Around 35% of universities in the USA have given waivers for GRE
The GRE score is still one of the most important selection criteria considered by graduate admissions committees.
Why should I take the GRE test?
Colleges typically use the GRE (for STEM fields) to assess your quantitative ability.
- Every applicant is evaluated holistically; your GRE scores, academic scores, internships, research papers, and projects are considered. But those who give GRE will have a clear advantage over those who don’t.
- If your undergraduate GPA is lower than expected, your GRE test score is your chance to demonstrate quantitative skills beyond your transcript.
GRE is recommended as it is required for scholarships.
Though scholarships based on GRE, TOEFL, and IELTS exam scores are limited, you must score at least
- 165 in both the quantitative and verbal sections of the GRE,
- 4.5 in the writing skills section of the GRE, and
- above 100 in the TOEFL and 7.5 in the IELTS to be eligible for one.
A good GRE score demonstrates your potential in analytical and critical thinking skills.
How do I decide whether to take the GRE?
If the website explicitly states that GRE scores are required, you must take the GRE.
If the university website mentions that it is recommended, it is advisable to take the GRE.
If the university you are applying to has stated on their websites that they have waived the GRE, you are not required to send your GRE score reports in your admissions packet. However, if your GRE score is more than 300, we still recommend that you send the GRE scores.
After applying successfully for the Fall 2023 intake of your dream American university, many of you might be busy planning to arrange the finances for the program, right? Applying for a student loan is one such popular option preferred by many students and their parents. However, it is necessary to have the right advice before making a choice.
This article is aimed to give you a broad overview of the student loan process and will also answer many of your queries about the same. So, let’s get started!
What is an education loan?
An education loan is funds borrowed from a bank or a financial institution to cover the cost of tuition fees, allied expenses such as living and insurance costs.
Who is eligible for an education loan?
The eligibility for availing loan is determined by each bank/ institution independently, and several variations can be seen in them. However, the common requirements are as below:
- The applicant and co-applicant should be citizens of India over 18 years of age
- The student should have secured a minimum of 50% marks in HSC, and a bachelor’s degree
- The student should have a confirmed admission from an overseas university (if applicable)
- The co-applicant should have a regular source of income
What is the maximum amount of loan one can avail of?
There is no straightforward answer to this question, as it depends on many factors. But, many institutions offer loans with no upper limit if the collateral is provided. In the case of unsecured loans, usually, the upper limit would be around 45 to 50 lakhs.
What are the applicable interest rates on education loans?
Various institutions, including public and private sector banks, offer a range of choices to students aspiring for education loans. Most of these loan schemes have a floating rate of interest calculated based on the repo rate and a spread decided by the respective institution. The interest rates are generally seen to move from 9.55% to 13%. In addition, a few nationalized banks also offer a concession of 0.5% for women students. However, please note that every institution has a different schedule for revising the rates; , it is advised to consult the representatives of such organizations to find out the exact cost of the loan.
What is the tenure of a student loan?
Education loan is generally offered for a period ranging from 10 to 14 years.
How much time is required for the processing of an education loan?
Under normal conditions, student loans are processed in 15 to 25 days.
How to repay an education loan?
The terms of repayment of an education loan vary from bank to bank, and it is difficult to generalize them. But, as a common practice, a grace period of 6 to 12 months is provided after completion of the program.
Documents required for applying for an education loan:
- Duly filled application form
- Passport-sized photographs of the applicant and the co-applicant
- Photo ID: PAN/ Passport/ Driving License/ Aadhaar / Voter ID of the applicant and co-applicant
- Residence proof: Passport / Driving License/ Aadhaar / Voter ID of the applicant and co-applicant
- Academic documents:
- HSC Mark sheet
- Mark sheet of subsequent years of graduation
- Mark sheet of entrance exams like GRE, IELTS, TOEFL etc.
- Scholarship documents (if applicable)
- Proof of admission: Printed admission letter from the college or university (if applicable)
- Bank statements of co-applicant: Usually statements of the last 8 to 12 months
- Income proof of co-applicant:
- For a salaried person:
- The last three salary slips
- Form 16 of the last two years
- For a self-employed person:
- Income Tax returns of the last two years
- Financial statements of the last two years certified by CA
- Proof of office (Lease deed, a Title deed, Utility bill etc.)
- For a salaried person:
- Collateral documents:
- Property title deed
- 7 / 12 extracts in case of land
- Registered sale agreement etc.
The list shown above is representative only. The requirements may vary depending on the financial institution under consideration. Thus, it is always better to cross-check the requirements from the authorized representative of the concerned organization.
Additional Information:
Can I apply for a loan even if my admission is yet to be confirmed?
Fortunately, the answer to this question is yes! Almost all banks accept loan applications even if admission to a university still needs to be confirmed or is in process. In such a case, the application is assessed based on the overall student profile, including academic performance and other criteria, such as the credit profile of the co-applicant. The bank may also approve the loan by issuing a sanction letter with the condition that the admission must be confirmed before its disbursal.
Is there any tax benefit on availing of student loans?
Yes. Under section 80E of the Income Tax Act of India 1961, an individual can claim a tax deduction on the interest paid on such loans. The maximum deduction that one can obtain is Rs. 40,000.
What is acceptable as collateral?
Collateral acceptable is either a movable asset or an immovable property. Financial assets such as fixed deposits in the respective bank are acceptable in the former category. The latter category of immovable property includes a flat, a house or a plot of non-agriculture land.
I hope this clears most of your doubts about education loans. I wish you all the very best!
With their impeccable quality of education, well-designed coursework and on-campus placement programs offered by the US universities, the US is one of the most sought destinations for higher education. Why US? (read blog). But the current uncertain economic scenario has posed many questions for these prospective graduate students, thus making it difficult for them to decide their future plans. Let us try to address these concerns:
Is the US on the verge of recession?
