Costs and Financial Aid Vary Slightly From International
Almost all U.S. graduate students can get federal student loans covering the tuition, fees, housing, and meals, plus cash for expenses. Most of our students qualify for the entire program cost to be covered.
How does the loan work for international students?
Students working in Curricular Practical Training (CPT) find that the loan payment is part of an affordable budget and can be paid by their after-tax income along with paying their living expenses. It is common for students to also accumulate savings while doing the CPT internship.
If an international student has no co-signer, you will be required to pay a modest amount upon enrollment. The amount required will depend on the level of financial aid for which you qualify. The balance of your program expenses is then paid through the Computer Professionals Loan.
MIU is the guarantor of a bank loan with a local bank. Please note: MIU receives no benefit or advantage from this arrangement and you may choose any lender you wish.
Additional loan and payment options that might apply to some international students
Alternative loans other than the MidWestOne Bank loan are available if a student knows a U.S. Resident who can co-sign on the loan and the student has started their first Computer Science course on campus. The initial payment must be paid on arrival without using the loan.
If you need to avoid paying interest on a bank loan:
An alternative cash plan is available for those not wanting to pay back a loan. The cash plan requires an additional $5,000 cash payment above and beyond the first program payment. The additional $5,000 payment is made when a student gets a Curricular Practical Training (CPT) job offer, but before they start work. Then, starting two months later, they repay the remaining balance due in 16 months (with direct payments to MIU via checking account ACH debit or online credit card payment to MIU). No interest is paid with this plan.
Program cost details for international students
For international students, the initial cost, covering 2 semesters of coursework, organic dining, health insurance, and comfortable housing (single room) on our campus in the U.S. (near Chicago) is between $4000 and $7000, depending on your initial level of qualification. More experienced, senior SDs pay the least upfront.
For international students total program costs are:
Tuition: $38,000 ($44,000 starting with the October 2022 entry.)
Health Insurance: $3,600 for first 12 months
Room and Board: $7,400
Fees: $530
TM: $210
TOTAL: $49,740. (Beginning with October 2022 entry, total will be ~$55,740)
You also need to have $2000 available to cover personal expenses when first arriving on campus to begin 8 months of classes.
If an additional course needs to be taken due to failing one course, then there is an additional charge of $3000.
Typical salary, income taxes and living costs for curricular practical training (CPT) students in US
A typical budget does allow students to pay off the educational loan in 27 months (with a monthly payment of about $2,000) and live in a standard apartment within 30-minutes commute of their job site as well as accumulate about $500/mo. in savings. Typical take-home pay after taxes is $67,000/year.
Note: Salaries, taxes, and living costs vary by location in the US.
“What I love about the ComPro program is that I only paid a small initial fee, and comfortably paid back the rest after I got an Internship.”
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