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 Sreekumar,

To begin with, thank you for contacting us. Choosing to pursue a Master of Science (MS) degree in the United States can be a significant decision with several pros and cons to consider. Here are some factors to keep in mind:

Pros:
1. Advanced Education: An MS degree can provide specialized knowledge and advanced skills in a particular field, allowing your son to deepen his expertise and stay competitive in the job market.

2. Career Opportunities: Many employers value candidates with advanced degrees, and an MS can enhance his chances of landing higher-level positions or advancing his career in the software engineering field.

3. Networking: Studying in the US can provide excellent networking opportunities, allowing your son to connect with industry professionals, potential mentors, and fellow students who may become valuable contacts in the future.

4. Research Opportunities: If your son is interested in pursuing research or academia, an MS degree can serve as a stepping stone towards a Ph.D. program and open doors to research positions or teaching opportunities.

5. Exposure to Diverse Perspectives: Studying in the US exposes students to a culturally diverse environment, which can broaden their horizons, foster global awareness, and provide a rich learning experience.

Cons:
1. Financial Considerations: Pursuing an MS degree in the US can be costly, including tuition fees, living expenses, and potentially higher healthcare expenses. It's important to carefully assess the financial implications and explore scholarships, grants, or assistantships to help mitigate costs.

2. Competitive Admissions: Admission to reputable MS programs can be highly competitive, especially in sought-after fields. Your son will need to prepare a strong application, including competitive test scores, letters of recommendation, and a compelling statement of purpose.

3. Temporary Stay: Pursuing an MS degree usually involves a temporary stay in the US on a student visa. It's essential to be aware of the associated visa requirements, potential limitations on employment, and the need to return to one's home country after completing the degree, unless pursuing further work authorization or education.

4. Personal Adjustments: Moving to a different country for studies can be a significant adjustment, including adapting to a new culture, lifestyle, and potentially being away from family and friends. Your son should be prepared for the challenges of living abroad and maintaining a support network.

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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.