Financial Information
While the cost of an American education is high and can add up to tens of thousands of US dollars, it is an investment that will benefit you for the rest of your life. Since you will be required to prove you have the necessary financial resources in order to obtain an international student visa, it is very important to first calculate how much your total USA education will cost.

The tuition fees vary from programme to programme and instuition to institution. It could range in between Rs 4 - 15 lakh per year. The programmes like MBA, engineering medicine and dentistry will always be on a higher side.

Talking about scholarships, Please note that, in general, it is not easy to obtain an international student scholarship or international student loan since competition amongst applicants is fierce. There are literally thousands of students who apply for scholarships for international students and international student loans.

The flagship international educational program sponsored by the United States Government, the Fulbright Programme provides grants for Graduate Students, Scholars and Professionals, and Teachers and Administrators from the U.S. and other countries.

Once you have determined how much international student financing you will need, you must next determine how you will obtain that student financing. Are you parents financing your USA education? Have you obtained an international student scholarship? Have you been able to secure an international student loan?

Financial proof
Visa applicants must prove that sufficient funds are or will be available from a reliable financial source to pay for all living and school expenses during the entire period of study in the US. Specifically, applicants for the F-1 visa must prove they have enough readily available funds to meet all expenses for the first year of study, and that adequate funds will be available for each subsequent year of study. Applicants for the M-1 visa must have evidence that sufficient funds are immediately available to pay all tuition and living costs for the entire period of study. In some cases, schools will require proof of sufficient funds for the entire course of study even for the F-1 visa.

Funds outside the United States
If an applicant indicates that funds will be coming from a source outside the United States (for example, from parents living in the country of residence), the consular officer must determine whether there are restrictions on the transfer of funds from the country concerned. If restrictions do exist, the consular officer must require some evidence that these restrictions will not keep the funds from being available during the applicant’s projected period of study.

Financial sponsorship and assurance of support
Various factors are important in evaluating assurances of financial support made by sponsors:

• The financial sponsor must ensure that the applicant will not need to seek unauthorized work while studying in the United States.

• The sponsor must provide evidence (in the form of documents) of the financial resources that are necessary for the student to complete the course of study.

• If the sponsor is in the US on nonimmigrant status, then the sponsor’s financial situation will be examined with even greater care. Important issues include whether the sponsor may need to obtain unauthorized work to finance the student’s education, and whether the sponsor will remain in the US at least as long as the student.

• The factors that would motivate a sponsor to honor the financial commitment will be carefully considered. For example, if the sponsor is a close relative of the applicant, there may be a greater probability that the obligation will be honored than if the sponsor is not a relative.

Financial sponsorship by an American
If the student will be sponsored by a US citizen (such as a relative), the sponsor will need to complete Form I-134 (Affidavit of Support). This form requires the sponsor to pay for all expenses that cannot be covered by the student. The relationship between the sponsor and the applicant is an important consideration in this case. A sponsor who is not a relative of the student is generally less credible. A copy of the form can be downloaded from the INS website (http://www.ins.gov/graphics/formsfee/forms/files/i-134.pdf [1]).

Funds from fellowships and scholarships
The institution that the student will attend may arrange for the student to conduct research, give lectures, or perform other academic functions as part of a fellowship or scholarship, so long as the student also maintains a full-time course load.

Calculating Costs for Studying
Note that the yearly costs given below are rough estimates. Costs such as tuition and fees will vary between different schools. Costs such as travel and room and board will vary between different cities in the US. Also, you should assume about a 5% increase per year for each cost. This is due to inflation.

Tuition
Tuition will be the largest component of your education cost. It will vary widely between different schools, so it is best for you to refer to the schools where you are planning to apply to get a realistic amount. As a very rough guideline, the cost for tuition can range from $5,000 to $25,000 per year. Public schools will typically charge lower tuition than private schools, and community colleges usually have the lowest tuition costs of all public schools. For an explanation of the differences between public and private schools, refer to Bachelor’s degree.

Room and board
This is normally the second largest component of your education cost. The cost for room and board can also vary widely between schools, so you should check with the schools where you are planning to apply to get the right estimate. A rough guideline is between $3,000 and $8,000. If you are considering living off campus and getting your own apartment, you will also need to calculate the cost of furnishing that apartment, paying your monthly utilities (such as electricity), and the cost of transportation to and from school. The most practical and economical choice for a fist year international student is often to live on campus with a roommate. You should note that residence halls will often close during the summer. If you will not be returning to your home country during that time, you will have to find alternate housing.

Fees
In addition to tuition, most colleges and universities will also charge fees, such as student activity fees. These help to support student clubs and organizations on campus. They are usually relatively small, only a few hundred dollars per year.

Books and supplies
Students must pay for all their text books, as well as supplies such as notebooks, paper, pens, etc. You can sometimes lower this cost by buying used books from the school’s bookstore. A good estimate for this cost is between $500 and $1,500.

Medical insurance
Because the cost of healthcare in the US is very high, many schools require international students to purchase medical insurance. It is a very good idea to buy insurance even if your school does not require it to protect yourself from extremely high medical bills should you become ill or have an accident. A comprehensive insurance policy (which covers doctor’s visits, medication, hospitalization, and surgery) will cost between $500 and $1,000 for one person.

Travel
You should calculate how much it will cost you to travel between your school and your home country. You will need to determine how many times during the length of your education you will go home and multiply that by the cost of airplane fare between the two locations.

Personal expenses
These expenses include clothing, entertainment, and telephone bills. This will vary depending on where you will live and on your personal lifestyle; therefore, it is difficult to provide an estimate.