Finance Your MS in the USA: Guide to Unlocking Your Educational Dream!

Finance Your MS in the US: Guide to Unlocking Your Dream!

An education loan covers the cost of tuition, living costs, insurance, and other incidentals. Given the wide variety of choices available today, finding the best deal to finance your MS in the US is possible. In fact, taking an education loan is a smart move, as you don’t need to break into your savings while taking advantage of tax benefits.

Eligibility

Students pursuing full-time higher education, graduate or postgraduate studies, and professional education, irrespective of age, can borrow the required funds to finance their MS in the US. Most loan providers require that students show proof of admission to the graduate or postgraduate program. However, some private institutions and cooperative banks sanction a loan even before getting admission.

Tax Benefits of Financing Your Education

Tax Benefits of Financing Your Education

People with sufficient funds are also advised to take a loan to finance their education since they get tax deductions under Sec 80E of the Income Tax Act. There is no limit for Section 80E exemption up to which you can claim the deduction. All interest paid in a financial year is tax deductible, regardless of the sum. The interest component of the education loan can be claimed under Section 80E just as deductions under Section 80C and Section 80D are claimed before arriving at your total income to calculate the tax liability. However, it is important to note that you can claim a tax deduction only for the interest portion. You cannot claim a tax deduction for the principal part of the EMI.

You will be eligible to claim a deduction under section 80E only if you take the loan from any bank/financial institution or any approved charitable institution. Loans from friends or relatives for higher education do not qualify for this deduction.

Loan Amount and Repayment

Finance Your MS in the US: Loan Amount and Repayment

I-20 or Admission Letter mentions the total cost of education for one year. Students can get a loan for up to double the amount mentioned on the I-20. Depending on the loan provider, there are slight variations regarding the application process, documentation, interest rates, guarantees, etc. Students are not expected to pay any EMI for the first two years. (Some loan providers may demand interest during these two years.) Generally, loan repayments begin one year after the end of your course or six months after you secure your first job, whichever is earlier. Most lenders also allow for additional time in case the student is unable to finish the course on schedule. Loan repayments are spread over 10-15 years to ensure that you are able to comfortably finance your MS in the US and include options for early repayment.

Rate of Interest and Margin Money

Rate of Interest and Margin Money when Financing Your Education

Most Nationalized banks and financial institutions offer fixed or floating interest rates in the range of 9-12%. Girls generally get a 0.5% concession from banks.

There is also the all-important factor of “margin money”! What this means is that most lenders will not loan you the entire cost of education – they also expect you to pay part of it. In other words, if, for example, your education cost is Rs. 40 lakhs in all, and there is a margin of 10%, then the bank will lend you Rs. 36 lakhs, and you will have to put up the remaining Rs. 4 lakhs. The idea is to ensure the loan seeker can bring money in and demonstrate responsibility. However, not all lending institutions insist on margin money; for example, loans from HDFC CREDILA do not need a margin.

Guarantors & Collateral

Guarantors & Collateral

A guarantor is a third party (different from the applicant) who agrees to repay the loan if the borrower can’t. Besides this undertaking, lenders also request collateral in the form of fixed deposit receipts, property, or other security. They keep this collateral in their possession until you repay the loan. Banks or lenders do this to safeguard themselves against a bad debt. The lender may waive the guarantee if the borrower’s previous repayment track record or financial history is very sound.

If payments are defaulted on, i.e., not made on time, the loan contract has provisions for penalties/late payment fees. Besides, defaulters also risk being ‘redlisted’, which severely limits their future credit options. However, most bankers or institutions are receptive to negotiation and allow for extensions on payment tenure or reduction of EMIs in case of genuine difficulties.

So, look around and see your options! A good loan deal can be a big asset in helping you finance your dream of an American education.

As India’s leading Study Abroad Consultant, Dilip Oak’s Academy offers a comprehensive suite of services, including GRE, TOEFL, and IELTS coaching, as well as GRE Self Prep. Furthermore, our admission counseling services can guide you through the entire process from Shortlisting Universities to Visa Counseling. With our expertise, we have successfully sent 32,000 students to various prestigious American universities like MIT, Stanford, Cornell, and Carnegie Mellon. To enroll in our comprehensive overseas education consultancy services, book a free consultation or call us at 91-20-67444222.

Should I take a Computer-based or a Pen-Paper-based IELTS?

