Hi Sushil. My daughter is planning to do MS from US. She has got acceptance from two universities and waiting from one more. Meanwhile, I have approached bank for loan. Their list of documents require I20, whereas for I20 I have to show finance. How to solve this? Secondly, the fee estimate of University shows only for one year ( spring and fall), How can I show the requirement for two years to Bank? No.3: Whether cash in account to be shown while applying for VISA or bank loan also will do? Sorry I have asked lot of questions.

Ans: You can take deduction u/s 80E for the interest paid during the year for 8 years (starting from the year in which loan repayment is started). There is no limit for interest deduction.

Ans: Hello,

First and foremost, thank you for getting in touch with us. I am glad to hear that you are planning for your son’s Master’s degree in the USA. As an answer to your query, I would like to tell you that having a bank loan approved for both tuition fees and living expenses can be advantageous at the time of applying for a student visa or during college admissions in the USA, nevertheless, you may still be required to provide proof of your financial standing.

Remember that visa officers and universities generally want to ascertain that students (and their families) have the money to meet their expenditures while studying.

Although a sanctioned bank loan demonstrates your financial stability, I would still recommend that you demonstrate extra financial resources if feasible. This could entail bank statements or other proof of sound financial standing in order to affirm to the authorities that you can fund any unexpected costs or gaps that may occur while your son is studying.

Bear in mind that the standards and levels of scrutiny could be slightly different for each institution and visa office, and thus, I would suggest that you thoroughly examine the precise guidelines offered by the university and consulate where your son intends to apply.

A sanctioned loan may be adequate in certain circumstances, nevertheless, I would always recommend that you have additional evidence to back up your financial status.

For more information, you can visit our website: www.edwiseinternational.com

You can also follow us on our Instagram page: edwiseint

Ans: Hi Loknath,

To begin with, thank you for reaching out to us and congratulations to your daughter for securing an admission in the USA. Getting an MS in CS from Texas A&M University is definitely a great idea and will be worth it, as it provides lucrative career opportunities upon graduation.

For more information, you can visit our website: www.edwiseinternational.com
You can also follow us on our Instagram page - @edwiseint