Education Loan for Masters in the USA

The United States of America, one of the leading overseas education destinations is a home to the highest number of top-ranked universities worldwide. The country being the most-preferred destination, it offers a great deal for the students wanting to pursue a master’s degree. US universities offer specialization courses, allowing students to learn from the industry experts.

When it comes to the US, arranging for funds to finance a master’s degree is one of the major challenges. The tuition fee and the cost of living in the US is exorbitant. So, to finance the master’s degree, students look for the options like scholarships, fellowships, or bursaries. However, getting a scholarship is quite difficult and only a handful of students get it. For scholarships, students must possess an exceptional academic record but still it’s not guaranteed as there are thousands of students competing for it.

A foreign education loan comes to the rescue in such circumstances. It is a sure shot way of financing a degree program. The process of applying for an education loan is tricky but nothing to worry about as through this blog, we are going to give you a detailed overview of an education loan process for your master’s degree at the US university.

Cost of Master’s Degree in the United States of America

The cost of education in the US is considered to be highest compared to any other study abroad destination. Mentioned below is the average cost bracket for tuition fees and living expenses. Let’s take a look:

• Tuition Fees: The tuition fee of the US University depends on majority of the factors like ranking of the university, chosen specialization, duration of the program etc. An average tuition fee of the US university ranges between $ 22,500 to $ 60,000 for one year.

• Cost of Living: The cost of living includes accommodation, transportation, meals, utilities, and other household expenses. The average cost of living in the US ranges between $10000 to $18000 for one year.

Types of Overseas Education Loan

Students willing to study in the US can opt for two types of overseas education loans i.e., Secured Education Loan and Unsecured Education Loan. They can apply at the financial institutions like government banks, private banks, NBFCs and international lenders to avail these types of education loans.

Financial Institutions offering Education Loan for Masters in the US

Here is the list of financial institutions offering education loan to study in USA at Masters level:

• State Bank of India

• Bank of Baroda

• Axis Bank

• ICICI Bank

• HDFC Credila

• Avanse

• Auxilo

• InCred

• MPower Finance

• Credenc

• Prodigy Finance

• Bank of India

Refer to the table to get exact details on the education loan for aforesaid financial institutions:

Eligibility Criteria to apply for education loan for Masters in USA

The eligibility criteria of all the financial institutions are more or less similar however it differs for the types of education loan. Refer to the table below to know the exact criteria:

Secured Loan	Unsecured Loan
Scored minimum of 55% in the previous qualification	Student should have minimum of 60% in the previous qualification with less backlogs and no academic gap
No specific income criteria. Student’s whose parent’s income is up to 1 lakh can even get the education loan.	The average annual income of the student’s parent should be more than 5-6 lakh with no liabilities
The CIBIL Score of parents should be above 650 with strong credit history	The CIBIL Score of parents should be above 700 with strong credit history
The house should come within the city limit area as it should an urban property.	Students should have their own house.
No age criteria	The age of the student must be less than 28 years

Avail an education loan for Masters in the USA in 5 Simple Steps

Step 1: Appear for the standardized tests like GRE/GMAT and English proficiency tests like IELTS and TOEFL.

Step 2: Apply for the short-listed universities for your Masters in the US.

Step 3: Accept the offer letter from the university and apply for an overseas education loan. Ensure that you have a confirmed admission or I-20 for USA for disbursement of the education loan.

Step 4: Apply for F1 US Student VISA

Step 5: Get the student visa and fly to the US

So, if you are willing to apply for an education loan to study in the United States, connect with ELAN Overseas Education Loans. We will provide you free of cost end to end assistance for the education loan.

Elan Loans work in partnership with several financial lenders, including public sector banks, private banks, and NBFCs. So, book a free appointment with us today and allow us to assist you.