Student visa for USA can be a costly affair, so in order to have your foundation strong it’s essential to start-up early for the financial planning. Plan out strategic planning keeping in priority factors like living expenses, the lifestyle, tuition fees, fluctuating money exchange rate and expenses to be borne in the host country. Keep yourself well informed about the loans, grants, scholarships, fellowships and financial aids available for the academic college and course you are planning to apply.
When you apply for USA visa, the USA government ensures that the student has proper finance arrangements to support their studies and stay for intended stay period. To get the stamp of approval on your student visa for USA your liquid assets and financial stability are two prime factors. Students desirous to get F-1 visa must have enough funds that can finance their 1st year of study and stay in USA.
Study abroad is not only equivalent to gaining of rich and diverse knowledge, but it is also about some serious financial investment for ensuring bright career prospects for the students. The career graph of a professional is largely influence by the university from which you have studied and the network of people you are associated with. Thus parents do not hesitate to go for any financial aid to send their kids to best of universities. Proper and stepwise financial planning for visa builds a strong base to study in USA. Let’s see some of its important points:
1. Planning in-time
Financial planning for visa should start at least one year in advance before applying for the admission to any USA university. Keeping time in hand would allow you to arrange sufficient funds or arrange for any financial aid if required. In this time preparation for exams like SAT, GMAT, IELTS, TOEFL, etc. can be done. It’s the responsibility of the parents to start putting money in bank to avoid last minute hurry.
2. Estimation of liquid assets
Liquid assets are those assets that can be readily converted into the same within a week’s time or less when required. It includes fixed deposits, life insurance policy surrender value, provident fund withdrawal portion, mutual funds, equity, savings account, venture done in precious metals, etc. Few forms of gold holdings also come under liquid assets, but its evaluation certificate is needed from government approved value.
3. Explore other sources of financial aid other than liquid assets
When you take proper idea about the amount of liquid assets and actual fund required, arrangement for alternate sources can be done to fill in the requirements. Plans to get financial aid from scholarships, grants, fellowship and fee waiver can be done. Many universities in USA offer financial aid to students on the basis of their academic credentials. Few of them also provide assistantship. The amount and kind of assistance differ from university to university, it largely depends on the department in which you are applying. Top universities consist of their service panel for scholarship, which decides whom to provide scholarship on the basis of merit or need.
4. Academic loans
Academic or education loans provide the financial help to students who wish to study abroad. Good and reputed banks can be applied for education loans. Many banks offer this loan for foreign education with flexible repayment options, free insurance cover and tax benefits. Their speedy services and disbursal of money makes easy for the student to arrange funds for USA visa.