Study Cost / Financing Options Back to GRE Home  
Studying abroad can be heavy on one’s pocket. The qualifying exams (GRE/GMAT/TOEFL/IELTS) themselves fall in the range of US $ 150-250.
In addition, students have to bear in mind the application fee (per course) for each university that they are considering. While such charges are quite nominal for Europe and Asia, they can be as high as US $ 250 (per course) for major American Universities.
Finally, there is the consideration of the tuition fees and living expenses. For a non-US program, expect to shell out annually anywhere between $ 15,000-30,000 as tuition fees and an additional $ 8000-10,000 per year as living expenses.
In the US, business schools fall under two major categories- public (state supported), and private (independent) institutions. As such, the annual tuition fees varies widely and can range anywhere between $ 20,000 to $ 60,000 depending upon the university chosen and the course opted for. However for most of the MS courses in US, the average annual tuition fee ranges anywhere between $ 15,000-30,000.
 
Loans
The most feasible and widely followed source of Financial Aid in India is through loans from banks. Banks are still the most trusted source one can depend on; thus for an education abroad, bank loans are treated as the first option of financing higher education. With changing times more and more banks offer students’ loans extending from education to research.
 
Fellowship / Scholarship
Certain Universities provide fellowship to only students who are exceptionally outstanding in their academics. It is expected of the awardees to score exceptionally well in their program to renew the fellowship / scholarship in the following academic year. The amount of scholarship offered differs according to the strength of the profile of the student.
 
Assistantship

Students are eligible for various assistantships depending upon his merit. For master’s courses, an assistantship is the preferred mode of funding a student’s education. Most universities do not offer financial assistance to international students for a program like the MBA. However, some business schools may offer MBA scholarships based on either merit, such as, demonstration of high level of academic or professional ability or high GMAT scores. Following are the different types of assistantships available:

  • Graduate Assistantships: These are specifically for graduate students. Students work with the admission’s office or other department offices in administrative jobs.
  • Teaching Assistantships: The student at the Master’s level helps the professor teach other students. The job involves taking tutorials, classes, conducting laboratory experiments, etc. For TA positions, some form of a spoken language test has to be taken either during admission or after enrolling into the University.
  • Research Assistantships: The students work with professors and engage in laboratory work and research projects. Students selected for RA usually need to show research aptitude through projects, publications et cetera.
A student may obtain a Tuition Waiver where the student does not have to pay the tuition fees at the University. However, general fees (for the use of University facilities like the library, computers, and sports and health services) usually have to be born by the student. There are also some assistantships like project assistantship, sports or club’s assistantships, etc, but these are University specific.
 
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