The US is the most preferred destination to study as it is the hub of best universities. However, it is among the most expensive choices that a student can take. Although the expenses can be in five-digit numbers, it will offer you a complete package to achieve your dreams. So it is always better to know all the funds’ facts before taking admission to US universities. If you plan out everything, then it may work out cheaper than you think.
According to a report by HSBC, the Value of Education, “the US is the top destination to study said by parents.” But also according to US parents, it is the most expensive as students spend an average of US$99,417 over different courses.
Moreover, various public institutions are costing around $26,290. So this amount might be significant for you. But before you abandon your plans to study in the US, we suggest you carve out your own version of the financial plan. As they say, “nothing can stop you until you choose to be stopped.” So make your financial plan with the help of this guide.
Variation in Cost of Study in Different Types of Universities
If you are already familiar with US education, you have known that there are basic rules that the College Board set. So at the to-tier private universities, tuition fees and costs of living are around US$60,000 per year. However, it is possible to study in the US at a much lower cost.
Those who can’t afford this option will move towards lower-tier universities within the public sector. Thus they run according to the states’ system. While these public institutions operate as separate institutions, they share the same administration. There are separate collections for these colleges within in a state as shown in the demographic below:
Furthermore, public universities in the US divide into two tuition fees rates: one for the local students and another for international students. Besides this, the second category applies equally to the applicants of other US states or other countries. Private universities are usually much smaller than the public universities. These institutes have a more diverse student population across the world as they have the same tuition fees for all students.
The tuition fees at these state colleges are an average of US$10,230 for the state residents. But for others, it is around $26,290. Unlike, there is an average of $35,830 at non-profit colleges. Thus the cheapest options for all are public sector colleges. These colleges are also known as community, technical, or city colleges.
How to Calculate Your Costs of Studying in the US?
Are you wondering how to manage your expenses at US universities? So the following are some tips that you must look forward:
Cost of Student Visa
The foremost step to study in the US is to get a student visa. It will cost you around $160 with an application fee. For this step, you can consult an agency or career counselor who provides a visa.
Estimate Your Tuition Fees
AS mentioned above, the tuition fees divide into two categories – public and private. The cost of public state universities is lesser than that of private universities. So your expenditures mainly depend on tuition fees. Thus you’ll need approx. $8,000 to $55,000(USD) per year. There are also various scholarships that you can avail of. Don’t worry about qualifying exams. There are various websites from which you can take assistance. Like Homework Minutes, Call Tutors, and All Assignment Help.
Calculate Accommodation Costs
If you are an international student, then this step is for you. Living as an on-campus resident is the most affordable option. But you have to apply for it separately. So move in time and secure a place for yourself.
Further, if you are planning to live off-campus, then the accommodation may vary between $6,000 and $14,000 per year.
Health Support or Insurance
All students traveling to the US have to get their medical insurance done before the commencement of their program. Also, there are several US universities which initiate health insurance plans for international students. But for this, you must have proper documentation. Thus as per the American Colleges Health Association, it will cost you between US$1500 and 2500 per year.
Don’t forget the expenditure on moving around. Unless your institutions provide a shuttle service, you should add transportation costs in your budget. These will depend on the distance of your colleges.
The US allows students to work 20 hours per week during the academic sessions or full time during vacations. So if you chose to earn while studying, then you’ll have to pay taxes. Thus this option depends on your earning. It might not affect your budget a lot.
So these were some essential tips that though which you can make planning your own budget. But remember, there might be some variations due to the exchange rate. So keep seeking universities that you want to apply for.