Study MS in the USA: A Comprehensive Guide to the Most Well-liked Foreign Education Loan Programs

Imagine yourself on a bustling university campus, surrounded by cutting-edge industry and research experts who are leaders in their domains. This is the fascinating reality of earning a Master of Science degree in the United States, not simply a pipe fantasy.

A Master of Science (MS) degree continues to be highly desirable. With a wide range of specializations from cutting edge AI and robotics to well-established sectors like engineering and biotechnology, US universities routinely rank among the finest in the world. The US also has a vibrant and cutting-edge job market, especially for graduates in STEM fields.

This guide on Study Abroad Loans for MS in the USA will be your reliable companion in this top study location, whether you are just beginning to consider your alternatives or looking to fine-tune your financial plan.

Let’s first look at the expected range of tuition costs for an MS in the US.

The price of an MS program in the USA
Depending on the course concentration you choose, the tuition for a Master of Science degree at a prestigious US university may change. That being said, as an international student, you should budget between $16,000 and $32,000 per year.

Other significant costs include living expenses in the US, which can range from $15,000 to $19,000 annually, in addition to the cost of tuition. You may have come to the realization that further financial aid is necessary for a stress-free academic tenure after grasping the total charges.

You’ll see how to use one of the greatest funding choices for foreign education to cover these costs in the following section.

Examining Specialized Student Loan Programs for MS in the United States
A few financial institutions offer education loans that go above and beyond what is typically offered, expressly to meet the needs of students who are studying abroad. This section will give you the information you need to choose the overseas education loan program that best suits your needs, so you can pursue your academic goals in a safe and secure manner.

National Bank of Punjab’s PNB Udaan Program
The Financial Quantum: Interest Rate (ROI) on Secured Loans Up to 1.5 Crores: begins at 9.25% for colleges on the PNB list and 10.50% for universities not on the list.
For a girl child, PNB offers a 0.50% concession on the ROI and a 1% concession if the interest is paid during the moratorium. Furthermore, if a non-family member does not have an immediate family member who may serve as a guarantor, PNB is the only bank that permits them to mortgage their property for the loan.

Although an I-20 document is usually required by many lenders, PNB can assist in obtaining a loan based solely on the university’s admission letter. Additionally, this Scheme provides a student-focused approach by enabling you to start the loan application procedure with either an unconditional or conditional offer letter.


State Bank of India’s SBI Global Ed-Vantage Scheme
Quantum of Finance: Secured Loans Up to 1.5 Crores
Rate of Interest (ROI): For secured loans, it begins at 11.15%.
If you have Rin Raksha Insurance, State Bank of India also grants a 0.50% concession for a girl child. Moreover, an Offer Letter may be handled according to the guidelines for both conditional and unconditional offer letters. Form I-20 is not required in order to proceed with the financing process for US Studies.


ICICI Bank’s Premier Institutions Education Loan Program
The Financial Quantum: Rate of Interest (ROI) for Unsecured Loans Up to $1 Crore for ICICI Top-Listed Universities: begins at 10.5% for loans, both secured and unsecured.
Only the STEM Masters Programs at the Listed Universities are eligible for this ICICI Loan Program. You can take advantage of this special program that waives the I-20 Form while pursuing an MS in the United States. Moreover, this financing program does not require a Financial Co-Applicant.


Prodigy Financial Student Loan for Graduate School
The Financial Quantum: Maximum $100,000 in Unsecured Loan Amounts
Interest Rate (ROI): Beginning with 10.55% for Master’s Program Secured Loans
Prodigy Finance provides student loans for living expenses and tuition without requiring collateral or a co-signer. Only the universities listed below are eligible for an unsecured loan from this international lender to pursue a master’s degree.

Moreover, during the moratorium period, the applicant is exempt from paying simple interest on the amount disbursed.


MPower Finance offers loans to international students.
The Financial Quantum: Rate of Interest (ROI) for an unsecured loan up to $50,000 for the first year and the remaining $50,000 for the second begins at 11.99% for master’s program unsecured loans.
In order to assist international students, MPower Finance begins the application process prior to sending out offer letters. Only the partner universities in the United States and Canada are supported by this scheme, and during the moratorium period, the applicant must pay the full amount of simple interest.

Additionally, the applicant can simply obtain an education loan without collateral if their university of choice is one of MPower Finance’s Top 430+ Partner Universities.


US Co-Signer Financial Quantum: Rate of Interest (ROI) for Masters Loans Up to $100,000: Vary from 3.55% to 13.5% for Unsecured Loans for Masters
Someone who lives in the US and has agreed to legally assume responsibility for loan repayment in the event that the applicant defaults on the loan is known as a US co-signer for a study abroad program. Usually, this co-signer must be a US citizen or permanent resident with steady employment and a clean credit record.

By the time this article reaches its conclusion, you should have chosen a loan plan that meets your needs. Every program listed has special advantages designed to meet the various requirements of international students.

We at Élan Overseas Education Loans are aware of the individual differences in every student’s academic goals and financial demands. We can assist you in navigating the challenges of obtaining the ideal USA student loan for your needs thanks to our knowledge in overseas education loans. Studying in the US is a goal that can come true if our education loan advisors provide the necessary assistance.

What actions will you do going forward with team Elan to ensure your future and realize your aspirations for your academic career? Get in touch with our staff right now—we look forward to hearing from you!