How much will it cost to study in the US?
Wondering how to manage your expenses in the US? Here’s our list of estimates to help!
Studying abroad can be an expensive affair for students studying in the US. However, an efficient budget plan can help you manage your living expenses more effectively. Before you depart from Bangladesh, ensure that you consider expenses like accommodation, food, health coverage and travel along with your tuition fee when calculating the estimated cost of studying in the US.
1. Tuition fee is your prime expenditure
Universities in the US are majorly divided into two categories - Public/State and Private. The education cost at a public/state university is comparatively lesser than that of a private institution. Your expenditure on tuition fee depends on the type of qualification and university or school you opt for. To cover tuition fees, you will need approx. $8,000 to $55,000 (USD) a year (indicative).
Most commonly, humanities, arts and education courses are cheaper, while subjects such as medicine and engineering are likely to be more expensive. If you wish to study at postgraduate level, the tuition fees are typically higher and the costs vary depending on the program. As with most other countries, MBA programs are often the most expensive. The average cost for these programs is approx. $35,000 yearly (indicative).
Tuition fees in USD (indicative)
English language studies
$700 to $2,000 a month
$6,000 to $20,000 per year
$20,000 to $40,000 per year
$20,000 to $45,000 per year
$28,000 to $55,000 per year
Please note: An MBA degree can cost significantly more, as can professional programs such as law, medicine, dentistry, some design programs, etc. Most doctoral degrees are 100% funded through research/teaching assistantships, research aid and bursaries
If you want to bring down your educational expenses, it is best to apply to various scholarships available for Bangladesh students.
2. Where will you live? Calculate accommodation costs
Most universities in the US offer on-campus residence to international students. Living as a resident on-campus is a very affordable option, however, you need to apply for it separately, and well ahead in time to secure a slot for yourself.
You can also opt for off-campus accommodation wherein you can share apartments with other students from Bangladesh or live in a homestay with a local family. In such cases, you should be open to adjusting to a different lifestyle than Bangladesh. Remember, the rentals vary from city to city.
If you opt to rent an apartment, you will have to additionally pay for utility bills like electricity, internet, water usage and also tenant’s insurance (in some areas of housing). In most cases, universities help the students in finding accommodation, both on-campus as well as off-campus. The accommodation cost in the US varies by region and lies somewhere between $6,000 and $14,000 per year.
3. Cost of your student visa
To study in the US, the first step is to secure a valid student visa and that comes with its own costs (approx. US$ 160 as an application fee). Feel free to consult your IDP Counsellor for latest updates and information on the visa application process and related costs.
Read more: All about American student visa
4. Living expenses
You need to keep a little money aside for your grocery shopping, social activities and emergencies. When living in a foreign country as a student, it is better to keep track of your expenditures so that you do not overspend. Considering various expenses and living costs, a single student budget in the US comes between US$ 10,000 and US$ 25,000 per academic year (indicative) depending on the city they choose to live. You should also consider these common expenses when creating your budget:
Average yearly cost*
Books and Stationery
Clothes and footwear
Note: All costs indicative and vary from region to region
5. Keep safe. Consider health support and insurance
It is mandatory for all students traveling to the US from Bangladesh to get medical insurance before the commencement of their program. Several American universities and colleges have initiated comprehensive health insurance plans for international students, but that is applicable as long your program is ongoing and ceases upon completion.
Certain institutions may not offer any insurance, and hence you will have to arrange for private medical insurance (your IDP counsellor will guide you with the same). Extensive health and support services are readily available for all Bangladesh students in the US. As per the American College Health Association, the average cost of a student health insurance plan ranges between USD 1,500-2,500 for a year.
Read more: Health and support services in the US
6. Transportation. Know how much it will cost to move around
Unless your institution provides with a shuttle service to-and-fro from your lodging, you’ll have to rely on the available public transport.
For short distances
You can make use of regional trains, buses, and subways. It is a good idea to get monthly passes for travelling to college and back as these can be fairly cheap.
For long distances
For travelling between different cities, you can avail any of the following options:
7. Don’t ignore your taxes
International students in the US are allowed to work 20 hours per week during academic sessions and full-time during vacations. If you choose to work along with your studies, your earned income may be taxable.
Remember, the exchange rate variations may also affect your budgeting. We suggest you also look for a part-time job while you are studying in the US or seek scholarship in the universities you apply to. This can help lower your cost of studying abroad to a great extent.
Updated on June 29, 2020