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.

Eligibility for Master’s Degrees in the UK

 Types of Master’s degrees:

Postgraduate Taught Degree (M.Sc.): This one-year degree program requires students to attend regular classes, write exams and complete a project at the end of the course.

Postgraduate Research: Students work on a research project and at the end of the program submit a Dissertation.

Minimum required qualification

Most universities in the UK accept a three-year Bachelor’s degree (12+3) but there are a few universities that require a four-year Bachelor’s degree (12+4) for admission to a Master’s program. Therefore, students who have completed their Bachelor of Science (B. Sc.), Bachelor’s in Computer Science (BCS), Bachelor’s in Computer Application (BCA) and other similar three-year degrees are also eligible to apply for a Master’s degree.

Educational Grade

The most important requirement for admission to a Master’s program in the UK is the academic grade obtained in the Bachelor’s degree. A minimum grade of 2:1 at the bachelor’s level or in some cases a grade of 2:2 is also accepted with relevant work experience. You can convert your marks into the grading system followed by universities in the UK by referring to the table below:

First-Class Honours (1)marks of 70% or above
Upper Second-Class (2:1)marks between 60-69%
Lower Second-Class (2:2)marks between 50-59%
Third-Class Honours (3)marks between 40-49%

English Language Proficiency Test

Universities require evidence that you are proficient in the English language. This can be proved by taking the IELTS or the TOEFL (accepted by a few universities). The minimum score required on the IELTS is 6.5 out of 9, with a minimum score of 6.0 in each section and the minimum score on the TOEFL is 80 out of 120.

Graduate Record Exam (GRE)

The GRE score is required by only a few top universities and programs. Therefore, if you wish to apply to some of the top ranked universities, then it is recommended that you take the GRE.

Relevant work experience (recommended)

Work experience is not mandatory for all programs but is considered especially if the student has a weak academic background (low GPA). In case of programs that accept students from different academic disciplines, relevant work experience is a mandatory requirement. Minimum duration should be at least one year.

For more details and inquiries about pursuing higher education in the UK, reach us at 020-67444222 between 2:30 pm to 6:00 pm (Monday to Friday) and enroll for admission counselling for UK right away!

Advantages of Pursuing a Master’s Degree in UK

The UK is recognized as the second best international study destination after the USA. It offers students world class career prospects, state-of-the-art facilities and a multicultural environment. Some of the most reputed universities in the world are located in the UK. In fact, four of the world’s top ten universities are located in the UK.

 Some of the advantages of Studying in the UK are:

 1.   A wide variety of courses to choose from

Universities in UK offer a wide choice of subject to choose from, therefore if you are looking at studying a specialized subject then you can apply to universities that offer a Masters in that specific field (e.g. Artificial Intelligence or Machine learning) or if you are undecided about your specialization you may choose to study a general subject (e.g. Computer science)

2.    Shorter duration courses

The duration for a Masters Taught program is one year. Some universities also offer a two-year program which includes one placement year.

3.    Benefits of world leading resources and facilities

Most campuses provide students with an excellent learning environment which is complemented by well-equipped labs with latest technology and modern facilities. 

4.   Top quality Faculty with industry exposure

Most professors who teach at the university hold a Ph.D. There has been a constant transfer of knowledge between universities and the Industries through research projects. This enables students and companies to collaborate with each other.

5.   Scholarships and Jobs while studying

Some universities offer scholarships to international students. The amount offered may not cover the entire tuition cost but it will surely reduce the fees to some extent.

Students can also apply for the GREAT Scholarship offered by The British Council

6.   Excellent job opportunities

Computer Science or IT jobs have been classified among the “Shortage Occupations” List by the UK Government.

For more details and inquiries about pursuing higher education in the UK, reach us at 020-67444222 between 2:30 pm to 6:00 pm (Monday to Friday) and enroll for admission counselling for UK right away!

Live Webinar: Master’s Degree in UK for Computer Science & Related Fields

Are you planning to pursue a Master’s degree in the UK?

Do you require guidance regarding the application requirements, career opportunities and work visa in the UK?

Attend our FREE LIVE WEBINAR on Sunday, 3rd July 2022 and get in-depth guidance on:

  1. Admission criteria
  2. Application process
  3. Visa formalities
  4. Job prospects after the degree

Register here

The webinar is open to students from Computer Science and related fields.

Dilip Oak’s Academy is the pioneering institute in India for higher education abroad and since 1996, the academy has sent more than 30,000 students to various American universities. This year, the academy has also launched admission counselling services for master’s courses in the UK, primarily for Computer Science and related fields.

For more details, reach us at 020-67444222 or email us at support@dilipoakacademy.com

Application timeline for Fall 2021

 

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If you are applying for fall 2021 the clock has begun to tick. So, don’t delay. Here is a detailed Timeline to help you start and streamline your application process:

October-December 2020 

Register for the GRE and TOEFL examinations – these examinations should preferably be taken by 15th December 2020.

October 2020

  • Make a preliminary list of universities which meet your requirements considering:
  1. Broad specializations you are interested in
  2. Expected GRE score
  3. Academic record
  4. Budget
  5. Recommendations by seniors studying in American universities

November 2020

  • Documentation
    1. Start working on your Statement of Purpose (SOP). SOP is a crucial document that provides insights into your purpose of joining the course and university, your personality, experience in the field and long-term goals. It should be around 500 to 800 words long, precise, interesting, grammatically and technically sound.
    2. Arrange for 4 sets of college and university transcripts.
    3. Choose your recommenders (preferably college professors/project guides/employers) and keep recommendation letters ready.

