How much is the cost of US MBA?
- Tuition fees (depends on the university, the credits you need, the cost for each credit, scholarship you have received, etc.) which can range from $60,000 to $250,000 for the entire program.
- The rent + electricity + gas (which would depend on the city, whether you stay off-campus or on-campus, whether you stay alone or twin sharing basis or with your family)
- If you stay on-campus alone or with your family – $600-$1,500 per month
- If you stay on-campus twin sharing basis – $400-$1,200 per month
- If you stay off campus, you would pay anywhere in the range of $500-$1,500 per month
- Food and groceries (whether you would be okay (both taste wise and financially) with what you get on-campus or would you spend time in cooking)
- On an average, on campus meal plans cost $400-$500 per month
- If you plan to cook at home, you expenses would range between $150-$200 per month
- If you are on-campus, you would most likely have free transportation.
- If you stay off-campus, you can opt for public transport (it is free in some cities through university or pay for it about $2 every day)
- If you would have or want to buy ($1,500-$5,000) or lease a car ($200-$600 per month) (in which case you will need to factor in $150 per month for the fuel)
- How much you would spend on some “luxuries” like movies ($10-$25 each time), buying furniture, etc. let’s consider $0 – $1,000?
- There are other miscellaneous costs such as mobile bills, laptop purchase, and health insurance, etc. which would range anywhere between $1500-$2500.
- Last but not the least the cost to apply to the universities (showing below expenses for applying to 10 universities) is about $2,910:
- Test Costs
GMAT application fee $250 + Fee to send score to 5 extra universities 5*28 = 390 or GRE application fee $205 + Fee to send score to 5 extra universities 5*27 = 340 and
TOEFL application fee $170 + Fee to send score to 5 extra universities 5*20 = 270
- Courier costs – about Rs. 1500 (~$25) for each university so a total of $250
- Application fee to the universities ranges from $100 to $300. If we average it to $200 for 10 schools it totals up to $2,000
- Costs paid to MBA consultants, if any
A few more factors which must be considered are how many scholarships you would get, would you get a loan, how much would you gain while doing your internship or working on-campus (You can opt to work part time on-campus for up to 20 hours per week with a minimum wage of $10 per hour which is about $800 per month. You can also work full time on-campus or off-campus during summer and winter breaks). But let’s keep this factor aside for now as you would have more clarity on these things only once you get an admit and once you join the university.
|The rent + electricity + gas||$9,600||$36,000|
|Food and groceries||$3,600||$12,000|
(* We have considered the duration of 24 months while calculating the costs for rent, food, and transportation. (so these numbers would change if you plan for 12 or 18 months program)