: $200 (Approx. 15,500 INR)
TOEFL: $200 (Approx. 15,500 INR)
Duolingo: $50 (Approx. 4,000 INR)

2. Application Fees: Almost all the universities charge application fees which would be costing approximately $185 - $275 (15,000 – 22,000 INR)

3. Tuition Fees: Each University and academic program will have different costs associated with it. The calculators provided through the registrars can help you estimate the cost of your degree, however, it's important to remember that the course load you take as well as the types of classes you enroll in determines the amount that gets charged to your student account.
Average tuition fees (approx.): $20,000 – $40,000 (15,55,000 – 32,00,000 INR)

4. Visa Fees: Visa application fees will be costing approximately $150-$200 (11,500 – 15,500 INR), this includes your medical tests and other miscellaneous costs.

5. Accommodation & Food: After tuition, accommodation & food is normally the second-largest outgoing for international students.
If you're looking for a housing option that won’t break the bank, consider applying for a place in your university’s residence halls. Most universities offer rooms to suit every budget, and some even include a meal plan.
If you’d prefer to rent privately, try finding a house or apartment on the outskirts of the city or the property should have good transport accessibility to university. Properties located in or near city centers are usually pricey, so renting in smaller towns or villages can help you save.
Finding yourself a roommate or some housemates will save you even more money. It means you won’t have to cover the rent bill alone, and you can split the cost of utilities.
Accommodation & Food will approximately be costing around $650 - $3,500 Per-month (50,000-2,50,000 INR)

6. Health Insurance: In many countries, it’s a legal requirement for international students to have valid health insurance. Without it, your visa application will be refused.
We all know how expensive the medical treatment would cost in the US, to avoid any unforeseen situation the university would usually collect an additional fee along with the tuition fees from the students for insurance. This would cost approx. $750-$2000 per year (58,000 – 1,55,000 INR).

7. Transportation: This cost includes two categories, pre & post departure. Under pre departure the main cost is the flight tickets, it’s always suggested to book the flight tickets 90 days prior so that you would get the ticket price would be comparatively less.
As an international student we also have another privilege i.e., student discounts. Airlines such as Emirates, Qatar, Etihad, British Airways have good student discounts for those who are flying to the USA. Currently the approximate economy airfare starts from $750 - $1900 one way (60,000 – 1,50,000 INR) not inclusive of student discount.
Post-departure costs would be daily commuting to university or exploring places in and around the city you are residing. $100 - $350 per month (8,000 – 27,000 INR)

8. Recreation: Make sure that your student budget in the USA allows you to have some fun too! If you don’t have any plans to head back home, then you don’t want to sit idle in your room during the summer and winter holidays. This is the time to get out and explore the USA at its finest. The cost would approximately be $300 - $600 (25,000 – 45,000 INR)

*It’s not mandatory to write all the exams, you need to prepare and appear for the exams which are mandatory based on your course selection.

Few money-saving tips:
1. Find the cheapest way to travel: Get yourself a bike, take buses rather than trains, and book flights well in advance. If you’re a frequent traveler, consider investing in a multi-use travel card.
2. Look for financial support: You could be eligible for a variety of financial aid packages, including scholarships, grants, and bursaries. If you do some research, you could strike gold.
3. Earn while you learn: If you’re starting to feel the pinch, you could look for a part-time job. This is a useful way to make ends meet, but don’t let it hinder your education.
4. Cash in on student discounts: Loads of shops, restaurants, and entertainment venues offer student deals and discounts. Remember to show your student ID before you pay.
5. Cook from scratch: Eating out regularly could damage your finances. Home cooking is a fantastic way to save money and improve your culinary skills. Consider buying frozen rather than fresh, and supermarket lines over big brands, to knock even more off your bill.
6. Pay your tuition fees in advance: Some institutions offer discounts of between 5-15% to students who cover their academic expenses upfront.
7. Open a high-interest bank account: Keeping your money in a high-interest savings account means you’ll receive a small financial bonus each year.
8. Keep an eye on the exchange rate: Exchange rates can fluctuate dramatically, so bear this in mind when you’re transferring money between accounts or choosing which currency to pay in.

Plan your Finances and budgeting properly!

Stay Happy!
#masters #ms #USA #budget #finance #abroad #studyabroad #studyinusa

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2 comments

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Devisetty Yeswanth

16 days ago

Thanks for the tips!!

1

Akriti Sharma Mentor_tag

16 days ago

Thank you for sharing Nikhil!! This is really helpful info 😀🙌🏻

2