  November-December 2020

  • Test and application process
  1. Take the GRE and TOEFL exams latest by 20th December 2020
  2. Shortlist your final 8 to 10 universities.
  3. Complete online application process latest by 30th of December and send the required documents by courier. Of course, universities accept applications even till 31st March, so you can send them by January too in case of any delay.
  4. Request the ETS to forward your GRE and TOEFL scores to the universities you are applying to. (scores take minimum 2 weeks to come)

 After sending the applications

You will most likely receive admission decisions from Feb/March. Once you receive the decisions, email your acceptance. This is very important especially when you are offered funding.

  1. When you have accepted the university’s offer of admission and the documentation formalities are complete, the university will send you the 1-20, an immigration document, which is essential for obtaining a visa. Some universities send I-20 along with the acceptance letter.
  2. Prepare the visa documentation according to the total cost of one year mentioned on the I-20
  3. Study the visa application formalities specified on the official website of the applicable US Consulate.
  4. Apply for a visa interview date – you can apply for a visa interview 120 days before the joining date mentioned on your I-20. Generally, students start applying for a visa from the third week of April. Once you get the visa date, proceed with the interview and complete the remaining formalities until your departure date.

At Dilip Oak’s Academy, we provide detailed guidance on these processes under our admission counselling services that include, selection of universities, drafting SOP and LOR, documentation process and visa counselling. Till date, we have sent 30,000 students to various universities in America including MIT, Stanford, Cornell, Carnegie Mellon and other top-ranked universities. To enrol, call us on 91-020-67444222, 91-8007878495.

 

 

 

 

A Few Great Tips on How to Tackle the GMAT DS Questions

 by our Quantitative Reasoning Faculty

In last time’s blog we looked at why DS is so important in GMAT. In this one we’ll take a look at the 3 key things that you need to do in order to tackle this unfamiliar question type. There are:

 

1. Learn the Options

The first step in learning DS is to get absolutely familiar with the options. Fortunately, in DS, this is easy because the five options are always as follows:

(A) Statement (1) alone is sufficient but statement (2) alone is not sufficient to answer the question asked

(B) Statement (2) alone is sufficient but statement (1) alone is not sufficient to answer the question asked

(C) Both statements (1) and (2) together are sufficient to answer the question asked, but neither statement alone is sufficient

(D) Each statement alone is sufficient to answer the question asked

(E) Statements (1) and (2) together are not sufficient to answer the question asked and additional data are needed.

 

2. Remember the Aim

Remember, in DS our aim is NOT TO FIND THE FINAL ANSWER to the question but  just to verify whether the INFORMATION GIVEN IN THE TWO STATEMENTS IS SUFFICIENT TO REACH TO THE FINAL ANSWER!

So while solving the question if, at any intermediate step, you realize that you can reach the final answer then QUIT and mark the option accordingly.

 

3. Understand the Approach

Now let’s have a look at how you should approach DS questions.

Step 1: Carefully Read the Question Statement and Find the Crux of the Question

After closely examining the question statement and before you read the information given in statements (1) and (2), ‘identify the crux of the question’. What I mean by ‘the crux of the question’ is the piece of information that is the key to the solution. Sometimes you have to think a little bit before you get it. But once you have it, it will lead you straight to the answer. For example, have a look at this question statement:

 

If x and y are distinct positive integers then:

 

 

 

 

 

(1) x = 2 (y + 3)

(2) x2 = y2 + 4

 

Now, if you have lost touch with maths, just the sight of that forest of terms is enough to want to make you give up. But again, remember that we are not at all interested in solving this inequality. We just need find out whether the expression on the left hand side is positive or not (that’s what is implied by >0) – and this is a much simpler matter! Further, in this mass of algebraic symbols is a key that reveals itself when you examine about the expression and think about it a little.

In order to get this key, the first thing to do is to carefully observe the question statement. First and foremost, it says, that x and y are distinct positive integers. This is a very important piece of information – and you’ll understand why in a moment. Secondly, if you observe the numerator of the expression on the left, it consists of additions throughout. Given both these pieces of information, the numerator has to be positive in nature: it is the sum of distinct positive integers (which is why the information about x and y was important). By the same logic, even the second bracket in the denominator has to be positive. The only unknown factor, therefore, is the first bracket in the denominator, i.e., (x – y) and this is what holds the key to the entire problem.

The entire expression will be positive if and only if (x – y) > 0, in short, if x > y. On the other hand, if x < y, the whole expression will be negative. So, the whole gigantic problem is reduced to an extremely simple question: is x > y? Once we have arrived at this conclusion, cracking the rest of the problem is really easy: any information about the relative magnitudes of x and y will be sufficient to arrive at the answer! Thus, in this case, the crux of the question (the key to the solution) is realizing that all we need to find out in order to answer this question is whether statements (1) and (2) allow us to decide whether x is bigger than y or vice versa.

Once you have reached this stage you are can confidently take on the options of this seemingly insoluble problem. The discussion above takes care of Step 1 of the approach i.e. carefully reading the question statement and finding the crux of the question. In the next post we’ll look at Step 2 of the approach: tackling the options in DS questions – and we’ll be giving you tips that will reduce the complexities to a few simple steps! Watch for the tips in our third DS blog post next week.