Financing a master's degree in the US

If you plan to study in the US, think about your budget and finding financing as early as the initial planning stage. Start doing this a year to a year and a half before departure. It is tempting to focus on admission first, but if you wait until after your admission to find financing, in most cases you will be too late to successfully arrange it. Realize that there are strict cut-off dates for applying for financial aid, often before you are certain of your admission.

There are several sources of funding available to graduate and PhD students. It is our experience that a student rarely gets the full amount from one source, so it is important that you apply to several institutions for financial aid. Below you can read more about the costs and funding options for your studies.

Costs

Studying in the United States is expensive. It is not possible to give absolute amounts because costs vary by institution, program and region. A study stay in the US will cost between $15,000 and $75,000 per year.

There are many funding opportunities for graduate and PhD students, so don’t be immediately discouraged by the high tuition fees of American institutions. Here are some tips that will help make your stay affordable:

  • Start researching both university scholarship opportunities and outside scholarship funds as early as possible. Scholarship application deadlines often close before you receive notice of admission from the university, thus, you should not wait to seek financial aid until you are accepted to a university.
  • Apply to multiple institutions and be open and flexible to the university location.
  • Submit scholarship applications to multiple funds. Many sources of funding give partial scholarships, so it is important to submit multiple applications.

The major difference between universities is caused primarily by the varying tuition. There is no national organization in the US that sets tuition levels; universities and colleges are more or less free to set it themselves.

How can you find affordable universities?

Tuition at state universities is generally lower than at private universities because state universities are partially subsidized by the governments of the states in which they are located. The subsidy given must primarily benefit residents of the state; therefore, state institutions often charge two tuition rates: one for students from the state (in-state tuition) and one for other students (out-of-state tuition). The latter amount is always higher, but is often lower than at private institutions. On the other hand, private institutions are sometimes actually able to offer good scholarships.

A second factor determining the large differences in costs is the location of the university. The cost of living varies by region: living in the Northeast or on the West Coast of the United States, for example, is more expensive than living in states in the middle of the country. In addition, living expenses at rural universities are generally significantly cheaper than living at a university in a large city.

Application costs

Keep in mind that you will incur costs immediately upon registration. Consider:

  • Admission tests such as the TOEFL and GRE or GMAT
    $50 to $255 per test, plus any costs for sending score reports
  • Application fees for universities*
    Between $50 and $100 per university

*If you have a limited budget, it is sometimes possible to apply for an application fee waiver. This will exempt you from university application fees.

Study costs

Below is an estimate of tuition costs per year. It is not possible to give absolute amounts because costs vary greatly from institution to institution and from region to region. Any scholarships are not included in these costs. Thus, your final cost will also be determined by your scholarship opportunities.

  • Tuition 
    $10,000 to $65,000 per academic year
  • Charges for use of services (fees)
    $300 to $1,500 per academic year
  • Books and study materials
    $750 or more per academic year

Want to see a list of colleges by cost? Through College Cost, a US government site, you can filter colleges based on tuition.

Insurance

It is important to have good medical insurance during your stay in the US. Sometimes you can stay insured in the Netherlands. In other cases, you must also take out US health insurance.

  • Health insurance 
    $300 to $3,000 per year
  • Campus health clinic fee
    $150 to $300 per year

Travel costs

Prior to and during your stay in the US, you will incur travel-related expenses. The application fee for your visa is a one-time fee.

  • Student visa application and SEVIS fee
    $380 – $510, depending on visa type
  • Return to airport in the US 
    $500 – $1,500 depending on destination
  • Daily travel costs
    If you live on campus, these costs will be minimal. There is often public transportation on campus. If you live off campus, consider a bicycle. Car costs will be significantly higher.

Room and dining

As a graduate student, you usually live off campus. Sometimes you can rent a room on campus. You can also buy a meal plan there. Do you want to live off campus? Then you often have to consider higher costs.

  • Room and dining (on campus)
    $8,000 to $15,000 per academic year
  • Room and dining (off campus)
    Room: $6,000 to $12,000 per year
    Dining: $1,500 to $3,500 per year*

*Students who do not live on campus can purchase a credit for on-campus meals if desired.

Want to know the cost of living in different cities and regions? You can use Numbeo to compare the “cost of living” in different cities.

Miscellaneous

As in the Netherlands, during your stay in the US, you will spend money on vacations, trips, clothing, and other personal expenses.

  • Staying during holidays
    $1,500 to $3,000 per year
    Most campuses are closed during winter and summer holidays, so you must provide alternative housing during this time.
  • Personal expenses 
    $1,500 to $3,000 per year

Financial support from universities

American universities fund a large number of foreign graduate students. There are three types of funding given by US universities: a fellowship, a teaching assistantship, or a research assistantship. PhD students often have more fellowship opportunities than master’s students.

Fellowship

A scholarship is usually awarded to outstanding students pursuing a PhD program. The scholarship will usually consist of tuition remission and a monthly stipend.

 

Teaching assistantship

An assistantship is a type of job averaging twenty hours a week. For example, you assist a professor, teach first-year students, or review exams. It is the most common type of funding for students in the humanities, languages, and social sciences.

 

Research assistantship

A research assistantship usually involves assisting with individual professors’ research projects or faculty projects. Assistantships generally cover tuition and other expenses for a year of study. A living allowance is also often included.

The department or faculty of the university to which you apply decides which applicant will receive an assistantship. Requirements for assistantships vary by institution, but in general, teaching assistants are expected to be good teachers.

Keep in mind that the closing dates for assistantships are often earlier than those for admission to a university.

Apply for financial aid

Realize that deadlines for applying for financial aid close early, sometimes even before the application deadlines. The most up-to-date information about scholarship opportunities can be found on the websites of the institutions themselves. For example, check the graduate school’s financial aid information and the information from the specific department where you will be applying.

External scholarship funds

There are a few Dutch and many US independent sponsors and quasi-governmental organizations where you can apply for financial aid for graduate-level study. Closing dates for applications to external funds are often earlier than you receive notice of admission to a university, thus, you should not wait to seek financial aid until you are accepted to a university. In addition, many funders give partial scholarships, so it is important to submit multiple applications.

Fulbright scholarships

The Fulbright Commission itself runs the Fulbright program, which is subsidized by the Dutch and US governments and also receives increasing support from donors. The Fulbright grant is currently $35,000 and is intended for students wishing to pursue a master’s degree or research in the US. PhD students are not eligible for a Fulbright scholarship. Visit the page on Fulbright scholarships for more information on requirements and deadlines.

 

KHMW-Eizenga scholarship

For graduate students who wish to pursue a master’s degree in economics or MBA in the US. The scholarship is $50,000. Visit the KHMW-Eizenga scholarship page for more information on requirements and deadlines.

 

Other scholarship funds

Several search engines and reference works offer an overview of other scholarship funds in the Netherlands and the US. The sources below can help you:

  • Beursopener
    This website provides a complete listing of trade shows where it is possible to search by field, region and other criteria.
  • FundingUSstudy
  • Peterson’s Scholarship Search
  • EducationUSA
  • Reference Works
    Several reference books listing funds are available at the Fulbright Commission, including the Book of Funds, the Grants Register and Peterson’s Scholarships, grants and prizes. The books can be viewed at the Fulbright Commission by appointment. Make an appointment.

 

Student loans

Do you meet the general requirements to apply for a student loan? Then you may qualify for a loan to accompany your studies in the US. More information can be found on the DUO website. If you are not a Dutch citizen, you can also inquire about loans or scholarships provided in your home country.