Students opt for higher education to gain expertise in their preferred domains and to develop their skills to be career-ready. Hence, they opt for an MS degree to scale great heights in their career. The US is one of the popular study abroad destinations among students who want to enrol for MS courses. As per the IIE Spring 2022 Snapshot Survey, higher education institutions in the US have witnessed increased international student applications in 2022 as compared to the previous.
Since higher studies can be expensive, most students opt for education loans to finance their MS degree. So, before we learn about the student loans for MS in the US, let’s get to know popular courses and universities.

Some popular courses available in the US – a popular study abroad destination

• MS in Computer Science
• MS in Management Information Systems
• MS in Game Design and Game Development
• MS in Petroleum Engineering
• MS in Computational Data Science
• MS in Electrical Engineering
• MS in Finance
• MS in Business Analytics

Some popular universities in the US for MS

• Harvard University
• Massachusetts Institute of Technology,
• Arizona State University
• Stanford University
• The University of Illinois
• Northeastern University

Can I get an education loan for MS in the US?
Most financial institutions offer student loans to pursue an MS degree from popular US universities. It is advisable to check with your lender to understand if they approve your chosen course and university before applying for an education loan.

Types of loans

• Education loan for MS to study in the US – Secured loan (with collateral)

  When you provide an asset or collateral against your education loan as a security, it is a secured loan. You can opt for a secured loan if you are willing to provide security.

  Some assets that can be provided as collateral:

  • Residential property
  • Fixed deposit
  • Life insurance
  • Non-agricultural land
• Education loan for MS to study in the US – Unsecured loan (without collateral)

  If you don’t have any collateral to offer against the student loan, don’t be disheartened as you can opt for an unsecured loan to finance your higher education.  

Eligibility criteria 
Students who want to opt for an education loan for abroad studies must check out the basic eligibility criteria before commencing the application process.

• For students:
• Indian citizens who are 18 or older
• Should have a confirmed admission before the final disbursal
• Should have a co-borrower who earns in India

• For Co-applicant
• Should be an Indian citizen and should be a parent, legal guardian, sibling or other blood relative
• Should have a bank account in India that allows them to sign cheques

Other parameters
If you are planning to study in the US, especially the MS courses, you will be required to take entrance exams such as IELTS, TOEFL, GRE, and more. Please remember the score in this exam and your previous academic performance will play a crucial role in your education loan application process. Your lender will evaluate your employability potential based on certain parameters to ensure you repay your education loan, and your academic qualification will greatly impact it.

• Some parameters that will be used to evaluate your employability potential
• Entrance exams score
• Academic scores
• Pedigree of university/college and course
• Location of your preferred university
• Study abroad destination

So, this is what you must know about education loans if you are planning to pursue an MS in the US. At Avanse Financial Services, we understand the significance of your study abroad aspirations, and hence, we offer 100% finance, quick loan sanctions, flexible repayment options and more benefits. If you have any queries, please feel free to connect with us.