Most of the universities usually do not offer financial assistances for international students. A few may manage to get tuition waivers and assistantships, but only after a semester or two.
Hence it is recommended to avail an educational loan as you would be able to pay back the money when you are getting properly placed, after receiving a degree from an internationally reputed university.
An MBA program, in a mid tier university in US, would cost you about Rs 15 lakhs, which can be availed as an educational loan. On the successful completion of an MBA program, even the average job that you would be offered would give you about US $ 60,000 per annum (However, this could vary depending on how you perform in your program and job interviews).
After deducting the taxes and expenses you can easily save about US $ 10,000-15,000 or more a year so that you can pay back your loans in about two years. You can’t even imagine earning such enormous sum anywhere in the world, in such a short span of time. That’s why USA stands out from other nations in the world.
Scholorships
AT&T Leadership Awards (For U.S. only):
U.S. $ 5,000 awards for the students from the Asia-Pacific region, in U.S. for study in any discipline. Six of the 36 awards went to Indian students, in 1998.
The completed applications must reach the program’s Malaysia office by 15th September. Decisions are usually announced by 31st December.
For more details and application form, drop an email at awards@attmail.com or fax at (886) 2-2715-7013 (attn: AT&T Leadership Award)
Rotary Ambassadorial Scholarships
The scholarship amount of Rotary Foundation goes up to U.S. $ 23,000 for studies in any subject and any country.
For any information, you can contact any Rotary Club office or write to:
The Scholarships Program,
Rotary Foundation,
Rotary International, One Rotary Centre,
1560 Sherman Avenue,
Evanston, Illinois, U.S.A.
Sponsorship
Sponsorship is perhaps the simplest option among all. The university submits an official estimate of study and living expenses along with a letter or affidavit from your parents or an affluent relative, in which they declare their income and support for your studies. This would be satisfactory for the university and the visa authorities.
University Funding
Most of the universities provide funding for research based and science programs and not for the MBA programs. Merit based assistance is awarded in several forms that include tuition waivers, various types of assistantships & fellowships.
- Tuition Waiver: Here the student does not have to pay the tuition fees at the university. However, general fees that include the use of university facilities like the library, computers, and sports and health services usually have to be borne. This is usually awarded in combination with a scholarship or teaching/research assistantship.
- Scholarship / Fellowship: This is an outright grant based on the academic ability and performance of the student. A truly industrious and outstanding student may be considered for these types of award, before enrolling at the university. You can avail a full scholarship would be awarded for the student’s entire living expenses at that university, A partial scholarship that would require additional funds from the student. These awards are usually very few and hence very competitive.
- Assistantship: Most students who receive assistance usually get it in the form of an assistantship, i.e. a cash stipend that would be adequate for their living expenses, and/or tuition waiver. To avail this facility, they have to work for a maximum of 20 hours per week. Assistantship normally involves teaching and research activities. Teaching assistantships are more likely to be facilitated in universities, which usually have large undergraduate classes whereas research assistantships are more common in those fields and universities in which extensive research is in progress. Information brochures of most universities may provide you a detailed idea about this.
Bank Loans
An educational loan is the finest option for students who aspire to go abroad for higher studies. But in most cases, you need to have a co-signer who is a U.S. citizen or permanent resident, since the co-signer would be responsible for paying back the loan if you fail to pay it on time.
Some banks may ask to waive the co-signer requirement for specific schools. You need to check this information from the school website.
The stipulations of the loans usually require an interest or principal payments after graduation. You have to read the terms and conditions of the loans before you sign. Make sure to understand all the terms in it, especially your repayment schedule and fees entail. If needed, you can ask for assistance in interpreting the fine print.
Other Sources
There are numerous other sources of funding, especially for graduate students, applying to the universities in US.
A few more websites that offer comprehensive information for international students are:
Financial Aid for International Students www.finaid.org
NAFSA Association of International Educators www.nafsa.org
Travelling to USA
Is this your first trip to USA? This section of SGI will help you to have a hassle free trip
Packing
Check list of the necessary requirements
- Money, credit cards, cheque book, traveler's cheque, financial records, PIN codes of your bank cards
- Clothing, including shoes, coats, sweaters, and rain gear
- Official academic records and necessary Xerox copies
- Medical and dental records that include immunization and vaccination records and prescriptions, eyeglasses, insurance records
- Marriage certificates and birth certificates of all family members
- Passport and flight tickets, Form I-20
- National and international driver's licenses,
- A list of the names, addresses, telephone numbers, and email addresses of your key contacts,
- Course catalog and other relevant details of the school that you are planning to join.
Make sure that you take enough money to meet the expenses until your funds get fully transferred to US.
Make two Xerox copies of every important document. Leave one copy at home and carry the other with you, but make sure that you keep it separate from the originals.
Meet our international student advisor to know more about the useful travel plans and expected arrival date.
Give your proper contact information to your family members.
While buying air tickets, make sure that you avail the facility of APEX (Advance Purchase Excursion) fares, as they offer considerable discounts for tickets that are purchased in advance. Compare the fares of the major international carriers and choose the best of the lot.
International Student Travel Confederation (ISTC)
ISTC is an organization that sells International Student Identity Cards (ISIC). The website of the organization includes more than 6000 discounts available to holders of ISIC cards and the locations that issue the cards. You can drop at e-mail to istcinfo@istc.org to know more about ISIC cards.
Customs and Immigration
On arriving in US you have to go through a long procedure of checking and questioning, from the Customs and Immigration department. Try to keep your answer simple and direct. More information on the procedures of the customs and immigration department are available at http://www.ice.gov/
Do not take any food with you. It’s forbidden to bring any perishable food stuffs to US. It’s also prohibited to bring items made from certain protected species of animals.
If you have more that US$ 10,000 in US or foreign currency you must state the amount to the customs department, before leaving the country.
If you are in medication especially that contains narcotics, which are administered by syringe, carry the prescription from a registered practitioner, along with the medicine.
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