Indian student enrollment in U.S. universities surged by 35% in 2022-23 compared to the previous academic year. Indian students favor the United States for higher education due to its universities, cultural diversity, and academic opportunities. The cost of education in America is relatively high compared to other countries. The average tuition fee for in-state and out-of-state students at a four-year public university in the US is $27,330 and $44,010 respectively. The average tuition fee for a four-year private university is $51,380 per year.
For parents and children looking to make a career in the US, there’s another way out. The Amercian EB-5 program has its advantages and offers several opportunities for students to not only study but eventually become permanent citizens of US.
In an exclusive interview with Sunil Dhawan of Financial Express Online, Peter Calabrese, CEO of CanAm Investor Services, discusses the strategy that parents can use to support their children’s American dream and settle in the United States with a green card for family members.
How does the EB-5 Immigrant Investor Program specifically benefit students and their families?
The EB-5 Immigrant Investor Program gives students more freedom to build their careers and futures in the U.S.
Increasingly, companies are not considering students for internships if they may need work authorization. Once a student files for an EB-5 visa, they can be considered in the pool with permanent residents. They are not dependent on an H1B or work visa sponsorship. Job opportunities which may not otherwise be available to them are now open.
Even if a student does obtain an H1B visa through their employer, their career progression and transition is heavily dependent on their employer. A permanent resident or U.S. citizen is much better positioned to negotiate promotions and pursue other job opportunities.
Families sending their children to the U.S. to study have already invested so much in their education. An EB5 visa helps maximize the return on that investment and more importantly, allows their children the opportunity to achieve the best they can.
Are there any specific advantages for Indian students in accessing higher education institutions through the EB-5 program?
Most top schools in the U.S. have a soft restriction on the number of students they admit from each country. The Indian pool of student applicants is one of the most competitive in the world. Suppose a student already has an EB5 approval. In that case, they can potentially be considered in the local pool of students while applying to schools, reducing the risks involved in competing with other Indian students for a limited number of seats. There may also be some financial benefits, as several universities offer lower fees to local students
Can you provide insights into the application process and timeline for Indian families considering the EB-5 program for their children’s education?
There are two scenarios to consider:
Firstly, if the family applies for an EB-5 visa with the child as a dependent, the child will follow the timeline of the main applicant. The USCIS doesn’t guarantee a set timeline, but families should be comfortable with a timeline of approximately 2 years for a conditional green card approval.
Secondly, if the child files for an EB-5 visa as the primary applicant, the timeline may be the same as the above, but they can apply for a change of status while they wait for their approval. This essentially allows them the same benefits as having a green card while they wait for their approval. This has been very well received by investors.
How have you seen the landscape evolve in terms of interest from Indian families when it comes to exploring the program specifically for their children?
EB5 remains a very popular option for families helping their kids circumvent the uncertainties of an H1B visa. This is an at-risk investment and investors should approach their due diligence as they would any other investment. They should evaluate the project, the financing of the project, and the job creation potential of the project.