You must carefully calculate the costs involved and your possible sources of funds to cover these costs. If you and your family cannot meet the costs, you will have to apply for financial assistance. Many international students finance their studies through financial assistance from Universities. However, availability of such funding varies considerably depending on the field of study, level of study, and type of institution. Some institutions also limit the funding they give to international students.

Financial Aid

Financial Aid is money to help you pay for your education. Financial aid comes in several forms: scholarships, grants, loans, and work assistance. The major providers of financial aid for graduate business students are the federal government, state governments, universities, private loan providers, employers, and private foundations. In other words, Financial Aid is the funding provided either by a private agency or the university to cover either a part or the whole of tuition fee or living expenses incurred by a student. Financial aid decisions are generally made once a year. The deadlines for financial aid and applications are usually in January, February and March. Early applications are looked upon favorably.

Remember, that missing deadlines and incomplete applications are the main reasons for rejection. Therefore, one requires being on time and ensuring that the application is complete. It sometimes takes several months for Universities to make a decision on the admissibility of applicants. Some institutions review all applications together and notify students on a given date. Others review applications individually as soon as they are complete, and notify the students right away.

Eligibility

Students will have a greater chance of obtaining financial assistance if they:

• Show evidence of high level of academic achievements.
• Achieve high tests scores in TOEFL, GRE, GMAT, SAT, and IELTS.
• Demonstrate financial need, but have private funding to cover some of the cost. Financial need is not crucial for some awards.
• Enroll in a field or have teaching experience in a subject offered at the undergraduate level (to increase opportunities for a teaching assistantship).
• Specialize in a field or have a research interest, which parallels that of the department and faculty or a private funding source (which increases opportunities for research assistantships and grants).
• Have outstanding letters of recommendation and an impressive statement of purpose.
• Send a sample of professional writing, published or otherwise.

Common Myths

1. Financial Aid is just for poor people.
2. Financial Aid is just for smart people.
3. Financial Aid is just for minority students.
4. I have job, so I must not be eligible for aid.
5. If I apply for Aid, it will affect whether or not I am admitted to the program.
6. Loans are not financial aid.
7. There is no financial aid for MBA studies.

Many Indian students are concerned about the high cost of education in the United States and seek information on opportunities for financial assistance. The cost of education in the United States could range from $11,000 to $40,000 per annum. In addition to tuition fees, books and food, you have to plan for the expenses towards housing, health insurance and transportation. State schools and schools in the South and Mid-West are often cheaper than private schools and those located in California or the North-East region.

In reviewing opportunities for financial assistance, it is important to understand that graduate schools in the United States offer financial assistance to international students based primarily on merit and rarely on need. The amount and type of assistance offered varies based on the university, department and level of study. Availability of assistance is more likely in fields of engineering, physical sciences and biological sciences than in humanities, social sciences, law, arts, and communication. There is a greater possibility of assistance at the doctorate level than at the master's level. Resources available to individual departments at a university in a particular year, depend on the funding they receive from Federal and State agencies and private institutions.

Indo American Studies - FACC

Financial Aid Consultancy Cell - FACC: IAS has pioneered the unique and exclusive service of securing Scholarships/Financial Assistance through its Financial Aid Consultancy Cell (FACC). This service has helped several thousands of students to secure scholarships in the form of Full/Partial Tuition Fee waivers, Teaching Assistantships, Research Assistantships, Graduate Assistantships, Grants etc. All the student applications are screened by IAS's FACC expert committee for applying and securing financial assistance. IAS considers some of the following criteria for assisting students in obtaining Financial Aid.

• IAS maintains a database of all the universities, which provide financial aid to international students.
• IAS matches the requirements of the universities to that of the student's profile.
• IAS keeps track of the individual program funding available and accordingly processes the application to those institutions.
• IAS may eventually apply from 4 to 10 universities depending upon the availability of financial aid in these universities.
• IAS has information on the resources available to individual departments at a university, in a particular year. This depends on the funding they receive from Federal and State Agencies and private institutions.

FINANCIAL AID AT UNDERGRADUATE LEVEL

The Federal Government generally funds most of the financial aid programs at the undergraduate level. Some of the universities (state as well as private) provide funds to the international students depending upon various factors such as the academic achievements, scores received in TOEFL and SAT, etc. Competition for these scholarships (which are limited in number) is very keen.

