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 Nandini
Nair warns that it is important to have realistic estimation
of expenses in the US before applying for a student visa
I have
completed my Bachelor of Science in Electronics (three-year-degree),
from Bangalore University, securing 52 percent marks. My score in
GRE is 1670 (V-540, Q-700 and A-430), and my TOEFL score is 253.
I have three years of work experience in software programming and
had applied for admission to a few US varsities. I got admission
in one to pursue my MS in Information Technology (MIS). I am currently
waiting for my I-20. Could you please guide me on the financial
aspects of getting my F-1 visa at the consulate?
—Sheetal
Dalvi
A
financial assessment of the total cost for studying in the United
States can be made if you take note of the following aspects: Foreign
students currently in the US agree that studying in the US is usually
more expensive than they had expected. You must plan for the total
expenses of living and studying over a period of one to two years
for a master’s degree and three to seven years for a doctoral
degree. The total “published” cost for one academic year
ranges from $12,000 to $22,000 per academic year. The total cost
will usually be at least one additional year higher than the cost
of tuition, fees, and room and board, published in the university
catalogue. About 75 percent of all foreign students are funded by
home country sources, either from private funds or home country
scholarships. If graduate departments offer financial assistance,
they often wait until after the first year of graduate study. If
your field enjoys a high level of grant funding for research in
US universities, you may be able to qualify for a research assistantship
in the first year. Current immigration regulations restrict the
possibility of working outside the university to support yourself
as a student. Even if you can find work, no job that you could find
pays wages that will cover all your expenses.
Estimating
expenses for one academic year
When
you apply for a student visa, you will need to show evidence of
support adequate to cover study and living expenses for at least
one academic year. (An academic year usually lasts nine months.)
The
cost of study varies widely among institutions and the cost of living
varies from one location to the other. To compare total costs, you
will therefore need to do some research. A basic reference is the
college-board handbook, foreign student supplement published by
the college-board, etc. This book compares tuition and the cost
of living based on estimates from each institution.
Economic
factors
If
you plan to receive funds from your home country, fluctuations of
the exchange rate between currency in your country and the US dollar
may make a significant difference in the dollar value of your funds
over the period of your stay in the United States. In financial
planning, you should adjust cost estimates to allow for inflation.
In recent years, the rate of inflation in the United States has
been under five percent annually.
Hidden
costs
In
addition to published costs, which include application fees, tuition,
miscellaneous fees, books, health insurance, room and board, you
will need to add at least $6,000 per academic year to cover “hidden”
costs. These hidden costs include personal expenses, costs when
residence halls are closed, required health insurance and medical
expenses, which may exceed coverage, and changes in the value of
currency. If you travel or study during the summer, if you live
off campus, if you bring other members of your family, or if you
buy a car, you must add in these extra costs.
Income
sources
Consider
all funds available, and how much can be drawn from each source.
For example: Annual family income, the earnings per year of each
member of the immediate family who will provide money toward your
education. Family assets, current holdings in bank accounts, investments
in stocks and bonds, business enterprises, debts owed to the family,
and any other assets from which money could be drawn or obtained
through sales or loans in an emergency. Your own earnings until
departure, savings from earnings and gifts, investments or property;
and other sources, such as relatives in the US, or a sponsor (individual,
government agency, or private organisation), in your country who
has agreed to pay all or part of your educational expenses.
Please
bear in mind all this before you apply for the F-1 student visa.
(Nandini
P. Nair is a US Immigration Attorney based in Stamford, USA. E-mail:
dininair@aol.com)
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