Studying abroad is expensive. At times, it can be as high as six times the cost in India. Hence planning is essential to ensure that adequate funds are at disposal when needed. Moreover, while applying for the student visa, you need to show proof of sufficient funds to cover at least the first year of education.
Education today is the key to professional success and is treated as an investment by parents who are willing to run that extra mile to give their child the best possible education. In recent years, education has been globalised which has increased awareness of the best institutes worldwide or even the fact that under grad, grad education can be done aboard.
This has resulted in more and more Indian students going to various countries for education; be it for grad courses or post grad courses. Studying abroad is expensive and at times the cost can be as high as six times that of the cost in India and hence planning needs to be done to ensure that sufficient funds are at disposal when needed. This is essential because to apply for the student visa, you need to show proof of funds sufficient to cover at least the first year of education.
In 2009, India ranked number 1 (103,260 students) among the international students studying in the US. If you are planning further education in the United States of America (U.S.A), mentioned below is a brief guide on what options are available for funding your education.
University/College Funding Option/Financial Aid
The first thing that comes to your mind is an education loan. But even before you opt for an educational loan, make sure you tap the university/college funding option.
· Undergraduate and graduate courses
Many universities offer financial assistance to international students primarily based on merit and rarely on poor financial background. The amount and type of assistance offered varies for different universities, departments and level of study. Assistance of funds is more likely for graduate studies and less in undergraduate courses. Also funds are more likely to be available in fields like engineering, physical and biological sciences, rather than humanities, social sciences and management.