Cost of Master’s Degree in the United States of America
The cost of education in the US is considered to be highest compared to any other study abroad destination. Mentioned below is the average cost bracket for tuition fees and living expenses. Let’s take a look:
• Tuition Fees: The tuition fee of the US University depends on majority of the factors like ranking of the university, chosen specialization, duration of the program etc. An average tuition fee of the US university ranges between $ 22,500 to $ 60,000 for one year.
• Cost of Living: The cost of living includes accommodation, transportation, meals, utilities, and other household expenses. The average cost of living in the US ranges between $10000 to $18000 for one year.
Types of Overseas Education Loan
Students willing to study in the US can opt for two types of overseas education loans i.e., Secured Education Loan and Unsecured Education Loan. They can apply at the financial institutions like government banks, private banks, NBFCs and international lenders to avail these types of education loans.
Financial Institutions offering Education Loan for Masters in the US
• State Bank of India
• Bank of Baroda
• Axis Bank
• ICICI Bank
• HDFC Credila
• MPower Finance
• Prodigy Finance
• Bank of India
Refer to the table to get exact details on the education loan for aforesaid financial institutions:
Eligibility Criteria to apply for education loan for Masters in USA
The eligibility criteria of all the financial institutions are more or less similar however it differs for the types of education loan. Refer to the table below to know the exact criteria:
Avail an education loan for Masters in the USA in 5 Simple Steps
Step 1: Appear for the standardized tests like GRE/GMAT and English proficiency tests like IELTS and TOEFL.
Step 2: Apply for the short-listed universities for your Masters in the US.
Step 3: Accept the offer letter from the university and apply for an overseas education loan. Ensure that you have a confirmed admission or I-20 for USA for disbursement of the education loan.
Step 4: Apply for F1 US Student VISA
Step 5: Get the student visa and fly to the US
So, if you are willing to apply for an education loan to study in the United States, connect with ELAN Overseas Education Loans. We will provide you free of cost end to end assistance for the education loan.
Elan Loans work in partnership with several financial lenders, including public sector banks, private banks, and NBFCs. So, book a free appointment with us today and allow us to assist you.