Financial aid is any financial assistance that helps the students pay for their
tuition fees or living
expenses. Most Business Schools offer some kind of financial aid based on the merit
of the student.
Description of the types of financial aid
The amount of financial aid offered by the college varies based on the subject you
are studying, your
academic credentials and your GMAT score.
Most Business Schools offer financial aid to international students on merit rather
than need.
Tip: You must apply to schools for financial aid, when you submit
your general application. It is
advisable to apply early if you have to avail of financial aid. Usually the deadlines
for applications
which require financial aid are earlier.
For example, students applying for the Fall semester (August) typically are required
to submit their
applications by end of February if they have to be considered for financial aid
from the Business School.
Check the individual school's website for financial aid details.
Assistantship is done on the college campus and students receive a stipend that
helps them cover their
living expenses. Typically they would work for a professor or some department. The
assistantship could
be a Teaching assistantship or a research assistantship. University application
brochures provide details
on assistantships.
In a teaching assistantship you may work on student mark lists, grading, proctoring
of exams etc. In a research assistantship you may help the department or professors
in their academic research activities. In most universities teaching assistantships
are common as usually there is a large pool of undergraduate
students.
In some cases you may get assistantship right from the first semester, while in
some cases you may get it
from the next semester. Sometimes some schools insist that you take the Test of
Spoken English (TSE) before
you get an assistantship.
Scholarship or Fellowship
This is grant that is given outright by the University or school based on the academic
merit of the
student and performance. Only star academic performers usually get this grant. A
scholarship or
fellowship may cover the entire living of the student or may be partial.
Tuition Waiver
A tuition waiver may be full or partial. A full tuition waiver implies that the
student does not have
to pay any tuition fees. A partial waiver means that the student will have to pay
some part of the fees.
Usually administrative and other fees payable to the university are not included
in the waiver. Usually
a tuition waiver is awarded along with a teaching/research assistantship.
Tip: You may not get a Financial Aid while applying to the university/school. However
most
international students manage to get some form of financial aid from their second
semesters. Hence if
you have fund your expenses for one year or so, it should be enough fro you to take
the decision of
going to the US for your MBA degree.
Useful Financial Aid resources
Financial Aid for International Students:
http://www.finaid.org
NAFSA Association of International Educators
http://www.nafsa.org
Refer to our Student Loans
for more details about financing your MBA degree.
US Expense Estimator - Average US expenses
Tuition Fees
US universities may be private or public. Public universities are supported by the
State governments. Universities have a out of state rate and an in state rate of
tuition fees. Students who are from the same state qualify for the in state rates.
Other students will have to pay tuition at an out-of-state rate. Thus international
student will have to pay at an out of state rate, which is higher.
Tuition fees charged by a college does not necessarily reflect on the school reputation
or teaching quality.
Refer to the following table:
Average tuition rates in Business Schools
University Type and Tuition Fees (annual in U.S. Dollars)
Private Institutions (High rate) - $20,000
Private Institutions (Low rate) $14,000
State Institutions (High rate) $14,000
State Institutions (Low rate) $7,000
The tuition fee is different for different universities and varies widely with courses.
It can vary from as low
as $5,000 a year for state universities to as much as $30,000 per annum for some
private universities. For
more specific details, please contact the universities.
Living Expenses
A student can manage with $10,000 per year as his/her living expenses. It also depends
on the lifestyle of the
student. Expenses will be more if the student needs to buy a car.
Usually 3 to 4 students share an apartment and do car pooling due to which they
are able to reduce
their living expenses like utility bills, gas bills, groceries etc. Please note
that a car may be
a necessity on some parts of USA although public transport is available in big cities
and towns.
Check with your college about the living expenses, public transport, student accommodation
etc.
In most cases it is expensive to live on campus and students tend to rent accommodation
outside the
college campus.
Average Living expenses
Rent - $400 per month - $800 (depends on your location)
Food - $100 per month - $200
Utilities - $100 per month
Phone - $100 per month
Other - $200 per month
Insurance
It is advisable for international students to take insurance. Your college can provide
you more details on
various insurance options available to students.