FINANCIAL AID AT GRADUATE LEVEL

Merit based assistance is awarded in the form of tuition fee waivers, scholarships (also called fellowships, competitions, prizes, awards), research assistantships, teaching assistantships, national training and research grants, restricted fellowships, travel and research grants.

At the graduate level, there are three types of aid:

• Tuition fee waiver.
• Scholarships (or fellowships) and
• Work programs.

SCHOLARSHIPS & GRANTS

Scholarships or grants is the financial aid, which you do not have to repay. A major source of scholarships for graduate students is the school itself. Schools may award scholarships based on a graduate business applicant's test scores, grades and/or life experience, financial need, or any number of other factors. The admissions counselors at the schools where you are applying can provide more information about specific scholarships offered through the school.

TUITION FEE WAIVERS

This means that the student does not have to pay the tuition fees at the university. However, general fees (for the use of university facilities such as the library, computers, and sports and health services) usually have to be borne by the student. A Tuition fee waiver is frequently awarded in conjunction with a scholarship or teaching/research assistantship.

SCHOLARSHIPS OR FELLOWSHIPS

These are outright awards, which generally require no service in return. These are based on the student's academic ability and performance. Hence, only a truly outstanding student may be considered for this type of award, before enrolling at the university. A full scholarship would pay for a student's entire living expenses at that university, whereas a partial scholarship would require additional funds from the student. Often they provide a stipend for living expenses besides meeting tuition fee. These are highly prestigious awards.

WORK PROGRAMS

As the name indicates, students are expected to do some sort of work in the university to be eligible for these funds. These include:

• Teaching Assistantships
• Research Assistantships
• Administrative Assistantships

TEACHING ASSISTANTSHIPS

If you pursue an advanced degree in a subject that is also offered at the undergraduate level, for example, in the arts and sciences, you may have a good chance of securing a Teaching Assistantship. Such a position may involve delivering lectures, correcting class work, grading papers, counseling students and supervising laboratory groups: usually for about 20 hours of work per week is required. Teaching Assistantships provide excellent educational experience as well as financial aid. Appointments are based on academic qualifications and one's ability to communicate ideas effectively in English to an American audience, and are subjected to the availability of funds within the department. If you are interested, you should contact the department member who appoints teaching assistants. Usually, you are not considered for such positions until you have been admitted to a program at the graduate level. Some institutions have devised elaborate testing and interview measures to ascertain the English language competence of a prospective teaching assistant. Others want international students whose first language is not English to submit their TSE (Test of Spoken English) and TOEFL scores along with their applications for teaching assistantships. The average take home pay for a teaching assistantship is usually $1500 to $2000 per month.

For more information please visit:

http://www.fulbright.at/us/usta.htm

http://www.uni-koblenz.de/~anglistik/abroad/ta.html

http://www.bestschoolsusa.com/

RESEARCH ASSISTANTSHIPS

Research Assistantships usually require the student to assist in the research activities of a faculty member. Appointments are usually made for the academic year. You should contact the Financial Aid Consultancy Cell (FACC) at IAS describing your particular research interests. As is the case with teaching assistantships, research assistantships also provide excellent academic training as well as practical experience and financial support. Generally, funding for foreign students is very limited. Foreign applicants have to compete with capable US students for most financial aid awards. Although financial need is taken into consideration, the most important factor in selection is academic merits. The average take home pay for a research assistantship is usually $1500 to $2000 per month. The availability of financial assistance varies from field to field. There is more aid in the natural and applied sciences and engineering when compared to humanities and social sciences. There is very little aid in professional fields such as law, medicine, and dentistry. Contrary to popular belief, Business Administration does offer a source of funding for meritorious students. Also at the Ph.D. level, the possibilities for financial assistance are greater than at the master's level.

ADMINISTRATIVE ASSISTANTSHIPS

These positions usually require 10 to 20 hours of work per week in an administrative office of the university. The average take home pay for an Administrative Assistantship is usually $1200 to $1500 per month.
You may be assigned work in the:

• Admissions office,
• Placement office,
• Grading students answer sheets, or
• Office of the International Student Affairs.

