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Study in US :Financial Situation? Can I afford if NO Funding or Scholarships for MS in USA?

We are all excited about studying in US because it is our passion or maybe we want o com to US to make money by working in US. There are some reality checks that you have to do before you pursue and be prepared. This  article will focus on the reality checks about MS funding and Scholarships for MS in USA; This article is part of the series Guide / steps to study in USA for International students?

Reality Check of Scholarships and Funding in USA:

One of the perceptions of students and what most of the seniors or students already doing MS in US say about funding is, getting funding is hard initially, but after first semester you have better chances. Some say, you will get funding in second semester for sure.  Some say, it is very hard to get funding with recession impact in US. The point is, it is confusing at times and it all depends on the universities you are applying to and as a whole we are optimistic that we get funding after first semester and apply. But, in all reality, there are few students or if not more students who get NO funding after first semester or even after second semester. Scholarships for MS in USA are difficult for internationals. These students just work on campus and do not have any sort of tuition waiver or scholarship. Think about it, if you were to be one among those students, what is your fate ?  How will you pay your tuition which can range from $5,000 to $14,000 a semester or more ?  You must always be prepared for the worst. You need to have a backup plan. So, what should you think first ?

What is your financial situation? What if NO scholarship? Analysis?

All of us come from various income levels; some have a lot of money to spend on education and some do not have anything to spend on education. For most of the middle class and lower financial range families, financial capacity is a very big thing for studying abroad in USA. Some parents just say, it is out of our reach, just forget it. Some parents say, “I will take loan on behalf of you and will send you to US”. The answer completely depends on your parents’ perception of education and their trust in you. You have to realistic about your financial situation if you can afford or not. If not, do you have the capacity to raise money through friends and family or apply for an education loan using some collateral?  The key thing to keep in mind is, you need to have all the tuition fee sources sorted out for the whole course available.  It can range anywhere from $20,000 to $40,000 or even more based on the school you are applying. You may argue, if I get scholarship, then I do not need that much. You are assuming and taking a chance here. It is a risk… Everyone of us wish for success and we think optimistic, hopefully our thoughts always are correct. But, let’s say for instance, if things do not work out, will you be able to find sources to finance your education ? Do you have banks, friends, and family to help you in this aspect ?

Financial Support Needs during Applying

Application fees, Transcripts, GRE, TOEFL Score reporting, etc :

  • Though some of you might consider this as less expenditure, it is not for an average income household.  You will have to be realistic about money you will just need for applying which involves tasks like Application fees, Transcripts, GRE, TOEFL Score reporting, etc .  It can go up to $1000 dollars if you applying to just 2 or 3 schools.

You will need financial support letters during all these steps of applying

  • MS or MBA Application : You should get a letter from your sponsor’s bank that funds for your education are available and your sponsor is funding  your education.
  • Visa Stamping : Unless you get full funding for two years, you will need to carry proper documentation with bank letters saying that funds are available and your are completely supported financially.  Also, you need to do lot of paperwork for visa stamping, where you will need to spend good amount of money.

For these bank letters You are talking about $30,000 – $40,000 or more depending on school fee. Adjusting or securing big chunk of money is not easy for someone in middle class families. You need a big sponsor for your education! I completely know how hard it was for me at least. Thanks to all our friends, family and banks who helped me with all these financial stuff. Anyways, the point is, you need helping hand from others or bank if you do not have the funds for education.

Summary:

All in all, what I am trying to say is, “You have to be prepared with your finances, think in all reality about worst case scenarios – like if there was no funding for you in US, will you be able to get money for paying tuition for the whole course ?”. Not trying to discourage anyone, but just a key thing to consider and be prepared for the finances because you need financial support right from the beginning of application process.

18 comments… add one

  • shrinivas Nov 26, 2014 Reply

    I just scored 295 GRE I am planning for fall 2015 is it late to take test again or should I give another try before applying for ms.

  • nikitha Nov 3, 2014 Reply

    I have a cgpa of 6.0.To waive a scholarship of 80%,how much score should I get in gre and toefl.and tell me the considerations of cgpa and scores of gre and toefl by the us universities.

  • Nikita Nov 2, 2014 Reply

    Hi ,
    I am planning to do MS in US next fall. After completion of whole procedures in India including airfare ,moreover only 2-3 lakhs will only remain as my financial balance. If i sum up with 15 L loan, Am i financially ok for going?? Should i need to worry??

    Also can we confirm on campus part time job before leaving from India?? By the time i leave I’ll be 2+ years experience in TCS.

    Thanks and Regards.

  • karthik Jul 9, 2012 Reply

    frnds i have a doubt ? can we get international student education loan in us after 1st semister………………….if so what were the required documents to get it ……………………………………plz frnds give more information about it

  • vismayie Apr 16, 2012 Reply

    Sir,
    I am studying in IIT Madras as of now . Btech in chemical engineering.
    My C.G.P.A is 8.5 as of now and i wish to go for a Masters in U.S.A . What are the probable universities i can get funding in ?
    Thanking you

  • Mohan Krishna Jul 25, 2011 Reply

    Hello sir,
    Next month I am going to US on H1B.I wish to complete M.B.A program in US while i am in US.so do i need to write the GRE/GMAT to get an admission, how its going to work?Please advice me.

  • karthikeyan May 22, 2011 Reply

    Dear Kumar sir,
    I wrote gate on 2011 and i got 1967 rank (OBC category). I will get NIT trichy and IIT guwahathi for sure. My financial status is poor. my parents can afford maximum Rs.3 lakhs for my higher education. I am planning for MS next year. I can go abroad only if I have scholarship in my hand. Please help me with your suggestions.. All i want is Very good technical exposure, good paying job.

