Usually, exact tuition fee for a semester will not be known, unless you register for the courses.This type of scenario often occurs often.
Suppose you have Demand Draft for $8000 and your first semester tuition fee is $7500.
$500 you paid more than your exact tuition fee will be credited back to your student account. You will have an option, if that $500 to be mailed as check to you, which you can deposit into your bank account or leave it in your student account.
What if your tuition fee is $8000 and you have Demand Draft for $6000. Again, no big deal. You can get $1000 from your seniors and give them the check after your living expenses Demand Draft or Travelers Check is credited to your account. If you were wondering, if this type of money leading and borrowing happens between students here, Oh yeah….
Though Uncle Sam needs your money, he’s prompt in giving the extra college tuition fees back to us.
If you are getting Demand Draft from your Student Loan, don’t bring Demand Draft more than what you will be paying for the first semester. Interest rate for the student loan will be around 12% in Indian Banks.
Online Savings Account ( another type savings account ) will pay around 5% interest rate. So, don’t borrow extra tuition fee from your Student Loan.
Some of my friends have got student loan from banks here. Not sure if thats a good option. Maybe later, I will post the advantages and disadvantages of getting student loan from U.S.