Recession alarms are being sounded in the US, predicting an economic downfall and, consequently, an increase in unemployment. According to statistical reports, in January 2022, the unemployment rate in America was 4%. which currently is 3.7%. In fact, it has been consistent in recent months, and the Fed is making efforts to ensure that it does not exceed 4%. More specifically, the tech unemployment rate is only 2.1%, indicating a continuous demand for technical skills. Technical jobs have always dominated the job market. So pursuing a graduate program to make yourself technically proficient will help you easily secure these job opportunities.
Layoff/Hiring freezes by tech giants:
This year has witnessed many layoffs and hiring freezes by companies like Facebook, Twitter etc., to implement cost-cutting. Marc Zuckerberg explained the reason for this extreme step in his message to the Meta employees. According to him, the online market had received a boost during the pandemic, and the surge was expected to continue. Consequently, huge investments were made; however, the returns were below expectations, thus resulting in economic losses. Moreover, various cost-cutting strategies implemented to combat these losses were inadequate, leading to downsizing and suspension of new hiring. Of course, the other companies could have a similar reasoning, but should this affect your decision to pursue a graduate program?
Even amidst these adverse circumstances, the available data shows that the aggregate demand for technical expertise is still strong enough to counterbalance the slowing economy. Nonetheless, this is the correct time to equip yourself with the latest skill set so you will have an edge over your peers when the scene changes.
Is there inflation in the US?
Post the 2008 recession, the US economy had revived within three years and continued performing well until the pandemic shook it again. However, it quickly revived within two years. But in mid-2021, the inflation rate started rising and was at its peak in June 2022, reaching 9.1%. As this was well above the targeted 2% inflation rate, the Fed is making desperate efforts to alleviate the inflation rate or ensure that it does not escalate. Interest rates have been increased to encourage the flow of capital, and manufacturing activities are being promoted. Consequently, the average annual inflation rate has stooped down to 7.7% in October, the lowest since Jan 2022. The recent data trends are definitely encouraging and indicate signs of improvement. (Optimistically, we believe it will soon change). More importantly, you will complete your program in 2 years, so making any hasty predictions about the future is not logically justified.
Now what?
So when this cloud of uncertainty is looming over our heads, how do we decide? As mentioned earlier, this would be the best time to pursue higher studies. On a more philosophical note, remember that change is the only thing constant in this universe. Indeed, we cannot predict the future, but we can prepare for it. One of the things that the pandemic has taught us is to be prepared for the unpredictable. Remember, amidst all these cyclical changes, highly skilled technical manpower will always be in demand. So, if your decisions are firm, take this calculated risk and pursue your dreams of studying in the US!
As a trusted study abroad consultant for nearly three decades, Dilip Oak’s Academy will be with you through every step of your journey! Wishing you all the BEST!!!
“Reading” may not be one of your hobbies, but it is an important skill to grow. Therefore, even if you get scared or bored by looking at the long black text, somehow you have to develop a knack for effective reading.
The more you read and practise, the easier it will be for you to comprehend what you are reading. Here are the seven straightforward techniques to improve your comprehension abilities:
1. Increase vocabulary power
When you understand the meaning of the words you read, it can be easier for you to grasp the author’s perspective. You can improve your vocabulary by developing a habit of active reading. You can mark the difficult words and phrases that you come across while reading and search for their meaning in the dictionary. Once you understand the meaning of words, use it in your own language and try to use it in different contexts. This will aid in your long-term retention of those words.
2. Ask questions regarding the text you are reading
As you become more immersed in the text, asking questions about what you are reading can help you become a better reader. In order to gain a deeper understanding of what you are reading, consider themes, motifs, and other aspects of the text that you may have overlooked.
You can ask yourself the following questions as you read:
- Why did the author choose to start the book that way?
- What sort of bond do these two characters have?
- What do we now know about the protagonist of the story?
- Are there any recurring themes throughout the book? If so, what do they mean?
3. Make use of situational cues
Even if you are unfamiliar with all the words being used, using context clues can really help you grasp what you are reading. The words and sentences that precede and follow the unfamiliar word can provide context cues. By concentrating on the major words or concepts in a sentence, you can use context clues to infer the sentence or paragraph’s core theme. Additionally, you can search for neighboring terms that are either synonyms or antonyms of the unknown word.
4. Identify the core idea
You can evaluate the relevance of an article by finding the main idea in a paragraph. Understanding the significance of what you’re reading may help you better understand the author’s perspective. After reading every paragraph, stop reading and try to figure out what the major point is. Then, for even better understanding, try to rephrase the primary idea in your own words.
5. Summarize the information you read
Writing a summary is a foolproof method to learn more about what you have read. In order to summarize, you must first determine what is crucial in the text and then express it in your own terms. Summarizing enables you to assess your comprehension of the text and improves your long-term retention of what you have read.
As India’s leading Study Abroad Consultants, we offer coaching in GRE, TOEFL, and IELTS. Through our Admission Counseling Services, we also provide guidance on university selection, application essays, and visa counseling.
Each of the major tests that students generally take to get higher education in the United States – i.e. the GRE, IETLS, TOEFL tests – allows you to send you scores to a certain number of universities or colleges free of charge.
- GRE – 4 free score reports
- names of universities to be specified on the day of the test, immediately after your exam
- current fee per score report thereafter $ 27
- TOEFL – 4 free score reports
- names of universities to be specified one day before the test
- current fee per score report thereafter $ 20
- IELTS – 5 free score reports (to universities accepting an IELTS score) + 1 given to the candidate
- names of universities to be specified one day before the test
- current fee per score report: Online Rs 250, and physical copy Rs 1500