    I have one more doubt. Whether we get scholarship before leaving india? or only after 1st semester in US?

  • nari May 22, 2011 Reply

    when we can we get education loans for ms,is it before we leave india..and how does they transfer,to university or personal accounts…

  • Karthikeyan May 10, 2011 Reply

    I wrote gate on 2011 and i got 1967 rank (OBC category). I did not get any IITs. I will get NIT trichy and IIT guwahathi for sure. My financial status is poor. my parents can afford maximum Rs.3 lakhs for my higher education. I am planning for MS next year. I can go abroad only if I have scholarship in my hand. Please help me with your suggestions.. All i want is Very good technical exposure, good paying job.

    I have one more doubt. Whether we get scholarship before leaving india? or only after 1st semester in US?

  • Sumit Jan 17, 2011 Reply

    Dear kumar sir,Can i get admission in us universities after 3 year of diploma after 10th if not can i need to give the exam of 12th.

    • Kumar Jan 19, 2011 Reply

      Sumit, What admission are you referring to ? Undergrad or Masters ?

      • sumit Jun 16, 2011 Reply

        for master..

  • kumargaurav Jan 12, 2011 Reply

    sir i have completed my B.D.S degree…i want to go U.S….plz tell me all details abut GRE and what is the option after bds in usa…

    • Kumar Jan 12, 2011 Reply

      Kumargaurav,
      Unfortunately, I do not have good knowledge about BDS and its future in US. Cannot really advise you.

      • suganthi Dec 1, 2011 Reply

        hello sir…..
        I’m in third year of my B.E degree,i just wanted to do MS abroad but i don have a clear idea how to get over there.how can i apply….how much score i expected to have in GRE…. please mail me the details sir……..
        thanking you sir…..

    • ajay Jul 31, 2014 Reply

      sir
      so youa e oding bds rit? kudos to you it is proved that youa re hard working as you are in 2rd year of bds
      you wanna settle in the us and its the rit and most common choice for many bds grautaes in india but let me tell it is very difficult as you asked i am telling you tghe procedure to go to usa after bds and trusr me debntist earn much much more than any other professional in the us infact it was declared as no 1 profession by BUreau of labor statitics
      BUt as cozy as it sounds its that much difficult the indian bds degree in not recognised in us u cannot practise on ur indian bds degree in the us
      so what to do? GRE? TOEFl? noooo gre is every graduta eother thna medical or dentist thejre is a different exam u ned tot ake while wanting to practise in us
      thats NDBE (national dental board examination) this is conuduted in 2parts part 1n part 2 ww.ada.org this website wil help you gain more info on this exam
      after passing if you clear it then u will have to pursue youir D.D.S a 2 year course for an indian bds graduate an then you can start practicing and then you suddenly belong to the upper 5%income class of us people
      but mind you this aint easy as it sounds it requires an investm,ent of around 1 crore!!! (better do abusiness) an tremendous hard work its a big risk if u take thsi and u dont do it then u are stranded so better chose wisely
      its amillion dollar question ye its aquestion of where this million dolars will come
      best if luck
      ajay pathak

  • Ratan Nov 18, 2010 Reply

    Hi Redbus2us,
    First of all I would like to acknowledge my bountiful thanks and appreciation to the creator of such an informative and elaborate website which provides genuine information to its followers. Rarely there are websites which has such plentiful of informations on every aspect of american education. Most of the websites put more emphasis on the initial steps of application to US and Visa but less on the factors which are vital after graduation. Redbus2us is one website which is a very good reference for all the aspiring students for US education and also for graduates who are already in america. Thanks a lot.
    Now I have my little share of question which I would like to ask. I have got acceptance for my MS in pharmaceutical sciences program from IDAHO STATE UNIVERSITY. The university is not giving any financial assistance now and also not sure about the future semesters. However the university has suggested me to apply for out of state tuition waiver and an in -campus jobs. I was wondering how much a student can earn by in campus jobs to pay for his expenses? How much amount of money will be sufficient for room,boarding and expenses in a state like Idaho? Though the university has mentioned their values but I just want to know the insiders amount or the reality amount since the amounts put by the universities are always in larger figures. Another thing is the period of OPT. Is it for 1 year or 2years. Do Indian students usually get job’s in this period and if so how much is average amount of renumeration per annum?
    I am asking all these because I am intending to take a loan of 12-14 lacs for my education and I want to pay off larger part of this amount by the renumeration I receive during my OPT.
    Please suggest.
    Your guidance will be a big factor for me to come to a conclusion.

    • Kumar Nov 19, 2010 Reply

      Thanks so much Ratan for the compliments ! Here are my thoughts,

      1) I was wondering how much a student can earn by in campus jobs to pay for his expenses?
      Depends on the job and hours. It can be anywhere from $500 to $700 or more

      2)How much amount of money will be sufficient for room,boarding and expenses in a state like Idaho?
      It does not change much by place. Check this article : Cost of living expenses MS in US . These are expenses if you live off campus.

      3) Another thing is the period of OPT. Is it for 1 year or 2years.
      Depends on program. If your degree is listed under STEM Category, it can be extended upto 29 months.

      4)Do Indian students usually get job’s in this period and if so how much is average amount of renumeration per annum?
      I assume this is after MS…Well, this totally depends and cannot be generalized…but, many of them do get jobs…

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