Financial assistance for MBA program

NOT TRUE. Financial assistance is certainly available for MBA students also.
Unlike courses in Science and Engineering which have somewhat lost their glamour for American students, MBA is still the most popular program with them and therefore, competition is keener for financial assistance for MBA. But if you have the required academics and have a creditable score, and choose your university with care, it is possible for IAS to arrange financial assistance for MBA also. If you are a chartered accountant, or would otherwise like to specialize in finance or accountancy, apply for Ph.D. directly. There is a dearth of teaching staff in US universities in the finance/accountancy areas, and your chances of getting financial assistance now and a good teaching job later will be very bright.


Bank Loans

All private and public sector banks have educational loan schemes. These Banks give a loan for studying abroad which generally cover your tuition fee and a part of your living expenses.

Useful Links:

http://www.iefa.org/search.php

http://www.collegeview.com/financial_aid/types_fin_aid/

Application Checklist:

• Completed College/University Application (Available in our web site)
• 10th Class Marks Memo (Transcript) duly signed & attested by the Principal/Head of the Institution.
• 12th Class (Intermediate, PUC etc.,) Marks Memo (Transcript) duly signed & attested by the Principal/Head of the Institution.
• Degree (Bachelors/Masters) Marks Memo (Transcript) duly signed & attested by the Registrar of the University. These must be kept in an envelope and ensure to place the seal and signature on the flap of the envelope too.
• Statement of Purpose (SOP) - Ideally must be a one-page statement of your purpose in personal and academic life. In case of doubt about contents, please contact us.

For tips on preparation of SOP please visit:

http://www.essayadvice.com/advicepurpose.asp

http://www.admissionsessayshub.com/Statement-Of-Purpose.html

http://essays.jpnnr.com/statement-of-purpose.html

http://www.graduateshotline.com/sop.html

http://experts.about.com/q/1733/1109693.htm

http://statementofpurpose.com

Recommendation Letters - At least three recommendation letters from three lecturers/professors who taught you at the degree level are required. Preferably, from those who taught you the main subjects. These recommendations must be done on personal or college letterheads and must be signed and sealed (including the envelope).

For tips on preparation of RECOMENDATION LETTERS please visit:

http://www.essayadvice.com/advicepurpose.asp

http://www.essayproof.com/samples-of-college-application-essay.html

http://www.essayproof.com/recommendation-letters-for-admission.html

http://www.collegeboard.com/article/0,3868,5-25-0-119,00.html

http://www.bestschoolsusa.com/references.html

http://fastweb.monster.com/fastweb/content/focus/story/1122.ptml?ID=

http://www.a2zcolleges.com/adm/recindex.htm

• Bank Statement - For each university, the Bank Statement has to be an original, showing adequate funds to cover at least a year's tuition and living expenses.
• Affidavit of Support on a Non Judicial Stamp Paper Original to each university and to be notarized.
• Application fee (Where ever applicable).

Here's Wishing You the Very Best with your application process!

Ivy League Universities

Ivy League is the name applied to eight universities in the USA (Brown, Columbia, Cornell, Dartmouth, Harvard, Pennsylvania, Princeton, and Yale) that over the years have had common interests in scholarship as well as in athletics.

The phrase was coined by Stanley Woodward, New York Herald Tribune sports writer, in the mid thirties in 1936. In the year 1945, the presidents of these universities entered into an agreement "for the purpose of reaffirming their intention of continuing intercollegiate football in such a way as to maintain the values of the game, while keeping it in fitting proportion to the main purposes of academic life.'' Thereafter, the Ivy Group (as the league was called in the Presidents' Agreement of 1954) established schedules in other sports, including some of existing leagues with non-Ivy members.

As of 1977, the Ivy League colleges competed in various sports including soccer, basketball, and with certain variations as noted; in baseball (also Army and Navy), fencing (except Brown and Dartmouth), ice hockey (except Columbia), squash (except Brown, Columbia, and Cornell), swimming (except Columbia, but also Army and Navy), tennis (also Army and Navy), and wrestling (except Brown and Dartmouth). Ivy championships in cross-country and track were determined at the annual Heptagonal Meets, in golf at an Ivy championship tournament, and in rowing at the Eastern Association of Rowing Colleges Regatta.

