In most of your post regarding the student loans you used to say like we can get $10000 per year and out of which $6000 and the rest we can put in the checking account.
Do the bank (in India) actually give the amount directly to US? Also, if we pay the university, they won’t give us our livelihood expenses and insurance out of it? So? please advise.
Pay – Tuition Fees via DD
Vijay – Your question is bit unclear, but let me explain to my understanding.
- Get Demand Draft from Bank in India for certain amount greater than estimated tuition fee
- Sometimes Banks will give DD only in the university (Managers have to take educated)
Example – First semester Tuition fee – $6000. You can get DD for $10,000 (payable to the University).
Pay the fee using the DD ($10,000). University will process the fees. Lets sat it comes to $6500 (Including Insurance). Remaining $3,500 will be credited back to you. Typically university will send a personal check to your name.
You can deposit that check into your bank account (in US). Whole process takes about 20 to 30 days. When DD is deposited into bank, they will put an hold for the money to clear. Takes about 10 days to money to be cleared. Then University has to issue the credit to you.
You can check with the university for more details on how long it would take to get the refund.
Note – Vijay has stated that his bank manager will do wire transfer to university ONLY. While University will not accept wire transfer option. He has asked to find a university that will accept wire transfer (funny).