Pursuing your masters from the US not only takes a lot of blood, sweat and tears, but it also leaves a big hole in your pocket. Higher education in the US can cost anywhere between 17 lakh and 28 lakh and hence good financial planning is a vital strategy.
More than 54% of deserving students every year have to drop the idea or opt for very low ranked universities because of the financial hurdles. Funding for higher studies in the US can come through various sources. Here are some of the options:
SCHOLARSHIPS BY INDIAN TRUSTS:
A mere 4% of the students actually know about more than two scholarships available and miss on the best opportunities. When it comes to scholarships, Indian trusts like KC Mahindra and Narotam Sekhsaria provide a total of 50+ scholarships for higher studies in the US with a total of around . 10 crore for grabs. Students are also under the assumption that one needs "admit letters" to apply for a scholarship, which is not true and hence they miss deadlines. There is literally money lying on the table with no takers to grab it.
FEE WAIVERS BY UNIVERSITIES:
Some universities also offer tuition waivers (full or partial) which are awarded to students either based on their academic excellence or on other factors such as your native country, area of specialisation or financial need. Most good schools have an impressive budget for scholarships, but again the competition to avail these is intense.
ON-CAMPUS RESEARCH & TEACHING ASSISTANTSHIPS: Most students are not able to procure any funding before reaching the US, and hence they start looking for earning extra money on campus. These can come via small hourly jobs in library, computer centres etc. But the best bet is a research or teaching assistantship (TA), which students can apply via professors, for courses taught on campus. As a part of TA, a graduate student may help a professor with lectures, grade the exam papers or conduct labs for undergraduate/graduate students. This requires a commitment of 20 hours a week. Professors in universities are awarded grants to further research in certain fields, and students interested in the same research area as the professor can apply for RA by substantiating the claim with previous projects/assignments. In such cases doing independent studies to prove mettle, networking with seniors and professors and doing well in classes are some of the ways a student can make sure that the professor would be willing to take him or her board.
BANK LOANS:
Apart from all these options, students are also in increasing numbers opting for education loans. And specially, now with a booming banking sector in India, students get a lot of attractive options. A lot of banks in India offer loans for higher education at easy interest rates and students can pay these back within two years after their graduation. The broad eligibility criteria to avail of a loan from any bank in India is that one must be an Indian national and have secured admission to the concerned institute through the qualifying examination or merit-based selection.
Students must make smart decisions on which loans to go for by looking at various criteria like the ease of paperwork, lowest interest rates etc. One should also check for hidden costs like the application fee, default fee etc. The most important factor that should tilt in one bank's favour is flexible repayment options, which can really help a student plan finances after landing a job after post graduation. For the millions who are targeting the US this fall, it is time to start planning early and doing the homework well. It can make the difference between a tough and comfortable stay in the US.
