What is the "total cost" of pursuing a Masters degree in the States for an International Student?
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I am an Indian student in one of the old IITs. I am currently an under graduate student in Electrical Engineering with an above average profile. I am very much interested in pursuing Masters from USA. However, I come from a modest background so, I need to be sure about the total money I will be spending in two years (including residence, food, etc). I tried checking it on the internet but could only find obscured information. Please also verify some other information that I have managed to gather: 1)Someone who can't spend a lot of money should try to get into public universities instead of private ones. 2)Getting a scholarship is very difficult in MS programs but is possible in MS+PHD. However, I am only interested in MS right now. And if I come to a situation when I can't afford to study in the USA, which countries should I opt for? (I think UK also went out of the equation because of the financial constraint)
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Answer:
A2A What you are asking is a very specific question. I'll try to be as generic as possible. If finances is a significant constraint for you, then I guess you should prefer public universities to private ones. Mostly, the tuition for public universities will be lesser. Generally, the tuition for various universities range between USD 10k and 20k per semester. Assuming you can complete the course in 3 semesters, this amounts to 18 lacs to 36 lacs in our currency. The living expenses too vary drastically depending on where your university is located. Places like New York and California might be twice as expensive as places like Texas, Illinois or Raleigh. Food and Rent costs might be between USD 400-450 and USD 650-750 per month. There are very good universities with minimum tuition in low cost areas, such as UT Austin, Texas A&M U, NCSU etc. The total expenses for the 2 year course in such schools wont be more than 25 to 27 lacs. I am not sure about the expenses for universities in other countries.
Asish Prabhakar Kottala at Quora Visit the source
Other answers
Let me give you my example. I did my masters at a public university in Texas . The tuition fees per semester was around 12k dollars. The estimated tuition fees would be 40K dollars apart from living expenses.The living expenses will come around 400 to 500 dollars.I had loan approved only for 19 lacs INR and I had 3 lac of personnel savings. I dint had any other source. So my plan was somehow manage first two semester of fees and living expenses search an intern. extend intern for one more semester and pay the second year fees with money earned. After coming here luckily I got instate scholarship for my first year and I got full funding for my second year that waives off my fees and per month $ 1500 stipend. Along with these I got opportunity to work in research lab, Got new experiences in life that made be stronger. Met lot of people. If I thought 19 Lacs was not enough for my studies. I would not got all these experiences. Also if you are not interested in PhD don't go for it. You should get internship. So just plan for at-least 2 semester fees and come here. Time will take care of everything.
Anonymous
A2A I see some very comprehensive answers here and I applaud your decision to pursue masters in US. Given your academic qualifications, I believe money should not be a criterion in selecting the faculty/university under which you want to do MS. Any money you need can be covered by an education loan and since you have high income potential, you should be able to repay it back in an year. If you have any financial commitments to your family, the loan repayment might take longer, but should be a deterring factor in your selection of the university. Keep calm and select your best match!
Krishna Sasank Talasila
Most of the highly rated private universities have 40k USD as their tuition fees per year. Consider another 30k for other expenses. This is what you need to show as liquid assets when you apply for visa. That gives 70k per year. In reality you don't spend so much because almost every one ends up with an RA or a TA at the end of first year. On the other hand, public universities are not as expensive. Tuition fees is about 25k. Some have as less as 17k also. True, getting scholarship is difficult for MS. Like I mentioned, TA/RA can be of help upto some extent. Do not apply for MS+PhD if you are not interested in PhD. Student loan is a good option. If you have any relative in US, it's easier to get a loan there with a comparatively smaller rate of interest. If you're looking for options other than US, I would suggest Canada. There are really good universities like UBC, Waterloo, U Toronto etc. These universities fund you for masters as well. Also, the culture is similar to US and it's not difficult to get jobs in US afterwards. Hope this helps.
Rohit Patki
It depends on the university. The average could be about INR 4 million.
Damodarn Krishnaraj
Thanks for the A2A. There are many good answers here. It depends on the following things- 1. University - Public/Private or how reputed/big it is 2. The city you live in 3. Availability of TA/RA or on campus jobs 4. Scholarships Firstly, Yes, Public universities are cheaper and yes, MS+PhD has a better chance of getting a scholarship. The cost ranges mentioned by others is right. It can range from 20 lacs to 50 lacs rupees per year or even more depending on all the above mentioned factors. The exact amount specific to a university is written on the I-20, which is the acceptance letter you receive from them. It includes the on campus housing, books and a lot of other expenses apart from tuition. Check this sample: http://igateways.sjsu.edu/apptrack/sample_I20.pdf In reality, you will spend lesser than that, primarily because you won't be living on campus as you will realize that renting an apartment outside is much cheaper. And you will mostly get an RA/TA or at least a decent on campus job that will take care of the living and give some minor savings if you are smart. However, you need to show that you have enough funds to take care of the amount on the I-20. Most banks will give you an education loan based on the I-20. It's a vicious circle. You need an I-20 to get a loan at the same time you need enough money to get an admission acceptance. The best way to go about it is to get affidavits of support from relatives. Put together your parents' bank balance and income statements along with your relatives'. If the total comes to a healthy enough figure, you are good. Your relatives need not give money in actual. Once you get an I-20, you can apply for a loan instead and for your visa interview, you will have your loan approval document along with your parents' income statement. This should get you all set. Caution: The job market in US is not that great right now. So in a worse case scenario, if you don't get a job there and are forced to return back to India, repaying the loan will be a stiff task. Some cheaper options for studying abroad are Singapore and Australia. They are relatively cheaper compared to US and UK. Good luck..:)
Chandramouli Chandrasekaran
Studying In USA would not cost you anything less than 25 Lakhs in Indian currency(Including Tuition fees & living expenses for 2 yrs) However, you are allowed to do part time jobs for limited hours. Which will perhaps help you to "support" your living expenses upto certain extent. 1. True, Public Varsities will be less expensive than Private ones. 2. Scholorships, is indeed difficult but not impossible, it can be provided if you are academcally good, or If universities are heavily funded for their research. If you cannot afford to study in USA, you have Europe(Germany, Sweden) as the next best option for your studies. The universities in Europe are not too behind in the race of world class education :) All the best! :)
Karan Jain
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