The Internship Proposal - Stony Brook University: Fill & Download for Free

OPT is now for a total of 36 months(12+24) instead of previous 29 months(12+17) (March 11th, 2016 announcement by USCIS): Federal Register, Volume 81 Issue 48https://www.gpo.gov/fdsys/pkg/FR-2016-03-11/html/2016-04828.htmUSA plan:An alternate way to fund your B-school w/o a co-signer is that many Top B-schools will provide you a loan if you are an international student:​​​​You've Wharton+Yale+Booth+Haas+HBS+Stanford as well....what else you want :)So, you better bag a Q50,V40 on GMAT (at the bare minimum).If you are an international student, your Top B-school journey can be funded by Prodigy Finance loan for which you don't need a collateral/co-signer/guarantor:prodigyfinance.comThe EMI can be paid for a period of 10 years.You also have a moratorium grace period of 6 months.Yes...you can get into any B-school with minimum 3 years of Work Ex.Prodigy Finance team will give you the loan if you get selected for Top B-schools. Here's the list:https://prodigyinfo.zendesk.com/hc/en-us/articles/203451772-What-are-the-schools-that-have-an-agreement-with-Prodigy-Finance-to-offer-loans-for-international-students-1st get an offer letter i.e. letter of acceptance from your Top B-school.Call these guys and they will help you out:Whitney MorganEmail: [email protected]: wmorgan.prodigyContact: +17038614474Zack HirschfeldEmail: [email protected]: zhirschfeld.prodigyContact: +14152796658Okay, let's continue...Let's say you have a work ex of 2 years.Now you did your MS in CS from Stony Brook/ASU/UMass/TAMU.....these are really top affordable & reputed universities in the USA.Why?Coz you can save ₹.5 Lakhs on internship.You can save on your rent and you can complete your MS in under ₹.20 Lakhs. This is really affordable right :-)You can save $96k on OPT if you can share a rent with 5 guys.How?I'll give you an excerpt:Let's say you are from TAMU in Texas.In Texas, you can easily survive with $600/month if you share a rent with at least 4-5 Indian guys :-).....don't worry you'll get plenty of Indians floating to search other Indians to seek help.See the pic below and you'll understand (OPT when it was for a total of 29 months for STEM guys):​Enjoy 7 months more after May 2016 when OPT will be for 36 months (as proposed by USCIS):Let's assume your salary after MS in CS is $70k.Now, 40% Tax = $28kLiving expenses for 36 months on OPT = $30k (share a rent with 5 people).So, Salary ($70k+$70k+$70k) - Tax ($28k+$28k+$28k) - Living expenses ($30k.....worst case scenario)= $210k - $84k - $30k= $96k savings on OPT.But you took a loan of $50k in India @13.5% interest for 3 years = Total $60k debt.In short, you'll have:$96k (savings on OPT) - $60k (Total debt in India)= +$20k in hand.....I've also deducted some $11000 for a nice car on a lease ($300/month x 36) and some $5000 for the car maintenance.So, after a MS let's say you plan for MBA.Let's say you are selected for Yale MBA (here your 4+ years of work ex and a high GMAT score will come into play).Yale fees = $180k.(80% of $180k = $145k can be financed by ProdigyFinance).$180k - $20k (savings on OPT) = $160k loan.But Prodigy Finance can give you only $145k loan.So, remaining $15k loan you need to take it via need based Yale Financial aid.So, $160k @10% interest for 10 years (including APR %) = ~$250k debt......that you need to pay to Prodigy Finance in 10 years.Let's say your salary after you graduate from a Top10 B-school = $125k.(I've assumed you are a Top 15th percentiler of your MBA class and your internship+signing bonus of $30k as well).Since OPT is currently for 3 years:$375k(salary) - $250k(to prodigyfinance) - $150k(approx. 40% Tax)-$45k(Living expenses for 3 years on OPT) = -$70k.So, you'll be in a debt of about ₹.50 Lakhs which you can easily manage to pay in India in:3 years short if your salary is at least ₹.18 LPA (after tax).Or2.5 years short if your salary is at least ₹.20 LPA (after tax).It will cost you some $2250/month which you can pay after 6 months of graduation.....i.e. an EMI of Rs.1,50,000/month when you'll have to pay in Indian currency after 3 years of OPT when you'll fail to obtain a H-1B visa via cap/lottery.So, you will be free after a total of 3 years if you earn ₹.20 LPA (after tax).or you will be free after 4 years if you earn ₹.18 LPA (after tax).(all of this if you don't win a H-1B cap/lottery).But, if you are married to a U.S. citizen or by the grace of God you have a H-1B visa, you can easily pay this debt in 5.5 years short if you earn $125k/year in the USA itself :-)(coz you'll be saving ~55k/year and the debt is around 270k right?)So, by the time you are 32 in India, you'll free from debt :-) considering you earn only ₹.18 LPA (after Tax).orYou'll be 31 in India and you'll be free from debt :-) considering you earn only₹.20 LPA (after Tax).orYou'll be 32 in USA and you'll be free from debt :-) considering you earn only $125k/year (you already have a Green card advantage here since you got married to a U.S. citizen or you have got a H-1B visa via cap/lottery) after your Yale MBA coz you'll be in a debt of $306k (a loan from Prodigy Finance @12.07% interest for 10 years) for a $177k loan for your Yale MBA program.orYou'll be 33 in USA and you'll be free from debt :-) considering you earn only $125k/year (you already have a Green card advantage here