Accreditation

Accreditation is the process by which universities and their programs are recognized for maintaining a certain level of performance and quality. The US Government (Federal or State) does not accreditate institutions. Non-governmental associations called Accrediting Bodies perform this function. The form of accreditation acceptable to most US universities and the Indian Government is that offered by one of the following six regional accreditation bodies. They are:

• Middle State Association of Colleges and Schools.
• New England Association of Colleges and Schools.
• North Central Association of Colleges and Schools.
• Northwest Association of Colleges and Schools.
• Southern Association of Colleges and Schools.
• Western Association of Colleges and Schools.

The Accredited Institutions of Post secondary Education published by the American Council of Education provides the names of all the accredited universities and colleges in the US. Accreditation is the process through which educational institutions and programs in the United States receive recognition that they meet established quality standards. Accreditation is important in American higher education because this voluntary non-governmental system for setting educational standards is recognized by educational institutions and governments in the United States and other countries. There are two types of accreditation - institutional and professional or specialized. Institutional accreditation applies to the educational institution as a whole. Regional or national accreditation bodies accredit institutions. The Council of Post Secondary Accreditation (COPA) is a non-governmental professional organization that recognizes and periodically reviews work of its member accrediting bodies.

Importance of Accreditation. It is important because:

• It ensures that a certain institution/ university / program meets established minimum standards.
• Accreditation is the only national and often international recognized form of evaluation for US universities. The Government of India recognizes only accredited US universities.
• Regional accreditation increases the likelihood of the degree being recognized for purposes of a higher degree and employment.
• Students can transfer from one accredited institutions to another without losing too many credits.
• Accreditation enables an institution to seek federal funds for development purposes and research.
• Most universities in the United States are likely to accept degrees only from accredited universities.
• Recognized employing agencies and the Government of India are also likely to accept degrees only from accredited universities.
• Should a student require financial assistance, funding agencies are likely to view admission to accredited universities as a prerequisite to an award(s).

For more information please visit:

http://www.rbs2.com/accred.htm

http://forums.keeptouch.net/showthread.php?t=5132

MBA

Congratulations on your decision to pursue a Master's Degree in Business Administration!! Graduate business education is an exciting and challenging opportunity. It is also one of the most important investment decisions you will ever make. Graduate business education requires a significant investment of time, energy and resources - both personal and financial. Through careful preparation you can reduce the impact your graduate business education will have on these resources. Proper planning now, means fewer distractions and lower costs later -- saving you time and money.

For more information please visit:

http://www.business-schools-colleges.net/student-resources-education-system.html

http://www.internationalstudent.com/study_usa/pre-application/us_ed_system/grad_education.shtml

Entry Criteria

The top GMAT score possible is 800. Average marks demanded for MBA entry vary from school to school. A high GMAT score is particularly important for those applying to US business schools. If an American school states 650 as a minimum, it means 650. It is not worth applying with 600. Even Harvard has finally come around to including the GMAT in its entry criteria.

Top Ranked MBA Schools:

• University of California at Berkeley (San Francisco)
• Columbia Business School (New York)
• Darden (Virginia)
• Harvard Business School (Boston)
• McGill University (Montreal)
• Massachusetts Institute of Technology (MIT Sloan) (Boston)
• North Western University (Kellogg)
• Stanford University (North Carolina)
• UCLA (Los Angeles)
• Wharton (Philadelphia)

Wharton

The Wharton School of the University of Pennsylvania is the world's foremost institution for business education. Founded in 1881, as the first business school in the United States, Wharton is recognized for its innovative leadership and broad academic strengths across every major discipline and at every level of business education. With 180 faculty, 11 academic departments, 21 research enters and leading programs at the undergraduate, MBA, doctoral and executive education levels, the Wharton School has more impact on the practice of business worldwide than any other institution of its kind.

Since its origins, Wharton has been known for its spirit of innovation. Its early founders wrote the first business textbooks, developed the first business courses, and were the first to open up new areas in business and management. The School also established the first research enters and international studies program at a business school. Today, Wharton continues this tradition as a leader in re-engineering the MBA curriculum.

