Table of Contents
- What is the Cost of Studying for an MS in the USA?
- Types of Student Loans for MS in the USA
- Top Student Loan Lenders for MS in the USA
- What are the Interest Rates for MS Student Loans in the USA?
- Eligibility Requirements for Student Loans for MS in the USA
- Documents Required for Student Loan for MS in the USA
- How to Choose the Best Education Loan Lender for MS in the USA?
- Getting Started: Apply for MS Student Loans for the USA
- Frequently Asked Questions
An MS in the USA broadens your horizons of learning and job opportunities. The advanced science research fostered in US universities and colleges transforms learners into leaders. With a student loan, the dream of getting your MS degree from the USA is practically feasible without stress. Let’s explore the top student loans for MS in the USA and the eligibility, documents, and application process.
What is the Cost of Studying for an MS in the USA?
The cost of attending an MS in the USA generally varies from 35,000 – 60,000 USD. Your university of admission determines the effective cost after considering scholarship opportunities and fees other than tuition.
| University | MSTuition Fees |
| Harvard University | 55,656 USD |
| Stanford University | 36,694 USD |
| Massachusetts Institute of Technology (MIT) | 46,500 USD |
| University of California, Berkeley (UCB) | 35,464 USD |
| Yale University | 49,500 USD |
Cost of Living
Living costs are also included in the education loan, either partly or completely. The total cost of living varies with your choices and the city of residence.
| Category | Average Expense |
| Accommodation | 8,000 – 12,000 USD per year |
| Travel | 900 – 3,500 USD per year |
| Food | 3,000 – 5,000 USD per year |
| Health Insurance | 500 – 1,000 USD per year |
| Utilities | 1,200 – 2,500 USD per year |
Types of Student Loans for MS in the USA
The education loan types for MS in the USA are categorized based on the requirement of collateral guarantee. Loans with collateral are called secured education loans, and loans without collateral are called unsecured loans.
Secured Education Loans: These education loans are based on collateral guarantee. The collateral can be tangible or intangible, such as a plot, a shop, a building, a fixed deposit, a bond, etc.
Unsecured Education loans: Without collateral, loans to study in the USA are offered with the guarantee of a financially stable cosigner. For most lenders, the cosigner must be a close relative of the student.
Top Student Loan Lenders for MS in the USA
The top lenders for an education loan to study MS in the USA are public and private banks, NBFCs, and international lenders. The maximum loan amount, interest rates, and repayment period differ depending on the lender’s decision based on the student’s profile.
| Type of Lender | Sample Lenders | Maximum Loan Amount | Interest Rates | Repayment Period |
| Public Banks | SBI, BoB, UBI | Up to INR 80 Lakhs – INR 1.5 Cr | 9.65% for girls, 10.15% for boys | 10 – 12 years |
| Private Banks | Axis, ICICI, IDFC FIRST | Up to INR 50 Lakhs | 10% – 13.5% | 10 – 20 years |
| NBFCs | Credila, Auxilo, Avanse, InCred | Up to 2INR 20 Lakhs | 12% – 13.5% | 10 – 15 years |
| International Lenders | MPOWER Financing, Prodigy Finance | Up to 100,000 USD | 12% – 14% | 10 – 20 years |
What are the Interest Rates for MS Student Loans in the USA?
The interest rates for education loans to study in the USA and earn an MS degree differ with your chosen lender. Your collateral value and cosigner’s income are vital in deciding the interest rates.
- Public banks – 9.65% – 10.15%.
- Private banks – 10% – 13.5% for student loans for MS in the USA.
- NBFCs – 12% – 13.5%
- International lenders – 12% – 14% APR.
Eligibility Requirements for Student Loans for MS in the USA
The exact requirements for an education loan to study for an MS in the USA vary with your chosen lender. All lenders generally follow the following criteria.
- Be an Indian citizen (not applicable for international lenders)
- Be at least 18 years old at the time of application
- Have an offer letter from a US university
Documents Required for a Student Loan for an MS in the USA
Documentation is an important part of your education loan application process. The specific list of documents required changes depending on your circumstances and the lender you choose. The following table shows a general list of documents.
| Letter of admission from the University | Guarantor/ co-borrower/ student’s bank statements |
| The loan application form was filled out in full | Documents on the cost of studies |
| PAN details of the candidate | Identification proof |
| Guarantor/ co-borrower/ student’s statement of assets | Guarantor/ co-borrower/ student’s proof of income |
| Residence proof | Academic documents |
How to Choose the Best Education Loan Lender for MS in the USA?
Select the top education loan option for MS in the USA after carefully going through the education loan details. You need to check the interest rates, maximum loan amount, repayment period, cosigner requirement, and all the conditions before making a decision.
- Compare the interest rates
- Check loan eligibility criteria
- Consider loan coverage and the amount
- Compare the repayment terms and flexibility
- Check the processing fees and hidden charges
- Read the loan disbursement and processing time
Getting Started: Apply for MS Student Loans for the USA
An MS degree can advance your knowledge and offer a great edge to your career journey. You can explore top-notch academic and professional opportunities by choosing the US and becoming a future leader. After completing your MS education, you can explore job opportunities by OPT (Optional Practical Training).
Get started with your US education journey with Nomad Credit’s tailored assistance. Our expert counselor will evaluate your profile and offer customized guidance on finding the right education loan options for free. Book a call with our counselor now to join the team of future leaders.
Frequently Asked Questions
How much is the bank balance required for an MS in the USA application?
Your cost of attendance must be shown when you apply for a student visa. Accordingly, you need 10,000 – 30,000 USD to show to study MS in the USA.
Can I get a student loan for an MS in the USA?
For international students, there are multiple education loan options available to them to study for their MS in the USA. The loans can be with or without collateral. Your chances of securing a loan depend heavily on your profile, collateral, cosigner, and past financial history.
Can I get a loan for an MS in the USA without a co-applicant?
Education loan options exist for studying in the USA without collateral from international lenders like MPOWER Financing and Prodigy Finance. However, the criteria for such options include your course and the college of admission.
Which bank is the best for student loans for an MS in the USA?
Public and private sector banks offer student-friendly loans to study an MS in the USA. Compared to private banks, public bank loans have a lower interest rate.
What is the repayment period for MS education loans in the USA?
The repayment period for education loans to study MS in the USA varies from 10 to 20 years. You can negotiate with the lender and choose an affordable repayment plan.