                 

The International English Language Testing System is an English language proficiency test one has to take if one wants to study, work or immigrate to English-speaking countries. For a long time, IELTS was a paper-based test. However, recently, IELTS has offered students a choice of taking the test in computer-based mode [CBT] or paper-based mode [PBT]. Choosing the suitable mode of examination is no mean feat here!

The test format is the same, you get the same sections, the same question types, the same difficulty level, and the same time per section with the same evaluation and marking scheme. The Speaking section, conducted face-to-face, often on different dates, is the SAME for both PBT and CBT. The main differences between CBT and PBT can be seen in the Listening, Reading, and Writing modules, which are discussed in detail below:

Modules

      Pen-Paper based 

        Computer-based

Listening

  • At the end of the listening section, you get 10 minutes to transfer your answers from the question booklet to the answer sheet.
  • You have to write down answers on the answer sheet using a pen/pencil.
  • In the end, you only get 2 minutes to review your answers.
  • Some questions need you to type your answers in the text box, others need you to drag words from one place to another, and others require you to select boxes.

Reading 

  • You need to flip the pages back and forth to locate answers which can be time-consuming.
  • You can underline specific sentences or words you might want to return to using a pen or pencil.
  • When writing your answers in the answer sheet, you have to ensure that you check for spelling or grammatical mistakes
  • Those with problems reading small font sizes might find the paper-based test a little challenging
  • You can see the passage in the left panel as you continue answering questions in the right panel.
  • You can highlight any part of the text you want by selecting the text, right-clicking on it and choosing ‘highlight’.
  • You can copy-paste from the text using CTRL+C and CTRL+V which reduces the chances of spelling errors. 
  • You can increase the font size, so you do not need to strain to read.

Writing 

  • You have to write the essay/report/letter with a pen or pencil. So, if you are one of those who finds writing on paper more challenging than typing, you might prefer to choose CBT.
  • You need to count the words by yourself.
  • You can write the essay with a pencil to proofread later by using an eraser which consumes some time.
  • You need to have legible handwriting. If a word is difficult to read, it is likely to be marked as a spelling error.
  • Your typing speed must be adequate.
  • You can see the word count at the bottom of the screen
  • You can easily cut, copy and paste an entire sentence. You are also provided with a pen and paper to plan your essay.
  • You do not have to worry about your handwriting.

Speaking 

                    Same

                Same

Other differences between the two test formats:

              Pen-Paper based

                Computer-based

4 slots in a month

90 slots in a month 

Results in 12-13 days

Results in 3-5 days 

Test centers are less crowded

Test centers may be more crowded

Noise because of typing during the writing section can get distracting

While choosing the most appropriate mode of the exam, we recommend that you keep in mind your application deadlines. In addition, find out your comfort level by checking the sample of the CD-IELTS on the IDP website to know the Page Look and feel of the CBT exam. Similarly, you can try out a paper-based test to eventually decide which mode to choose.

 

At Dilip Oak’s Academy, we provide detailed guidance on these processes under our Admission Counseling Services  that include, selection of universities, documentation process and visa counselling along with mock visa interviews. As India’s leading Study Abroad Consultants, we have helped more than 30,000 students to secure their dream-admits for various universities in America including MIT, Stanford, Cornell, Carnegie Mellon and other top-ranked universities.
We also offer GRE, TOEFL, and IELTS coaching, GRE Self Prep and guide students with university selection, application essays, and visa counseling under our Admission Counseling Services for USA, Germany and UK. To enroll, call us on 91-020-67444222, 91-8007878495.

Eligibility Requirements for MS Programs in Canada

1. Academic credentials

A majority of Canadian universities require you to have completed 16 years of education (12+4), i.e. a four-year Bachelor’s degree before applying for MS. This is applicable for students from technical backgrounds like Engineering, Pharmacy, and Architecture. For non-technical fields like Arts and Management, a student is required to complete 17 years of education (12+3+2).

Canadian universities have a very high cut-off percentage. Hence, you need to have a minimum of 70% to 75% in your degree course and an equivalent CGPA of a minimum of 7.5 to 8.5. Top universities especially, give a lot of emphasis on your performance in the last two years (i.e. the 3rd & 4th years) of your degree course.

If you are planning to pursue an MS in Business Management, Finance, or Business Analytics, you are required to have relevant work experience of minimum 1 to 3 years.

2. Qualifying examinations

TOEFL or IELTS: certain minimum English Language Proficiency Test scores are mandatory for admission to Canadian universities. A minimum IELTS band score of 6.5 to 7 or a minimum TOEFL score of 85+ is required by a majority of Canadian universities. At Dilip Oaks Academy, we offer  TOEFL coaching and  IELTS coaching along with rigorous practice sessions and mock tests.