since you got married to a U.S. citizen or you have got a H-1B visa via cap/lottery) after your Wharton MBA coz you'll be in a debt of $317k (a loan from Prodigy Finance @9.85% interest for 10 years) for a $201k loan for your Wharton MBA program.See, it is upto you to decide....So, just go to IIMs.....crack CAT (or GMAT) with a 99th %ile score.You can repay your PGP fees in 1-2 years short :-)And the beauty is that IIMs allow freshers :-)If you are 21, you'll enter IIM-Bangalore.By the time you are 25, you are free from debt :-)How exactly?Simple....Investment Banking job @Deutsche Bank in Mumbai will fetch you a healthy package of ₹.30 LPA (excluding tax).Do this job for 2 years straight and then quit so that you can actually concentrate on your Start-up journey.Get married to an IIMer bride/groom.Tell him/her to support you so that 1 earns and the other churns :-)Did you realize....you just saved your 5 years of your life :-) to start your entrepreneurial dream with your Startup idea in India :-)Prodigy Finance just sucks your money....time.....and energy!!So, don't think about Wharton :-)But if you are from a affluent family or someone who is already a successful entrepreneur/businessman in India or if you want to sacrifice your 5 years of your life to pursue your B-school dream, blindly go to Wharton :-)Conclusion:IIMs is the most beautiful way to live your life peacefully in India :)Pros:It doesn't matter if you take 1 year off to crack CAT :-)After an IIM journey you can repay your loan in 1-2 years short.You can easily work on your Start-up idea @26....That's really awesome :-)

Nobody can dare advice any body on such matters because family situations, intelligence levels, perspectives, expectations etc vary from person to person. One can only share ones experience and leave the decision to the person asking the questionI am answering this question in the capacity of a parent who was as nervous as you before sending his son to US for MS. Go through my experience and get clues.Typically tuition fees for MS varies from USD 40000 to 80000 depending on the college. Usually CMU and Stanford are at the higher end of the spectrum. You may consider an average of about USD 40000 as tuition expenditure in a moderate university. Fee waiver is not always guaranteed. Depending on your past academic record and funding pattern of a particular university one may get full waiver or part waiver of tuition fee. One may not get any at all.In addition to that , living expenses will range from USD 800 to USD 1000 if student lives in shared accommodation.Thus total expenditure PA is about USD 32000Going by the reliable information I have from my Son and his friends who all have done MS in US by taking loan I can categorically say that Education loan can be limited to cover only expenses of one year which works out to about 20 lakhs to 22 lakhs. The expenses of the second year will be covered by campus jobs, earnings through summer internships. This trend is true of all the 20+ students I know of .After MS you get to work for three years on OPT if you do MS in STEM subjects. Average package is $70000 to 90000 depending on location. If you are proposing an MS in CS then probability of getting job after MS is bright though there is a bit of struggle and anxiety till you get oneWhen once you get the job, which I am sure one will get (again going by the experience of my son and his friends) closing education loan is a matter of one year with a bit of tight fist. So financially doing an MS for a student with decent skills is not going to be burdenTalking about the same students , TWO got complete fee waiver and all of them got campus jobs within university like Grader/TA. All of them got good internship opportunities in companies like Amazon, Comcast, Adobe, Paypal, Yahoo, BOA and some smaller companies. None of them faced major financial stress. None of them were required to avail loan for the second year of studies. I may however add that, this was about 5 years ago. Times have changed since and I really dont know about the current job & internship prospects. Please talk to your consultant for more updatesOther than this, other non financial benefits areyou get to study with some of the best professors and diverse student communityExposure to experts from various topnotch companies while working on academic projectsyou work on latest technologyThe study pattern is intensive and more application orientedNo biases and prejudices with merit being the only criteriaYou get an exposure to another country, another cultureYou know what your capabilities are. Introspect about your intellectual capabilities, your commitment levels to expected hard work and ability to raise finance. Take a call based on the above experience.US economy is only going through some headwinds not sunny enough but not dire eitherNoteTentative Fee structure for various universities is given belowPRINCETON (48940)CARNEGI MELLON (44212)CORNELL UNIVERSITY (29585)HARVRAD (47588)UNIVERSITY OF ILLINOISE_URBANA (32096)UNIVERSITY OF MARYLAND COLLEGE PARK (29498)PURDUE (28784)COLUMBIA(48401)GEORGIA TECH(31093)YALE UNIVERSITY (42236)STONY BROOK(24044)NORT EASTERN UNIVERSITY(24489)NEW YORK UNIVERSITY(45380)UNIVERSITY OF MINNESOTA(28183)RUTGERS UNIVERSITY(31379)UNIVERSITY OF PENNSYLVINIA(38370)UNIVERSITY OF VIRGINIA(30427)AUBURN UNIVERSITY(30499)