Scholarship vs. Education Loan: Which Is the Best Way to Fund Your MS in the USA?
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Having a Master’s degree from the USA opens doors to worldwide career opportunities. However, pursuing it by yourself may feel heavy on the pocket. So how can you achieve your dream while easing the financial burden simultaneously? Let’s explore the best ways to fund your MS in the USA.
Table of Contents:
- Funding Your MS in the USA
- Scholarships for MS in the USA
- Top Scholarships for Indian Students Pursuing an MS in the USA
- Education Loans for MS in the USA
- Scholarships vs. Education Loans: Key Differences Compared
- Frequently Asked Questions
Funding Your MS in the USA
Pursuing a Master’s degree in the USA can cost between $11,000 and $90,000, depending on the program and university. To fund your MS in the USA, you should consider a mix of scholarships, assistantships, education loans, and personal savings.
Funding your MS in the USA requires careful planning and a strategic approach. Start early and research thoroughly to secure the best funding opportunities for your MS in the USA.
Scholarships for MS in the USA
Pursuing a master’s in the USA can be expensive, but several types of scholarships are available for international students. Types of scholarships for MS in the USA are:
| Type of Scholarship | Scholarship Name |
|
Government Funded |
|
|
Organization Based |
|
|
University Based |
|
Top Scholarships for Indian Students Pursuing an MS in the USA
Studying in the USA can be expensive, but having a scholarship can ease the financial burden. Indian students planning to pursue an MS in the USA can secure merit or need-based scholarships.
| Scholarship | Details |
|
Hubert H. Humphrey Fellowship Program |
|
|
National Overseas Scholarship |
|
|
Fulbright Fellowships |
|
|
Aga Khan Foundation Scholarship |
|
|
AAUW International Fellowships |
|
Education Loans for MS in the USA
A Master’s in the USA is a great investment for your future, but it can be expensive. While scholarships or grants may not cover the entire amount of your studies, having an education loan is the best option. If you are looking for an education loan for an MS in the USA, here’s what you should consider:
- Interest Rates: Check the interest rates thoroughly when taking a loan. Compare fixed vs floating interest rates. If you are looking for a low-interest education loan, Nomad Credit offers a 3.47% US Co-signer loan for MS in the USA.
- Loan Amount & Coverage: Always check how much coverage you are getting in your loan. Ensure that your loan amount covers your tuition fees, living expenses, health insurance, and study materials.
- Repayment Terms: Check the grace period of your loan. This gives you time to start repaying your loan without paying late fees.
- Collateral & Co-Signer: Secured loans require collateral as security and can often have lower interest rates. Several banks may require a US Co-signer for your loan.
Scholarships vs. Education Loans: Key Differences Compared
Scholarships are the ideal choice as they offer financial support without repayment. Education loans are helpful for students who need extra money, ensuring that money won’t stop them from studying.
If you are still deciding between a scholarship and an education loan, this side-by-side comparison table will help you make the best choice.
| Feature | Scholarship | Education Loan |
| Definition | Financial aid is awarded to students based on merit, need, or other criteria | Borrowed money that must be repaid with interest |
| Eligibility | Student’s needs, extracurricular achievements, etc | Financial need, credit history, and ability to repay the loan |
| Repayment | No repayment required | Repayment is required, usually with interest |
| Source | Government, universities, private organizations, NGOs | Banks, financial institutions, and government education loan programs |
| Amount | The amount is usually fixed | The amount varies and can cover full tuition, living expenses, and other costs |
| Interest | No interest is charged | Interest is charged and is based on the loan |
| Obligation | Often requires a particular GPA or other conditions | Must be repaid within a set period |
| Best For | Students excelling academically, athletically, or with financial need | Students who need financial assistance and are willing to repay later |
Frequently Asked Questions
Can I get an education loan without collateral for an MS in the USA?
Yes, several banks, NBFCs, and international lenders offer education loans without collateral for an MS in the USA. However, the loan would be based on factors like university ranking, academic profile, co-applicant income, etc.
What is the average cost of studying in the USA for Indian students?
The cost of studying in the USA for Indian students may vary based on the program and the university. On average, it will cost you approximately $11,000 and $90,000.
What are the different types of education loans available for MS in the USA?
There are two types of education loans available for MS in the USA: secured loans (with collateral) and Unsecured loans (without collateral). In secured loans, you would require assets to pledge as security, while for unsecured loans, banks would check your academic profile, co-applicant’s income, co-signer, and more.
What are the different ways to fund education in the USA?
You can fund your education in the USA through scholarships, grants, education loans, part-time jobs, sponsorships, financial aid, and more.
What are the eligibility criteria for a Master’s program in the USA?
You must have a Bachelor’s degree (equivalent to US degree), standardized test scores (GRE / GMAT / IELTS / TOEFL) if applicable, academic transcripts, SOP, LORs, resume, student visa, proof of funds, and more.
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