MS IN US: Finance Related Issues

Hello friends

Today I will discuss one of the most important aspect of MS…..its FINANCE.

Well, most of us strive to go abroad but can’t go because of only one major problem, which is finance. As an aspiring student myself, I have faced the same problems as each and every other individual and its my responsibility to make my fellow aspirants aware about how to gather or arrange for monetary issues.

Starting from datum line

Fees of registration of GRE exam – 185 $ (11500 INR)

Fees of registration of IELTS exam – 9900 INR

Fess of registration of TOEFL exam – 165 $ (10067 INR)

After these exams are over, one must have a minimum of 1 lakh to spend for selecting university and sending couriers to respective ones.

Couriers costing –   1. Around 9000 (10 applications from DHL)

                                 2. Around 5000 (5 applications from DHL)

After getting selected in a particular university there are some scholarships, TA/RA ,part time jobs which every student tries to get their hand on, to reduce their cost of living and other expenses. Let me clear them one by one.

·         SCHOLARSHIP

This is one thing which majority of the students get access once they get their admission is confirmed. But every university does not give it to everyone so easily. There are some norms and regulations which students have to pass through before the department advises the university to fund the candidate. First of all it is “First come First serve” basis. Secondly, scholarship depends on some specific criteria which are

1. GRE

2. Academic record (most important)

3. Research papers or any publications

And most important among all these is “scholarship are given during a specific period of year so before applying just check the dates of scholarship application form of each university which you are willing to apply”.

·         TA/RA

TA (teaching assistant ship) and RA (research assistant ship) these are most rare type of scholarships which any candidate gets because this ones are only accessible if the student has some work experience of teaching or research experience in labs. They do not have particular form which you have to fill for every university but you have to mention this in your resume.

  

·         Part time jobs

These are easily accessible for everyone in USA and most of the students do some or the other kind of part time jobs so as to suffice their living costs. For this, you don't need any experience and stuff, you just to go to their office, give a simple interview and job is yours.

Apart from aid, the total cost of studying for masters in USA is around 40 lakhs (minimum) to 60-70 lakhs (maximum) depending upon cost of living, tuition fees and reputation of top universities. Mostly if u get scholarship then your fees reduces by 8-10 lakhs per year approx. During the second year of MS the university fees is always on a lower side because only thing you work on is your thesis.

         First year fees – around 15-20 lakhs (minimum)  
       Second year fees – around 10 lakhs (maximum)

         Remaining 10 lakhs are your living cost which you can cover it by part time job
.

A student can even take a loan from bank of around 15 lakhs, with very low interest rates as provision have been made for studying abroad.

So my advice to all my fellow aspirants is only one i.e. concentrate on your academics, publications and your final year project so as you can achieve those prestigious scholarships which will make your path easy.

Hope this post may have helped you in a certain way….

THANK YOU