Studying Abroad: How did you managed your finance to be able to pay fees (and overall expenditure: living, health insurance, food) for your M.S. (master's of science) degree?
Thanks for A2A.
Well, if you do not want to exhaust your savings or would not wish/ able to invest in yourself with your own money. You can always avail education loan from either nationalised banks or private institutions.
Loans will also help you only if they find you are capable of returning, In essence they would seek collateral perhaps worth of at least 2 times of actual amount you would be taking. Else, you should have excellent grades in your academics, and should have received a call from one of the top universities of the world.
Taking loan has its own pros and cons just like everything else. To name few,
Pros - You will have to submit just couple of papers when applying for visa under financial documents. You will always be bound with the point of repaying the loan; hence, you will not digress from your primary motive of studying well and get a job ASAP after having landed in USA.
Cons - Not very easy to get education loan, even after having all the required documents. You might not get loan for complete tuition fees & living expenses (if it’s beyond 20-25L). Last but not the least - "Interest", it can destroy you if you do not understand the terms of interest well in the first place.
As far as i understand, Universities will not have any concerns with - you taking education loan. Certain universities demand financial documents in the first place (while making applications) or before even they release I2o. They want to know if you are really capable of paying your tuition fees & bear your living expenses or you are dependent on part time jobs/TA/RA. And ironically you don’t get education loan approval unless you get I20. So perhaps you will have to think over it and take right decision.
Hope it helps. 🙂
All the best!