3. GRE: Though a majority of universities in Canada do not require GRE scores, some of the top universities do, and so we recommend that you give your GRE if you aim to get into one of these universities. Our GRE Coaching will help you thoroughly prepare for the GRE exam. (hyperlink underlined words to GRE landing page)

We also offer Admission Counseling (hyperlink to Admission Counseling Masters in Canada page) through which we provide guidance on the selection of universities, application essays, and visa counseling. 

Advantages of Pursuing a Master’s Degree in Canada

With its international student population touching 6.4 lakhs this year, Canada has become the 3rd most popular destination for foreign students, especially Indians, who constitute 34% of this number. Since 2014, the Indian student population in Canada has grown by a massive 350%.  Premier but affordable education, internationally recognized degrees, and opportunities for Permanent Residency have led a large number of students to apply for Master’s degrees in Canada. Additionally, its small population of 37 million, and the steady growth of its economy have opened up multiple job avenues over the last decade, especially in the provinces of Ontario, British Columbia, and Quebec, making them the most sought-after areas to settle in.

Here are the top six reasons why you should pursue a Masters in Canada:

1. Quality education and internationally recognized degrees: Canada is home to around 30 high-ranked universities offering degrees that are internationally recognized as equivalent to corresponding degrees earned in the US. These universities have highly qualified professors, mostly doctorates, with enormous experience in their fields.

2. Affordable tuition fees and living costs: compared to American universities, Canadian universities have a very affordable fee structure; in fact, their fees are the lowest of all English-speaking countries. This is because the Canadian dollar is much cheaper than the US dollar and the Euro. Further, living costs – the total housing, food, and other expenses – usually do not exceed 1,000 CAD per month which can be covered by on-campus jobs. Students can also apply for full-time jobs during summer and winter breaks and earn enough to cover their tuition costs.

3. Easy immigration and PR laws: unlike the US, there is no annual quota for work permits in Canada.  Also, under the new system, international graduates from Canadian programs of study can obtain up to 30 additional CRS points which count towards getting a Permanent Residency.

4. Job opportunities: the Canadian university curriculum is designed to meet the changing demands of the industry. So by the time students finish their master’s studies, they are well-placed to land good jobs and generally manage to do so within 6 months of completing their course.

5. Research-based education:  Canada ranks 4th in the world for the quality of its scientific research and Canadian universities actively encourage students to carry out research. Companies and government institutions in Canada also extend their support to Canadian universities by organizing learning programs and workshops for their students. The University of Toronto and the University of British Columbia have been recognized as the best Canadian universities due to the high impact of their research.

6. Cultural diversity:  Canada has rich ethnic and cultural diversity. Universities also conduct a number of cultural programs that help students to develop a broader global perspective.

To help you get started with your preparation, we offer GRE Coaching, TOEFL Coaching, IELTS Coaching, and also Admission Counseling through which we provide guidance on the selection of universities, application essays, and visa counseling. 

Step-by-step guide to obtain a Canadian Study Permit (Student visa)

QUICK GUIDE ON GETTING YOUR CANADIAN STUDY PERMIT (1)

In continuation with our blog published on 17/07/2020 where we briefly discussed the admission and visa requirements for Canada, we will now take you through the step-by-step process for obtaining the Canadian study permit for MS, the application timeline, and the required documents.

Before we proceed, let us first understand the difference between permit and visa. Often, students get confused between the two.

Study Permit Vs Visa

A Study Permit allows you to stay in the country until completion of your course at any of the Designated Learning Institutions (DLI) in Canada.

A Visa allows you to enter the country. You must therefore remember that the study permit is not a visa and it doesn’t let you enter Canada. For entry, you need a visitor visa or an electronic travel authorization (eTA) which is issued by the Canadian government once your application for the study permit is approved.

Timeline and documents required for Canadian Study Permit

Your application process should begin as soon as you receive acceptance letter from your desired university. The fee for a study permit is CAD 150, which is around Rs 8400.

If you are planning to go for fall intake (September), you should begin the process around June. The documents required include:

  1. Valid passport
  2. Acceptance letter from the university
  3. Proof of funds (CAD 10,000 per year without tuition for those outside Quebec. For those in Quebec, CAD 11,000 per year)
  4. Passport size photographs
  5. Immigration Medical Examination (ideally to take a week before starting the visa process)
  6. TOEFL/IELTS scores
  7. Statement of Purpose
  8. Credit card

Step-by-step application process for a study permit:

Your application process might take three to four weeks to complete hence you should start the process with some margin in your hand. Once you decide, you can either apply online or apply in-person.

