Sunday, November 12, 2006
Money
The initial expenses are high like you need to pay deposit for your apartment and/or utilities and telephone, etc.
Below is an estimate of how much money you might need.
Expenses :
(1) WORST CASE SCENARIO :
Tuition : 6000 dollars per Semester for 3 courses ==> 12000 dollars per annum for 3 courses x 2 semesters
(Assuming you don't have any financial aid which qualifies you for instate tuition)
Other Expenses : 300 dollars per month = 3600 dollars per annum
(Assuming you share an apartment with two other guys (~$150 per person) , your phone bills do not exceed 60 dollars per month, rest is groceries and other expences....)
So, in total, you would be spending about 15,600 dollars per year, in the worst case scenario.
(2) BETTER CASE SCENARIO:
Case (a)- ONLY ONCAMPUS JOB
If you get an oncampus job, you will be earning something like 400~800 dollars per month, making your annual earnings to 5000 dollars.
So, you will be shelling out something like 10000 dollars from your own pocket in that case.
Case (b) - ONCAMPUS JOB + SCHOLARSHIP
If you get financial aid (Scholarship), your tuition will be something like 3000 dollars for 3 courses per semester.
That will make it 6000 dollars of tuition fees per year for two semesters (3 courses in each semester) instead of the 12000 we considered earlier.
Here your total expenses for the year will now be 6000 + 3600 = 8100 dollars....and if you are working on campus, you will still be earning 5000 dollars annually yourself.
So, your budget deficit will now be around 3000 dollars or even less, instead of 10000 we considered earlier.
(3) BEST CASE SCENARIO: RA OR TA (ASSISTANTSHIP)
If you get a RA or TA, your tuition will be something like 3000 dollars for 3 courses per semester.
Assuming that your RA/TAship does not continue in summer and you prefer not to take courses in summer, will make it 3600 dollars of tuition fees per year for two semesters (3 courses in each semester) instead of the 9000 we considered earlier.
Here your total expenses for the year will now be 3600 + 3600 = 7200 dollars....and you will also be paid something like 750 dollars per month (appx) as a RA or TA, so you will be earning 6750 dollars annually if you exclude summer.
So, you will enjoy your summer break but you will have to stretch a little bit to meet your own expenses by adding few hundred bucks out of your pocket.
If your RA/TAship is continuted in summer then you are required to take minimum two summer courses and your total fees would be $3600 + $1300 (for summer) = $4900 and your total expense would be $8500. But you will also be earning extra in summer RA/TAship where you will earn around $9000 annually.
Thus, you will end up saving some 500 bucks but will loose your summer fun.
NOTE : We STRONGLY RECOMMEND you to consider the WORST CASE SCENARIO for the first semester. But every one gets a job by the end of first semester and that makes things easier so don’t worry.
How to take your money to the US
When you travel to the US, you need to carry money for on-the-way expenses, for the initial expenses of renting an apartment, buying stuff for it, for paying your college fees etc.
$ 6000 in demand draft in the name of “The University of Texas at Arlington”
$ 300-500 in Cash, for small change and minor problems while travelling.
$ 3000 in Travelers Cheque (please get the bulk amount in 500$ TC and rest in 100$ TC).
You can also use traveler’s card issued by ICICI bank. It is very similar to a debit card. Here you will need your admission letter, I-20, passport & confirmed ticket.
For getting DD, it is best to look around. Ask 2-3 banks and see who has the cheapest rate. Most banks only made international DDs for account holders, though. If your bank does not offer DD services, then go to Thomas Cook. But use this as a last resort: their exchange rates are usually higher than a bank's. if you are getting loan from any bank they will issue the dd.
Credit Cards
Credit Cards are pretty useful, almost compulsory to have for shopping convenience, burglary, mugging situations etc. in the US.
All major banks in India have started offering an International Credit Card in India since June 1999. So its good to get one add on card of your parents card from India and keep it with you, but be extremely cautious in its use because your parents have to pay the bill in Indian rupees back home.
