Things to Keep in Mind When Funding Your MIS
Last updated on November 8th, 2017
In this article, we will discuss the various ways in which you can fund your MIS.
The average fee for MIS programs is close to USD 45,000 for a two-year program, which is approximately INR 30 lakhs. The cost of living for two years would come up to USD 24,000, which is approximately INR 16 lakhs.
With airfare costs, your GRE and TOEFL fee, and application fee, the average cost would be around USD 70,000. In Indian rupees, the total average would be close to INR 48 lakhs.
Did these numbers just make you wonder if your MIS dream is achievable? There are ways you can manage your finances and make your dreams come true.
1. Financial Aid from the college
There are several schools in the US that provide generous aid to international students. Most schools offer scholarships and grants to qualified and deserving applicants. Apply for financial aid when applying to the college. If you’re lucky, you could be granted full tuition fee, although this is rare to find.
2. International Student Loan
International student loans cover the costs of tuition, room and board, books and supplies, personal expenses, and transportation. The good thing about these loans is that typically, no collateral is required.
On the flipside, it is mandatory that you have a cosigner who is a US citizen or a US permanent resident in order to get your loan approved.
You can check here to see if your choice of school is eligible for international student loan. If you cannot find a cosigner who is a US citizen or US permanent resident, there’s an alternative.
Global Student Loan Corporation provides loans for non-US students to study in the US. Your cosigner doesn’t have to be from the US, and no collateral is required.
Credila Financial Services is another organization that provides loans, provided you have a cosigner from India.
The Human Resource Development Ministry lists national and external scholarships offered to Indian students aspiring to study abroad. You can check if there are any that match your needs.
You can also check International Scholarships, a forum where institutions post awards and scholarships they offer to international students. You can browse through the site and find merit-based awards, scholarships, or fellowships.
There are several platforms that will provide you with financial aid. Here’s a tool that will help you find scholarships based on the program you want.
Also, don’t forget to check, and apply for scholarships at the school you are applying to.
4. Part Time Jobs at the University
You can get an on-campus job that allows you to work for up to 20 hours a week while you are a student. The usual pay ranges from USD 6 to USD 12 per hour. This job will cover your living expenses during your study.
However, this can be taxing, especially if you choose something physically demanding, like working in the cafeteria.
Keep in mind that every hour of your education is valuable, and try to pick a job that will help with a certain degree of skill development.
5. Assistantship at the college
You can get financial aid from the college by doing an assistantship. An assistantship is a kind of part-time on-campus job. Most American universities that offer assistantships provide USD 5,000 to USD 20,000 per annum.
These are the two types of assistantships you can get:
Teaching assistantship (TA) involves assisting a professor in teaching sections of a course, grading papers of undergraduate students, or running laboratory sessions. To get a teaching assistantship, you should have already taken the same or similar class with a good grade, or you must have had prior work or research experience in the subject.
Research Assistantship (RA) requires you to assist a professor with his or her research. If you plan to pursue an academic career in research and enjoy tasks like data collection and analysis, writing literature reviews, and preparation of reports and articles, a research assistantship would be great for you. Again, you may be required to have an undergraduate degree in that subject.
6. Trust Loans
There is another source of funding on domestic shores, one that is not as well-known as the other sources. There are quite a few trusts in India that offer education grants to Indian students aspiring to pursue their higher education abroad. These trusts offer loan scholarships to deserving candidates. Some of them are:
Examine all these possibilities and choose the one that will suit you the best.