Cost of Studying in the US
Cost of Studying in the US – One of the major factors that determine a country for higher education is the cost. The studying cost in the US and the living cost in the US are major factors that determine whether the United States of America (USA) is a feasible destination for higher studies. The tuition fee for the USA varies according to the different universities, courses, and cities within a country. Colleges in the US which offer undergraduate programs which are for a longer duration could cost students more than the usual one-two years of postgraduate study, however, the tuition fee is not to be taken as a yardstick for the quality of education being provided in the institution. Moreover, students looking to study in the US should remember that tuition fees for government-funded institutions are much lesser than private universities.
|Particulars (2018-2019)||Tuition and other fees||Room and board|
|Public two-year colleges||$3,660||$8,660|
|Public four-year colleges (in-state fees)||$10,230||$11,140|
|Public four-year colleges (out-of-state fees)||$26,290||$11,140|
|Private non-profit four-year colleges||$35,830||$12,680|
*source: QS Top Universities
The top universities in the US are Princeton University, Harvard University, Yale University, Columbia University, and Stanford University among several others. Most of the best colleges in the country are situated in cities like Boston, New York, Cambridge, Old Saybrook, and New Haven. Business Management, Computer Science, Finance and Accounting, Economics, Communications/Media are popular courses that Indian students pursue in the US. The cost of studying in the US for a full-time MBA Course is 23.16 lakhs, the cost of studying for a full-time MS course is 17.61 Lakhs and the cost of studying a full-time BE/ BTech course is 22.00 lakhs per year in the US, (source: Shiksha Study Abroad.)
Average Cost of Living in the US (in lakhs)
The tuition fees for a particular country forms one major chunk of the expenditure, the other is the living cost while in the country. It goes without saying that students who live in the city would be shelling out more money than students who choose to stay in the suburban part of the country. On average, a student spends approximately $10,000–$12,000 per year on living expenses. But this amount entirely depends on the location where a student inhabits. If a student decides to reside in a metropolitan city, he would be spending more than a student who opts for a hostel or suburban accommodation.
Cost of Living in the US – The living expenses generally include accommodation costs, room, and boarding, food, travel, textbooks, weather-appropriate clothing, and entertainment expenses as well. Other expenses that are taken into consideration under living expenses include, travel expenses between India and the country of choice during vacation time; large purchases, such as PC, furniture, or even a rental car; medical expenses not covered by health insurance, e.g. dental care, eye care, cosmetic treatments; social outings; weekend trips and personal and variable expenses. Keeping these factors in mind, we have gathered an all-inclusive average living expenses index for students wanting to travel abroad.
Average Living Cost in the US
USA Education Loan – A lot of times, studying in the US could prove to be an expensive affair. The biggest challenge one always faces for studying in the USA is to arrange for funds for studying in the US. The cost of living and studying in a country like the USA can be exorbitant and everyone cannot afford it. However, the aspiration to study abroad and make it big in life always drive you to overcome these hurdles. Arranging funds is one of the most crucial parts of the whole exercise. Various banks have understood this scenario and resolved the complexity of financing higher education by providing education loan for studying in the US.
There are several banks and financial institutions that would be willing to fund a student’s education abroad. However, candidates would be required to adhere to their guidelines, to be successfully considered for an education loan to study abroad. Candidates looking to study in the US and who are looking to do so through an education loan would be required to provide them with documents and security against their loan amount.