Should I fund my daughter's MS in US with a loan?

Ans: Hello Mrinal,

To begin with, your daughter’s academic standing can be used to identify which universities would be the best fit for her. Priority deadlines are something to look out for at top USA colleges. During this period, applicants are automatically assessed for scholarships based on their comprehensive profile, which takes into account elements like community service, extracurricular activities, leadership experience, and personal statements.

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Ans: Hello R. It is great that your daughter has been accepted by a couple of universities in the US. To answer your question first, generally, banks do ask for I-20 to process the loan application; however, a few banks or NBFCs, e.g., HDFC Credila, could issue a loan sanction letter on the basis of the offer letter issued. You could use this sanction letter to call for the I20, provided the university is accepting the letter, or show the required funds in your savings account, provide a bank certificate, and then call for the I20.Expenses to be shown in the bank certificate or savings account to call for the I20 are for a year, which includes the total of tuition, food, accommodation, and miscellaneous [if any]. I20 will show expenses for 9 or 12 months; however, it will also clearly mention the start and end dates of the course, which would help the bank know the total duration of the course and accordingly sanction the loan amount will be sanctioned. Yes, both the savings account and the education loan letter could be used during the visa interview.

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Ans: Dear Sir......Given the prevailing employment market uncertainty in the United States and the exorbitant expenses associated with studying abroad, it would be prudent for your son to acquire professional experience in India initially. This strategy has the potential to enhance his skills and increase his competitiveness for future chances, both domestically and globally. Furthermore, he can investigate scholarship opportunities or choose more cost-effective study locations if he still desires to pursue a MS degree overseas in the future.