Picture yourself on a vibrant University campus, surrounded by innovative Research and Industry Experts in charge of their fields. This is not just a daydream; it is the intriguing reality of pursuing a Master of Science Degree in the United States.
The appeal of a Master of Science (MS) degree stays as strong as ever. US Universities consistently rank among the World's best, offering vast specializations from cutting-edge AI and Robotics to established fields like Engineering and Biotechnology. Additionally, the US also boasts a dynamic and innovative job market, particularly for STEM Graduates.
Whether you are just starting to explore your options or looking to fine-tune your financial strategy, this guide on Study Abroad Loans for MS in the USA will be your trusted companion in this leading study destination.
But first, let's examine the estimated tuition fee range for an MS in the United States.
The Tuition Fee to study for a Master of Science Degree at a leading US University may vary according to your selected course specialization. However, as an International Student, you may expect to spend a minimum of $16,000 and a maximum of $32,000 annually.
Along with the tuition fee cost, there are other substantial expenditures, such as Living expenses in the US, which can go from $15,000 to $19,000 per annum. After grasping the overall costs, you might have realized that you will need additional financial aid for a stress-free Academic tenure.
In the next section, you will see how you can finance these expenses with one of the best funding options available for Foreign Education.
Beyond the standard education loan offerings, a select group of Financial Institutions caters specifically to the needs of Students pursuing Studies Abroad. In this section, we'll equip you with the knowledge to determine which Overseas Education Loan Scheme best aligns with your financial requirements, ensuring a smooth and financially secure path towards your Academic aspirations.
PNB Udaan Scheme by Punjab National Bank
Quantum of Finance: Up to 1.5 Crores for Secured Loans
Rate of Interest (ROI): Starts at 9.25% for PNB Listed Universities & 10.50% for Non-Listed universities
PNB offers a 0.50% Concession on the ROI for a Girl Child and a 1% Concession if Interest is served during the Moratorium period. Not only that, PNB is the only bank that allows any Non-Family Member to mortgage their property for the loan if they do not have an immediate Family Member as a Guarantor.
Many lenders typically require an I-20 form, but PNB can help secure a loan based just on the Admission Letter offered by the University. Furthermore, this Scheme offers a student-centric approach, allowing you to begin the loan process with a Conditional or Unconditional Offer Letter.
SBI Global Ed-Vantage Scheme by State Bank of India
Quantum of Finance: Up to 1.5 Crores for Secured Loans
Rate of Interest (ROI): Starts from 11.15% for Secured Loans
State Bank of India also offers a 0.50% Concession for a Girl Child if you have Rin Raksha Insurance. Furthermore, an Offer Letter can be processed based on the Conditional and Unconditional Offer Letter. For US Studies, there is no mandatory requirement for Form I-20 for the loan procedure.
Education Loan Scheme for Premier Institutions by ICICI Bank
Quantum of Finance: Up to 1 Crore for Unsecured Loans for ICICI Top-Listed Universities
Rate of Interest (ROI): Starts from 10.5% for Secured and Unsecured Loans
This ICICI Loan Scheme only applies to the STEM Masters Courses for the Listed Universities. When studying for an MS in the US, you can use this exclusive program offering an I-20 Form waiver. Furthermore, there is no requirement for a Financial Co-Applicant for this loan scheme.
Prodigy Finance Student Loan for Masters Studies
Quantum of Finance: Up to $100,000 for Unsecured Loans
Rate of Interest (ROI): Starting from 10.55% on Secured Loans for Masters Programs
Prodigy Finance offers student loans for Tuition and Living Costs without needing a Co-Signer or Collateral. This International Lender only offers an Unsecured Loan to study Masters in the Universities listed under it.
Furthermore, the applicant is not required to pay Simple Interest on the Disbursed amount during the Moratorium period.
International Student Loans by MPower Finance
Quantum of Finance: Up to $50,000 Unsecured Loan for the first year and the remaining $50,000 for the second year
Rate of Interest (ROI): Starts at 11.99% for Unsecured Loan for Masters Programs
MPower Finance supports International Students by starting the Application before receiving the Offer Letter. This Scheme only supports the partner Universities of the USA and Canada, and the applicant is required to pay full Simple Interest during the Moratorium Period.
Furthermore, if the applicant’s chosen University comes under the Top 430+ Partner Universities of MPower Finance, they can easily get an Education Loan without Collateral.
US Co-Signer
Quantum of Finance: Up to $100,000 for Masters
Rate of Interest (ROI): Can vary between 3.55% and 13.5% on Unsecured Loans for Masters
A US Co-signer for a study abroad loan is someone residing in the United States who legally agrees to be responsible for repaying the loan if the applicant does not do so. This Co-signer typically needs to be a US Citizen or Permanent Resident with a good credit history and stable income.
Now that we approach the end of the article, you must have Finalized a suitable Loan Scheme Based on your requirements. Each of the schemes outlined offers unique benefits tailored to the diverse needs of International Students.
At Élan Overseas Education Loans, we understand that each student's financial needs and academic aspirations are unique. Our expertise in Overseas Education Loans will help you navigate the complexities of securing the right USA Student loan for your needs. With the right support from our Education Loan Advisors, your dream of studying in the US is within reach.
So, what steps will you take next with team Elan to secure your future and turn your academic dreams into tangible achievements? Connect with our team today, we are excited to hear from you!
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