To apply online, you require scanned documents and a valid credit card for payment. Before you start the application, read the instruction guide HERE. Fill out the application and pay the biometrics fee. Once you submit the application, you will receive a letter specifying the time and place to give your biometrics. From receiving the letter, you have up to 30 days to give your biometrics.

To apply in person, you can download the application kit and the instruction guide from the official website of the government of Canada,  fill the VFS consent form and attach it to the application, pay the processing fee (in addition to VFS Global services charges), and submit the documents at the nearest VFS office.

While you can go with either of the ways, we recommend students to apply online as the process is faster and easier.

Once your application is approved, you will receive a letter of introduction. This letter is not your study permit. You need to show it to an officer when you arrive in Canada. Along with the letter, you will also be issued an Electronic Travel Authorization (eTA) or a visitor visa (temporary resident visa) to enter Canada.

On arriving in Canada, you are required to present all these documents to the border services officer, who after validation, will issue you with the study permit.

MS in Canada: Work Permit process and PR opportunities (Part 3)

blog banner

In the last blog dated 17/08/2020, we learnt about the admission requirements and visa process for masters in Canada. In this final part, we will cover vital information on how to obtain a work permit and apply for a Permanent Residency in Canada.

Work Permit

A Work Permit, or a Work Visa, is issued to eligible international individuals to work in that country for a specific time period (3 years). Unlike the US, you don’t need a job offer in order to apply for a work permit. You can apply for it within 180 days of receiving the post graduate degree. In order to be eligible for a work permit, you need to meet the following criteria:

1) You must complete MS from a Designated Learning Institution (A designated learning institution is a school approved by a provincial or territorial government to host international students.)

2) Your course should be at least 8 months long

3) Your study permit should be valid at some point within the 180 days of receiving your MS mark sheet. If you stay in Canada with an expired study permit, you must apply to restore your status as a student before applying for a work permit.

4) You must maintain full-time status as a student. Part-time status does not qualify you for a work permit.

Permanent Residency (PR)

International students can apply for PR while studying in Canada or after completing their MS. Most students apply for the PR while studying. This is popularly called ‘dual intent’ application and is readily accepted by the Canadian immigration law. For PR, each applicant is scored out of 100 on the basis of his/her age, qualifications, English language proficiency and experience.  Generally, applicants who score above 67 get their PR faster than others. Broadly, there are three types of PR programs you can apply for as a student:

Canadian Experience Class (CEC)

To qualify for this, students must have at least 12 months of work experience in Canada. While the requisite work experience gained by applying for a work permit is considered, any part-time work experience earned during the program like internships and co-ops does not count as valid work experience for a PR.

Quebec Experience Class (QEC)

Students who have completed their program in Quebec and who have passed intermediate level of proficiency in French can apply for this. This type does not require prior work experience in Canada.

Provincial Nominee Programs (PNPs)

To be eligible for this, a student must meet the minimum requirements of that province he/she intends to settle in, must have graduated from a Canadian post-secondary education program, and must have a relevant work experience. (This requirement varies for different provinces)

After receiving the PR, you should complete at least 4 years of stay in Canada before applying for the citizenship.

MS in Canada: Admission and student visa requirements (part 2)

17th aug-blog banner

In the last blog dated 10/08/2020, we discussed the benefits of pursuing masters in Canada and saw how fast the country is becoming one of the most sought after destinations for higher education. In this blog, we will focus on the admission and visa requirements for MS in Canada and breeze through the top Ten Canadian Universities for STEM courses.

Admission requirements 

Academic credentials

Majority Canadian universities require you to have completed 16 years of education (12+4), i.e. – a four- year Bachelor’s degree before going for MS. This is applicable to all the technical background students like Engineering, Pharmacy, and Architecture etc. For non-technical fields like Arts and Management, a student is required to complete 17 years of education. (12+3+2)

Canadian universities have a very high cutoff percentage. Hence, you need to have a minimum of 65% to 70% in your degree course and an equivalent CGPA of a minimum of 7.0 to 7.5. Top universities especially give a lot of emphasis on the performance of the last two years of your degree course. (3rd & 4th year)

If you are planning to pursue MS in Business Management, Finance, and Business Analytics; you are required to have relevant work experience of minimum 1 to 3 years.

