One common mistake made by many students is thinking about funding their studies after applying for admission. Make sure you are not one among them. The best thing to do is to consider your funding options as you choose the university.
Richard says that US universities offer you many scholarships
. While selecting universities do not select universities first and then look for scholarships they offer. Rather, check which universities offer scholarships for your area of study. In US, most international students get merit-based scholarships, so look out for one such scholarship which suits you. Once you are done with this, then you need to start your pre-application process to evaluate whether you are qualified for those universities. If yes, then send your applications before the scholarship deadlines. He says that the August, September intake (fall intake) is the best intake for scholarships. The chances of getting a scholarship at this time of the year is more on comparison with other intakes.
On deciding the universities and scholarship, the next important factor is your SAT 1 scores, especially for undergraduates. If a student gets a score of 2000+ out of 2400 in SAT 1, then they may be offered a 25% to 75% tuition fees waiver. It also depends on the universities you apply for, if you apply for any of the Ivy League universities it is going to be difficult as it is highly competitive. Getting a scholarship could also depend on your GRE
scores. Sometimes it also depends on the program, if you are lucky enough to have chosen a program that a university is trying to promote, then your chances of getting of the scholarship is high. Your work experience can also avail you a good scholarship and universities also consider your portfolio. In such cases, universities will want to have you in their campus as they feel you might be beneficial to other students.
Apart from merit-based scholarships, there are also research scholarships. Certain research-based programs are funded by corporates or government and you can get the research-based scholarship if you have applied for one such program. This is anywhere between 20,000 to 40, 000 US dollars per year. Students can also get a graduate assistantship scholarship which will give you a 25% waiver in tuition fees. Another such scholarship is teaching assistantship which will cover up to one-third of your tuition fees. A student can avail any one or all of the above said, merit, research, teaching based or graduate assistantship scholarships.
How else can a student further manage finance? They can work for 20hrs /week during their classes and work full time during holidays and on weekends. As per the US rule, on an average 7.25 dollars per hour is the minimum. Next, consider living out of the campus, as this could cut a lot of money, at least 25% of your uni accommodation fees. Next will be your educational loans. Indian banks give a loan amount of up to 25 lakhs with a low interest. Repayment can be done after 6 months after your return. For the educational loan you will also need guarantors. Finally, if you know a person who is a permanent resident US or citizen, then getting an educational loan will be simpler. With all these options available to you, you can manage your finance to study in the US.