Make sure to check RBI regulation of use of Indian Credit Cards abroad.
Below is an estimate of how much money you might need.
Expenses :
(1) WORST CASE SCENARIO :
Tuition : 6000 dollars per Semester for 3 courses ==> 12000 dollars per annum for 3 courses x 2 semesters
(Assuming you don't have any financial aid which qualifies you for instate tuition)
Other Expenses : 300 dollars per month = 3600 dollars per annum
(Assuming you share an apartment with two other guys (~$150 per person) , your phone bills do not exceed 60 dollars per month, rest is groceries and other expences....)
So, in total, you would be spending about 15,600 dollars per year, in the worst case scenario.
(2) BETTER CASE SCENARIO:
Case (a)- ONLY ONCAMPUS JOB
If you get an oncampus job, you will be earning something like 400~800 dollars per month, making your annual earnings to 5000 dollars.
So, you will be shelling out something like 10000 dollars from your own pocket in that case.
Case (b) - ONCAMPUS JOB + SCHOLARSHIP
If you get financial aid (Scholarship), your tuition will be something like 3000 dollars for 3 courses per semester.
That will make it 6000 dollars of tuition fees per year for two semesters (3 courses in each semester) instead of the 12000 we considered earlier.
Here your total expenses for the year will now be 6000 + 3600 = 8100 dollars....and if you are working on campus, you will still be earning 5000 dollars annually yourself.
So, your budget deficit will now be around 3000 dollars or even less, instead of 10000 we considered earlier.
(3) BEST CASE SCENARIO: RA OR TA (ASSISTANTSHIP)
If you get a RA or TA, your tuition will be something like 3000 dollars for 3 courses per semester.
Assuming that your RA/TAship does not continue in summer and you prefer not to take courses in summer, will make it 3600 dollars of tuition fees per year for two semesters (3 courses in each semester) instead of the 9000 we considered earlier.
Here your total expenses for the year will now be 3600 + 3600 = 7200 dollars....and you will also be paid something like 750 dollars per month (appx) as a RA or TA, so you will be earning 6750 dollars annually if you exclude summer.
So, you will enjoy your summer break but you will have to stretch a little bit to meet your own expenses by adding few hundred bucks out of your pocket.
If your RA/TAship is continuted in summer then you are required to take minimum two summer courses and your total fees would be $3600 + $1300 (for summer) = $4900 and your total expense would be $8500. But you will also be earning extra in summer RA/TAship where you will earn around $9000 annually.
Thus, you will end up saving some 500 bucks but will loose your summer fun.
NOTE : We STRONGLY RECOMMEND you to consider the WORST CASE SCENARIO for the first semester. But every one gets a job by the end of first semester and that makes things easier so don’t worry.
How to take your money to the US
When you travel to the US, you need to carry money for on-the-way expenses, for the initial expenses of renting an apartment, buying stuff for it, for paying your college fees etc.
$ 6000 in demand draft in the name of “The University of Texas at Arlington”
$ 300-500 in Cash, for small change and minor problems while travelling.
$ 3000 in Travelers Cheque (please get the bulk amount in 500$ TC and rest in 100$ TC).
You can also use traveler’s card issued by ICICI bank. It is very similar to a debit card. Here you will need your admission letter, I-20, passport & confirmed ticket.
For getting DD, it is best to look around. Ask 2-3 banks and see who has the cheapest rate. Most banks only made international DDs for account holders, though. If your bank does not offer DD services, then go to Thomas Cook. But use this as a last resort: their exchange rates are usually higher than a bank's. if you are getting loan from any bank they will issue the dd.
Credit Cards
Credit Cards are pretty useful, almost compulsory to have for shopping convenience, burglary, mugging situations etc. in the US.
All major banks in India have started offering an International Credit Card in India since June 1999. So its good to get one add on card of your parents card from India and keep it with you, but be extremely cautious in its use because your parents have to pay the bill in Indian rupees back home.
Make sure to check RBI regulation of use of Indian Credit Cards abroad.
# posted by yrum @ 8:50 PM 
