Financing your Education in the U.S.

Got admission in your dream college? Congrats! That’s a great news.

Now what? Have you planned everything out? How are you going to manage your finances?

Most of the students think that getting admission in the university is the ultimate goal and once it is achieved, there is nothing else left to worry about. But, unfortunately that is not the case.

Getting call letter from the college is just one part of the game, there are other rounds as well like arranging and managing your finances of education, adjusting in the new country among new people, finding a place to stay during your college tenure, etc.

There is no doubt that the United States is home to several top ranked and globally reputed universities that are full of opportunities as compared to India but the fees of those universities is also quite daunting. For a student belonging to a middle class family, arranging such a lump sum amount of money is not easy at all and requires proper planning.

When looking into studying in the United States, evaluating your finances should be one of the first things you do. As with any investment, you need to evaluate what’s best for your educational and career goals and what you are willing to spend.

U.S. institutions offer a wide array of programs with a wide array of tuition and fees. The United States is a large country and the cost of living varies greatly from place to place. You need to assess your funding and what you are able to spend on your education and living expenses.

Invest in yourself! The cost of living and studying varies across the United States. With the right amount of planning and research, pursuing a U.S. higher education can be made affordable with high returns on your investment.

Well, the fact that hundreds of educational institutions in the USA offer financial aid to a big number of students is not known to many parents and students. Many students and their parents are still unaware of the avenues one can avail to pursue the course of their choice in their dream universities.

Some of the most effective ways to minimize/handle your cost of education in the United States are:

  1. Scholarships/ Funding:

There are many scholarships available for students aspiring to study in the U.S. universities. These scholarships can be in the form of;

  • Merit based aid

Students who have been performing extremely well in their academics or other extra-curricular while in their school are eligible for these kind of scholarships. More than 100 universities in the US offer at least 30% merit aid to students.

  • Need based aid

This is a kind of financial aid offered to students based on their financial background. Its eligibility is based on students’ family’s assets and income.

  • Need-blind admission and financial aid

This financial aid is given to students by the universities irrespective of their financial status.

  1. Education Loans

In India, student loans are considered to be the most preferred choice for funding. A reason is that there is an income tax rebate available on the Interest payable on the loan. Many such loans are collateral free for an amount of Rupees 25 lakhs i.e. you do not need to furnish assets worth the loan amount. These loans’ approval is further simplified in case you get admitted into a prestigious university.

  1. Advanced Placement Tests

Advanced Placement (AP) is a program in the United States and Canada created by the College Board which offers college-level curricula and examinations to high school students. American colleges and universities may grant placement and course credit to students who obtain high scores on the examinations. Upon passing an Advanced Placement, you can prove your advanced knowledge that can help you in getting credits in college. Advance placement test is a very effective way of reducing one’s college fees because it reduces the amount of courses needed to graduate and hence saves money.

We at USAUnivQuest can assist you with the preparation of Advanced Placement as well as other competitive tests and provide help for profile building. We offer preparation for TOEFL, SAT, SAT Subjects and AP tests. So feel free to Contact USAUnivQuest for further guidance. Keep checking our blogs to stay updated with relevant topics regarding studying abroad!

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