<p>Please bear with me as this is a bit long. I'm a non-US citizen who graduated with a bachelor's degree from Brandeis University last May. I'm currently working full-time on OPT work authorization (under F1 visa status), which expires in June 2014. I'm applying for H1-B visa to extend my work authorization in April, but if I'm not granted one, my only 2 options are (1) go back to my home country, or 2) go to grad school (basically buying me more time to apply for H1-B visa for a second time next year). I really want to stay in the US to work and have decided that option 2 is my plan B. </p>
<p>That explains my rather bizarre school selection criteria: I'm looking for a Finance/Business Masters program that lasts as short as possible, and reasonably affordable. Ideally all else equal a "strong" program at a well-respected school would be a plus, but essentially I'm only using grad school as a means to give myself a second shot at a work visa - right now I'm not particularly interested in the knowledge I can get out of grad school. I'm happy with my current job, and if school can help me maintain my work authorization so that my company would re-hire me after graduation, I could care less about the program quality / reputation. </p>
<p>I still have some student debt from undergrad, so tuition / financial aid is a big factor. As I have a Business / Finance background and am working at a financial technology company, a Finance / Business - related program would probably be the best fit for my future goals. I'm applying for Fall 2014 enrollment. Other factors (e.g. location) are flexible. I just started looking at MS Finance (MSF) programs, many of which last 1 year (Brandeis, Bentley, UMass Boston), but they are still quite expensive for me. </p>
<p>I'd really appreciate some opinions from you all with regards to (1) whether you think this is a solid plan B strategy, and (2) what types of programs I should investigate and specific program suggestions, taking into account financial consideration (what programs are affordable / tend to offer generous financial aid). </p>
<p>First of all, I don’t think this is a good plan. I think it’s ill-advised to take on debt (potentially major debt) just to attempt to stay in the U.S., especially if you have undergraduate debt. I think it’s especially ill-advised if you just attend any old program - including a poorly reputed one. I personally think that if you are actually going to do this that you should launch a full search and try to go to a well-reputed program, especially in finance/business since your master’s in that field can have an impact upon what kinds of jobs you can get later.</p>
<p>Master’s degrees in finance, in general, do NOT offer generous financial aid. Most programs will expect you to finance the entire degree with loans. International students generally aren’t eligible for the U.S.-based loan programs like Direct and Grad PLUS loans. Due to that, for graduate school internationals usually have to prove that they have the resources to pay for the entire program upfront, including supporting themselves. You may potentially be eligible for bank loans, but they may have higher interest rates and less favorable repayment terms.</p>
<p>Okay, but with that said, I think one strategy for lowering costs might be to look at some public institutions. Even though you can’t get in-state tuition, many of these place are likely to be less expensive than a private institution like Brandeis. Baruch College in NYC, for example, offers an MS in finance; their out-of-state tuition is about $10,000 a year, and with living expenses your total cost is probably going to be something like $35,000 for the whole year.</p>
<p>You may also want to consider schools in places with very low costs of living.</p>
<p>I agree with your suggestions. I definitely will try to go for a well-reputed program. I will most likely apply for a number of schools from top to safety, and I was just saying that if I only get accepted to less reputed programs I’ll at least be willing to consider them. </p>
<p>I think by the time my temporary work authorization runs out and I have to leave my current job, I will have been able to pay back my undergrad student debt. However it does sound like MSF programs will be a difficult option financially for me as I don’t think I can prove the ability to finance the total cost of 1 year of school, 20k+ without any loans. </p>
<p>I was thinking, as a way to broaden my choices, I’d be willing to consider Master’s programs outside of finance/business as long as it’s not something totally unrelated, since some of them offer full fellowships that cover your tuition and living costs. For example, a friend of mine just got full fellowships to Master’s programs in Public policy and administration at Harvard / Princeton / Berkeley. Last year I heard an acquaintance got a full fellowship to a top Masters program in Economics (of some sort). Do you think this path is worth pursuing, and what are some obstacles I will potentially run into? </p>