Following are some of the universities where IAS processes the applications and also has referred in the past a large number of students:

• Air Force Institute of Technology
• Alabama A&M University
• Alfred University
• Arizona State University
• Auburn University College of Engineering
• Baylor University
• Binghamton University
• Boston University
• Bradley University
• Bridgeport University
• Brigham Young University
• Brown University
• Bucknell University
• California Institute of Technology
• California Polytechnic State University, San Luis Obispo
• Cal State Poly University, Pomona
• Cal State University, Chico
• Cal State University, Fresno
• Cal State University, Fullerton
• Cal State University, Long Beach
• Cal State University, Los Angeles
• Cal State University, North ridge
• Cal State University, Sacramento
• Carnegie Mellon University
• Case Western, Case School of Engineering
• Catholic University of America
• Christian Brothers University
• City University of New York
• Clarkson University
• Clemson University
• Cleveland State University
• College of New Jersey
• Colorado School of Mines
• Colorado State University
• Columbia University
• Cornell University
• CUNY - Graduate School and University Center
• Dartmouth College, Thayer School of Engineering
• DePaul University
• Drexel University
• Duke University
• DeVry University
• East Tennessee State University
• Eastern Kentucky University
• Eastern Michigan University
• Embry Riddle Aeronautical University, FL
• Embry-Riddle Aeronautical University, AZ
• Fairleigh Dickinson University
• Florida A&M University
• Florida Atlantic University
• Florida Institute of Technology
• Florida International University
• Florida State University
• Gannon University
• George Mason University
• George Washington University
• Georgia Institute of Technology
• GMI Engineering & Management Institute
• Gonzaga University
• Grand Valley State University
• Hampton University
• Harvard University
• Hofstra University
• Howard University
• Idaho State University
• Illinois Institute of Technology
• Indiana University
• Indiana University-Purdue University, Indianapolis
• Institute of Paper Science and Technology
• Iowa State University
• Jackson State University
• Johns Hopkins University
• Kansas State University
• Kettering University
• Lamar University
• Lawrence Technological University
• Lehigh University
• Long Island University - C.W. Post
• LeTourneau University
• Louisisana State University, Baton Rouge
• Louisiana State University, Shreveport
• Louisiana Tech University
• Loyola College, Maryland
• Loyola Marymount University
• Marshall University
• Marquette University
• Massachusetts Institute of Technology
• Mayo Graduate School
• McNeese State University
• Mercer University
• Miami University of Ohio
• Michigan State University College of Engineering
• Michigan Technological University
• Milwaukee School Of Engineering
• Minnesota State University, Mankato
• Mississippi State University
• Monmouth University
• Montana State University - Bozeman
• Montana Tech of the University of Montana
• Morgan State University
• National Technological University
• New Jersey Institute of Technology
• New Mexico State University
• New Mexico Institute of Mining and Technology
• New York Institute of Technology
• North Carolina A&T State University
• North Carolina State University
• North Dakota State University
• Northeastern University
• Northern Arizona University
• Northern Illinois University
• Northwestern University
• Northwestern University
• Norwich University
• Oakland University
• Ohio State University
• Ohio University
• Oklahoma State University
• Old Dominion University
• Oregon Graduate Institute of Science and Technology
• Oregon Institute of Technology
• Oregon State University
• Pennsylvania State University, Harrisburg
• Pennsylvania State University, University Park
• Polytechnic University of New York
• Portland State University
• Prairie View A&M University
• Princeton University
• Purdue University, Calumet
• Purdue University, West Lafayette
• Rensselaer Polytechnic Institute
• Rice University
• Rochester Institute of Technology
• Rutgers University
• Saginaw Valley State University
• Saint Cloud State University
• Saint Louis University
• Saint Martin's College
• Saint Mary's University of San Antonio
• San Diego State University
• San Francisco State University
• San Jose State University
• Santa Clara University
• Seattle University
• South Dakota School of Mines & Technology
• South Dakota State University
• Southern College of Technology
• Southern Illinois University, Carbondale
• Southern Illinois University, Edwardsville
• Southern Methodist University
