 |
 |
||
 |
| About Us A Year in New York The Work Placement MBA Postgraduate Certificate Accommodation Eligibility Visa Information Presentations and Fairs Testimonials How to Apply |
|
Mountbatten Institute - New York Programme
FINANCIAL INFORMATION
Fees payable to Mountbatten by the candidateFees vary based on the academic programme selected:
The Initial Deposit is actually the first part of the Programme Fee. The Initial Deposit is fully refundable if the applicant is not placed. The Initial Deposit may be forfeited in part or in whole if the applicant subsequently withdraws from the Programme or unreasonably refuses to accept interviews or take a Placement. Candidates who accept a placement and subsequently withdraw are not normally be permitted to defer to the next intake. Acceptance means that the applicant, having been interviewed, is considered appropriate for the Programme. Notification of Acceptance is always in writing and an Initial Deposit will be requested before any further action is taken. Acceptance does not guarantee a Placement, since this must ultimately be at the discretion of the sponsoring company. Sponsoring companies demand a choice of candidates and as a practical matter this can only be achieved by having an oversupply of acceptable candidates. The Programme would ideally place all accepted candidates. However, the vagaries of both the supply of candidates and the demand by sponsoring companies, coupled with requests on both sides for a specific match, make this process difficult to predict and manage. Thus, despite our best efforts, some accepted candidates will not get placed first time round. Such candidates may opt to receive a refund of their initial deposit or to stay on the lists for the next intake. AllowancesAllowances are paid by the Programme, (your employer of record). No salary or allowance is paid to the intern by sponsor companies. Living allowance: USD $468 gross, paid every two weeks in arrears over 12 months. Approx USD $8 per paycheck deducted for telephone and taxes etc - therefore net fortnightly pay = approx USD $460. Accommodation is provided free of charge. (Interns are obliged to live in the Programme's accommodation - there are no exceptions). Medical insurance is also provided free of charge. See Accommodation. A bonus of USD $1,000 is paid to those who properly complete all aspects of their programme on time and who comply fully with the standards and rules of the Institute. Tax FilingAlthough all income needs to be reported to the IRS, depending on your overall circumstances, federal taxes are not withheld on Mountbatten generated allowances. You are responsible for filing your own tax return at the end of each calendar year over which your Mountbatten year spans. Accountants and tax preparation services are readily available during filing season in New York and online. Mountbatten Institute is in no way qualified, licensed or responsible for providing advice or assisting in the preparation of your tax return. Security DepositA security deposit of USD $200 is retained by the Programme by deducting USD $50 from each of the first four living allowance payments. This deposit is returned 3 - 4 months after completion of the internship less any required payments for breakages, damage to apartment furniture, etc., and less a USD $75 charge for professional cleaning of the apartment. Other ExpensesApplicants will be responsible for their own expenses involved in obtaining their J-1 visa at a US Embassy or Consulate. This will involve (1) a USD $140 visa application fee, payable at a bank (2) traveling to the nearest embassy or consulate for an interview and (3) a SEVIS (Student & Exchange Visitor Information System) fee of USD $180, payable to the US Government (Department of Homeland Security) via the internet using a credit card. You will be sent full details in due course, but those applicants without credit cards might wish to line up their arrangements beforehand in order not to delay your visa processing. These fees were correct as of March 2009, but are subject to change without notice. Airfare costs vary according to the time of year. Additional insurance cover may be needed - see Accommodation. In New York, participants are responsible for their own electricity and telephone bills. Approximately USD $900 will be needed to cover expenses during the first few weeks. The Programme makes arrangements for participants to open a US bank account as soon as possible after their arrival in the USA. Funding / LoansThose candidates searching for funding opportunities may be eligible for a Professional and Career Development Loan. St Mary's University College, Twickenham, London, is a registered learning provider with the Skills Funding Agency. Professional and Career Development Loans are bank loans that can be used to help pay for work related learning. You can borrow between GBP £300 and GBP £10,000 to help support the cost of up to two years of learning (or three years if it includes one year's relevant unpaid practical work). The UK government's Skills Funding Agency will pay the interest on the loan while you are learning and for one month afterwards. The loan can be used to pay course fees or other costs such as travel and living expenses. You can also use the loan to supplement other forms of support such as grants or bursaries. Because the Professional and Career Development Loan is a commercial loan product, they should only be considered as an option once all other student funding options have been investigated. For further information on financial assistance to support your learning, please visit www.direct.gov.uk/en/EducationAndLearning or contact Next Step on 0800 100 900. Please be aware that due to the nature of the our application process and the loan issuing structure, candidates might not receive approval for the loan until they secure a placement in NY. We also recommend researching other possible grants and loans available. Visit Direct Gov for bursaries, scholarships and awards: http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Typesoffinance/DG_171571 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