Qualifying examinations

TOEFL/IELTS: English Language Proficiency Test scores are a mandatory requirement of Canadian universities. A minimum of 6.5 to 7 band score in IELTS or 90+ score in TOEFL is required to get into the best Canadian universities. At Dilip Oaks Academy, we offer online TOEFL and online IELTS coaching along with rigorous practice sessions and mock tests.

GRE: Though a majority of universities in Canada do not require GRE scores, some of the top universities do ask for it. We recommend you to give the GRE and keep your scores ready if you aim to get into one of the top universities. Our Online GRE Coaching will enable you to prepare for the GRE in a hassle-free manner.

Crucial student visa requirements:

Once you receive admit from a Canadian university, you need to apply for a study permit that requires you to fulfil four crucial criteria:

1)      Admit should be from a recognized university

2)      Proof of funds to support yourself. At present this is equal to the tuition fee for one year and CA$10,000 as living expenses.

3)      Proof of no criminal record

4)      Fitness certificate from the doctor as recommended by the Canadian High Commission

Lastly, a quick glance at the Top 10 Canadian Universities:

  • University of Toronto
  • University of British Columbia
  • McGill University
  • McMaster University
  • University of Montreal
  • University of Alberta
  • University of Ottawa
  • University of Calgary
  • University of Waterloo
  • Western University

Kick-start your prep for MS in Canada NOW!

Enrol for our admission counselling services and start planning your Canadian endeavour the right way!

Top 6 benefits of pursuing masters in Canada (Part 1)

TOP 6 BENEFITS OF PURSUING MASTERS IN CANADA

With its international student population touching 6.4 lakhs this year, Canada has become the 3rd leading destination of foreign students, especially Indians, who constitute 34% of this number. Since 2014, the Indian student population in Canada has grown by a whopping 350%.  Premier affordable education, internationally recognized degrees, and opportunities for Permanent Residency have led to a large number of students to apply for Masters in Canada. Additionally, a small population of 37 million, and steady growth of the economy have opened multiple job avenues over the last decade, especially in the provinces of Ontario, British Columbia, and Quebec, and have made them the most sought after areas for settlement.

Given these facts, let us explore in detail what makes Canada one of the ideal destinations for higher education:

Quality education and internationally recognized degrees: To date, Canada houses around 30 high-ranked universities offering degrees that are recognized internationally as being equivalent to US degrees. These universities have highly qualified professors, mostly Doctorates with enormous experience in their fields. Secondly, the teacher-student ratio is as low as 1:20. This allows personal attention and interaction. As per the current rankings, the top three universities in Canada are the University of Toronto, McGill University, and University of British Columbia.

Affordable tuition fees and living costs: Compared to American universities, Canadian universities have a very affordable fee structure; in fact, the lowest among other English-speaking countries. This is because the Canadian dollar (1 Canadian dollar (CAD) = 56 INR) is much cheaper than the American dollar (1 USD= 74 INR) and the Euro (1 Euro= 88 INR). As for the living costs—the total housing, food, and other expenses usually do not exceed 1,000 CAD per month. Additionally, students can take on-campus jobs for 20 hours/week and make u to 800 to 900 CAD per month. They can also apply for full-time jobs during summer and winter breaks and earn a substantial sum to cover their tuition costs.

Easy immigration and PR laws: Unlike the US, there is no annual quota for immigrants in Canada. In fact, the Immigration, Refugees and Citizenship Canada (IRCC) recently published their Canada Immigration Levels Plan for 2020-2022 according to which, they plan to admit around 1,053,000 new permanent residents till 2022. Also, under the new system, international graduates from Canadian study programs can obtain up to 30 additional CRS points. Thus, pursuing MS in Canada increases the chances of securing Permanent Residency.

Job opportunities: Canadian curriculum is designed to meet the changing industry demands. By the time students finish their masters; they are well-versed with the latest trends and manage to land a good job within 6 months of course completion.

Research-based education:  Canada ranks 4th in the world for its quality scientific research. Canadian universities actively encourage students to conduct research. University of Toronto and University of British Columbia have been recognized as the best Canadian universities due to their high research impact. A student applying for Masters can choose either a professional master’s program (MEngg) or opt for a research-based master’s program (MaSc) emphasizing on original scientific research. The industries and government institutions in Canada also extend support by organizing learning programs and workshops.

Cultural diversity:  Canada has a rich cultural diversity of people from various ethnicities. Universities also conduct a lot of cultural programs that help students to develop a broader and global perspective.

In the next part, we will talk about admission requirements for MS in Canada.