• Southern Polytechnic State University
• Stanford University
• State University of New York at Binghamton
• State University of New York at Buffalo
• State University of New York at Stony Brook
• Stevens Institute of Technology
• SUNY - College of Environmental Science and Forestry
• Syracuse University
• Temple University
• Tennessee State University
• Tennessee Technological University
• Texas A&M University, College Station
• Texas A&M University, Kingsville
• Texas A&M University - Texarkana
• Texas Christian University
• Texas Tech University
• Trinity University
• Tufts University
• Tulane University
• Tuskegee University
• University of Akron
• University of Alabama, Birmingham
• University of Alabama, Huntsville
• University of Alabama, Tuscaloosa
• University of Alaska, Anchorage
• University of Alaska, Fairbanks
• University of Arizona
• University of Arkansas, Fayetteville
• University of Arkansas, Little Rock
• University of Bridgeport
• University of California, Berkeley
• University of California, Davis
• University of California, Irvine
• University of California, Los Angeles
• University of California, Riverside
• University of California, San Diego
• University of California, San Francisco
• University of California, Santa Barbara
• University of California, Santa Cruz
• University of Central Florida
• University of Cincinnati
• University of Colorado, Boulder
• University of Colorado, Colorado Springs
• University of Colorado, Denver
• University of Connecticut
• University of Dayton
• University of Delaware
• University of Denver
• University of Detroit Mercy
• University of Evansville
• University of Florida
• University of Findlay
• University of Georgia
• University of Hartford
• University of Hawaii, Manoa
• University of Houston
• University of Idaho
• University of Illinois, Chicago
• University of Illinois, Urbana-Champaign
• University of Iowa
• University of Kansas
• University of Kentucky
• University of Louisiana, Lafayette
• University of Louisville
• University of Maine
• University of Maryland - University College
• University of Maryland, Baltimore County
• University of Maryland, College Park
• University of Massachusetts, Amherst
• University of Massachusetts, Dartmouth
• University of Massachusetts, Lowell
• University of Memphis
• University of Miami
• University of Michigan, Ann Arbor
• University of Michigan, Dearborn
• University of Minnesota - Duluth
• University of Minnesota, Twin Cities
• University of Mississippi
• University of Missouri, Columbia
• University of Missouri, Kansas City
• University of Missouri, Rolla
• University of Montana
• University of Nebraska, Lincoln
• University of Nevada, Las Vegas
• University of Nevada, Reno
• University of New Hampshire, Durham
• University of New Haven
• University of New Mexico
• University of New Orleans
• University of North Carolina, Chapel Hill
• University of North Carolina, Charlotte
• University of North Dakota
• University of North Texas
• University of Notre Dame
• University of Oklahoma
• University of Oregon
• University of Pennsylvania
• University of Pittsburgh
• University of Portland
• University of Rhode Island
• University of Rochester
• University of Saint Thomas
• University of San Diego
• University of Scranton
• University of South Alabama
• University of South Carolina, Columbia
• University of South Florida
• University of Southern California
• University of Tennessee, Chattanooga
• University of Tennessee, Knoxville
• University of Texas, Arlington
• University of Texas, Austin
• University of Texas, Dallas
• University of Texas, El Paso
• University of Texas - Permian Basin
• University of Texas, San Antonio
• University of the South Pacific
• University of Toledo
• University of Tulsa
• University of Utah
• University of Vermont
• University of Virginia
• University of Washington
• University of Wisconsin, Madison
• University of Wisconsin, Milwaukee
• University of Wyoming
• Utah State University
• Valparaiso University
• Vanderbilt University
• Villanova University
• Virginia Commonwealth University
• Virginia Technological University
• Virginia International University
• Wake Forest University
• Washington State University
• Washington University
• Wayne State University
• Webster University
• Wentworth Institute of Technology
• West Virginia University
• West Virginia University Institute of Technology
• Western Michigan University
• Wichita State University
• Widener University
• Wilkes University
• Worcester Polytechnic Institute
• Wright State University
• Yale University
• Youngstown State University

For more information please visit:

http://www.bestschoolsusa.com/listusa.html

http://www.bestschoolsusa.com/listbystate.html