To many, this is the most worrying thing about studying in a country where an ordinary sandwich costs Rs.250.One must seriously consider whether a bill of around 8 lakhs or more is worth the education you receive at the university to which you are applying.

The options available to the students are:

UNIVERSITY FUNDING:

This is the best strategy . Based on merit , the university gives you a financial aid in one or more forms . The most common package in the US is tuition waiver plus assistantship. You get to put in 20 hours per week assisting a professor or research project, for which you earn $800-1400 per month . That takes care of your living expenses. Typically, assistantships are offered for the first year and are renewable subject to your maintaining high academic standards . Since assistants are considered university employees , health insurance is often subsidised , which could mean a saving of around $500-700.

A fellowship is the most prestigious kind of award , because it waives tuition costs , gives you a stipend , and leaves you free to concentrate on your studies . University fellowships are offered to the most outstanding applicants , and only a handful awarded each year. If fellowships are the only kind of aid that a university offers to its students , think carefully before applying.

Research and teaching assistantships are awarded on a highly competitive basis and not every student gets them.

BANK LOANS:

Andhra bank , Canara bank , Bank of Baroda , State bank of India offer student loans at relatively low rates of interest . The maximum you can borrow is 10 lakhs (Canara bank) . Interest rates ranger from 13-16 percent per annum.Usually,100 percent collateral in the form of property or shares is required . The principal amount can be paid usually at quarterly intervals.

If you can manage a scholarship in your second semester , it might substantially cut the cost of a bank loan.

Though staying with relatives (if you have any) is considered to be the cheapest since you save all the money which you would otherwise spend on living expenses.

WHAT WILL IT COST:-

1.Passport- Rs.300

2.TOEFL-$80

3.GRE-$120

4.Application fees-$30-75 per university

5.Visa- Upto Rs.6235 (subjected to the fall or rise in rupee to dollar conversion rates)

6.Airfare-Rs.30000

7.Tuition fees-$13000-25000

8.Living expenses-Between $8000-12000(per year)

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