It is important to get an insight into the education expenses before applying to US universities. The cost of studying abroad is met either by self funding or bank financial aids. Loans can also be applied for in U.S.which is obtained in the form of university funding or scholarship, bank loans, and other source aids.
Course fee varies according to degree of education, subjects studied and also type of university-public or private. Fee structure of the private institutions is generally higher than that of the public ones. The public universities depend on the state funds. However these universities charge higher fees from out of state students. This cost is almost equal to the cost of study in any private university.Private schools can be both highly specialised and technical institutions as well as non specialised ones. Cost of education in theses two types of schools definitely differs. Annual graduate program tuition fees in any private institute excluding the living expenses generally ranges from $15,000 to $50,000. This amount also excludes additional fees like “activity-fees” charged by some universities or health insurance. Living costs can range from $6,000 to $12,000 per year. The collegeboard.com in 2010 reported that the total four year schooling cost in US is $111,868 in public universities and $161,904 in private universities.
However, it has been observed that there has been a decline in funds provided by the states. This has led to an increase in the college costs over the years. In public institutes this increase has been 14 percent whereas in private ones this has been about 6 percent. It is an amazing fact that the college fees have grown three times more than the family income from the year 1982 to 2007. Nevertheless it must be remembered that the cost of a program in US does not determine its quality.
Now, coming to the living expenses, it can be said that this includes accommodation and daily expenditure. The main heads under daily expenses are rent, groceries, utilities, phone and others. Rent is generally around $400 a month. It varies depending on whether one is sharing a room or staying alone. Groceries would take $100/month and utilities and others would cover $200/month and another $100 a month for telephone. It is always better to share an apartment so that the expenses on are shared.