How much loan can I get for a master's degree in the USA?

With around 1,700 of the 4,500 higher education institutions in the nation offering master's degree programs, the United States continues to be a popular choice for international students looking for higher education possibilities in 2024. Considerable enrolment during the 2021–22 academic year suggests that Indian students still strongly prefer to pursue master's degrees in the United States.

The Price of Getting an MS in the USA

Tuition:

• For a two-year program, the usual range is USD 10,000 to USD 80,000 (INR 10 - 58 Lakhs).
• Harvard University (USD 47,000 - USD 49,000 yearly), Columbia University (USD 29,382 each semester), and Carnegie Mellon University (USD 43,000 annually) are a few examples.  

Living Expenses: 

• The average monthly expenditure, which includes housing, food, study materials, insurance, and personal expenses, falls between USD 500 and USD $1,000.

Types of Education Loans for MS in the USA 

Secured Loans:

• Require collateral such as fixed deposits, property, or insurance policies. 
• Offer lower interest rates and higher loan amounts. 
• Recommended Banks: State Bank of India (SBI), Union Bank of India (UBI), and more. 

Unsecured Loans:

• Do not require collateral but have higher interest rates. 
• Often require a co-applicant with a strong financial background. 
• Offered by private banks, NBFCs, and international lenders like Axis Bank and ICICI Bank. 

Recommended Banks and Financial Institutions 

Secured Education Loans 

Unsecured Education Loans 

Expenses Covered by Education Loans 

Costs Covered: 

• Tuition fees, living expenses, admission fees, examination fees, study materials, accommodation, travel, health insurance, and miscellaneous expenses. 

Eligibility and Documentation Requirements 

Eligibility Criteria: 

• Admission confirmation from a recognized American institution. 
• Strong academic track record. 
• Collateral required for secured loans; co-applicant may be needed for unsecured loans. 

Required Documents: 

• KYC documents, academic transcripts
• Admission confirmation
• Financial statements
• Income tax returns of applicant and co-applicant. 

Understanding the financial aspects and available options for education loans in the USA is crucial for Indian students planning to pursue their master's degrees abroad. By evaluating costs, loan types, and eligibility criteria systematically, students can make informed decisions and effectively plan their higher education financing. 

FAQs

1. What is the cost of pursuing a master's degree in the USA?

• Tuition costs range from USD 10,000 to USD 80,000, plus USD 500 to USD 1,000 per month for living expenses.

2. What types of education loans are available for an MS in the USA?

• There are secured loans (with collateral) and unsecured loans (no collateral but higher interest rates).

3. Which banks and financial institutions offer education loans for studying in the USA?

• SBI and UBI offer secured loans, while Axis Bank and ICICI Bank offer unsecured loans.

4. What expenses do education loans cover?

• Loans cover tuition, living costs, admission fees, exams, books, accommodation, travel, health insurance, and other expenses.

5. What are the eligibility criteria and required documents for education loans?

• You need admission confirmation, good grades, and for secured loans, collateral; required documents include KYC, academic records, admission proof, financial statements, and tax returns.

Get a Personal Loan that fits your needs. Apply for loans from Rs 1000 to Rs 15 Lakhs with competitive rates. 

Check Your Eligibility Now 

Find the Perfect Credit Card for your spending habits. Explore top credit cards and maximize your rewards. 

See your matches. 

Author- Ayush Naik 

Ayush Naik is an expert in personal finance with an MBA in Finance. With over five years of experience working alongside stock market traders, Ayush has a deep understanding of market dynamics and investment strategies. His practical insights and analytical skills have helped many individuals navigate the complexities of financial planning and investment. Ayush’s professional background and commitment to educating others make him a valuable contributor to our personal finance blog.