Tips to Finance your MS in US

By Sanket Gupte•2024

Hi, my name is Sanket Gupte, currently pursuing my PhD at Stanford University. I completed my undergraduate studies at BITS Goa and actively write on LinkedIn to help aspiring graduate students and computer scientists navigate their academic journey.

Wondering how to finance your MS in the US as an international student? Here are some things to keep in mind when you shortlist programs and universities during the application process.

Disclaimer: The opinions and suggestions mentioned in the article are those of the author based upon his experience and observations in graduate education. The article is not meant to endorse any specific university, program, or career path.

1. Choose more affordable options

State universities often have lower tuition rates than private ones. The estimated cost of living listed on university websites is somewhat inflated. You can save a ton of money if you have a frugal lifestyle. Consider avoiding expensive locations like the Bay Area.

Pro Tip:

Research cost of living in different cities and choose locations that offer good value for money.

2. Compare funding opportunities

TA/RA positions provide stipends to cover living expenses along with a full or partial tuition fee waiver. The availability of these positions depends on the specific university and department. Don't count on a scholarship since they are hard to get. Some state universities may offer you a lower in-state tuition rate as part of a grant or scholarship.

Key Points:

  • • TA/RA positions provide stipends + tuition waivers
  • • Availability varies by university and department
  • • Scholarships are extremely competitive
  • • Some state universities offer in-state tuition rates

3. Employment as a student

You can work 20 hours/week on campus. The hourly rate usually isn't much, but better than nothing. Undergrad Tutor and Grader positions are also available. Summer internships are much more lucrative as you can work 40 hours and get paid a higher rate. It's not uncommon to get $7-8k per month in tech jobs.

Employment Options:

  • • On-campus jobs: 20 hours/week
  • • Tutor/Grader positions
  • • Summer internships: 40 hours/week, $7-8k/month
  • • Tech internships are particularly lucrative

4. Employment after graduation

Paying back a loan is difficult without a decent job. Look at post-graduation outcomes for international students and check if employers are willing to sponsor graduates of the programs you shortlist. If not, don't bother applying. If yes, check for sign-on bonuses as these will help you pay back loans faster.

Research Before Applying:

  • • Check post-graduation employment rates
  • • Verify employer sponsorship willingness
  • • Look for sign-on bonuses
  • • Consider loan repayment timeline

5. STEM OPT

I'm oversimplifying things but basically, graduates can work up to a year on their F1 (student) visa. If you have a STEM degree, this can be extended for 2 additional years. If you enroll in a non-STEM program, you need to shift to another visa type after the first year of employment, most commonly H1-B. Since this is lottery based, plan for the worst case of not getting selected.

STEM OPT Benefits:

  • • 1 year OPT for all graduates
  • • 2 additional years for STEM degrees
  • • H1-B lottery for non-STEM programs
  • • Plan for worst-case scenarios

6. Loans

It's hard to get a collateral free loan to cover the full cost of your program. At best, you'll get partial funding depending on the university and program. If you want to pursue an MS in CS, no problems, you'll be approved. If you want to pursue something which is not financially lucrative, too bad.

Loan Reality:

  • • Collateral-free loans are difficult
  • • Partial funding is more realistic
  • • CS programs have better approval rates
  • • Non-lucrative programs face challenges

Concluding thoughts

This is general advice, so please talk to current students and graduates of the programs you're targeting BEFORE you apply. Ask about the real cost of living, TA/RA options, internships, and employment opportunities. Don't get into a pickle where you have an admit but not enough funding.

Key Takeaways:

  • Choose affordable universities and locations
  • Research TA/RA opportunities thoroughly
  • Consider summer internship income potential
  • Verify post-graduation employment prospects
  • Understand STEM OPT benefits
  • Plan for realistic loan scenarios
  • Talk to current students before applying

If you found this article helpful, feel free to connect with me on LinkedIn for more insights on graduate education and career development in STEM fields.