Received an Admission for Fall 2025! What to Do Next?

Many Students have already submitted their applications for Fall (August) 25. Of course, many universities are still accepting applications since their deadlines are available until March 31, 2025. However, since universities process applications on a rolling basis, students have already started receiving admissions and will continue getting decisions till May/June 2025.

Congratulations on receiving admission offers for Fall 2025. Having achieved this huge milestone, you are now entering the crucial phase of planning your next steps till your Visa is approved.

Selection of Final University

Once you have received an offer, here’s what you need to do next:

  • Evaluate the university’s ranking, course curriculum, job opportunities, and tuition fees before making a decision.
  • Consider factors like location and cost of living.
  • Check for merit-based scholarships and assistantships (RA/TA positions) at your university.
  • Part-time on-campus jobs can help cover living expenses.

Types of Admission Offers

Each university follows a different process when it comes to issuing admission letters and the I-20 form, a crucial immigration document that is necessary for obtaining a student visa. Here are the most common types of admission offers you might receive:

1. Admission Letter with I-20 Form

  • Some universities issue both the admission letter and the I-20 form simultaneously.
  • This is the most convenient scenario, as you can accept the admission and still wait for responses from other universities before making your final decision.

2. Admission Letter Without I-20 Form

  • In some cases, universities send an acceptance letter but will not issue the I-20 until you formally accept their offer.
  • You can accept their offer, request to issue the I-20 form and keep your options open while you wait for decisions from other universities.

3. I-20 to be issued Based on Financial Documents

Some universities require proof of financial capability before issuing the I-20. Students must submit a bank certificate or a letter of a sanctioned education loan to demonstrate sufficient funds.

  • The required amount should cover two semesters of tuition, one year of living expenses and other costs, if any.
  • You can include funds in Savings Bank account, Fixed Deposits and Public Provident Fund. Some universities also accept funds in the General Provident Fund.
  • Students can also temporarily borrow funds from family or friends to obtain a bank certificate and repay the amount immediately after issuance of the bank certificate.
  • Since students apply to multiple universities, it is advisable to get around eight copies of the bank certificate, which is valid for three months. The bank certificate should be equal to the cost of the most expensive university among your options so that it can be used for all the universities you have applied.
  • If personal funds cannot be arranged, a loan sanction letter from a bank or non-banking financial institution (NBFC) can be submitted instead.

4. Non-Refundable Deposit Requirement

  • Some universities require a non-refundable deposit (ranging from $100 to $750) as a confirmation of admission before issuing the I-20.
  • If you are unsure about enrolling at that university, it is better to delay the payment.
  • However, if the university is your preferred choice, paying the deposit within the deadline is advisable.

Cost of Education:

Studying for a master’s in the USA is a significant financial investment. Unlike domestic students who may qualify for in-state tuition, international students must pay out-of-state tuition fees, which are typically higher.

For example, if the annual in-state tuition fee is $10,000, the out-of-state tuition fee can go up to $25,000 or more. Additionally, due to the appreciation of the USD and increasing living costs in the U.S., education costs have risen further.

On average, a master’s degree from a decent university can cost between ₹45–50 lakhs, including tuition, living expenses, and other fees.

Education Loans for MS in the USA

Due to the high cost, many students choose to fund their education through education loans. These loans can be obtained from:

  • Nationalized Banks (State Bank of India,Bank of Baroda, etc.)
  • Private Banks (HDFC Bank, ICICI Bank, Axis Bank, etc.)
  • Cooperative Banks (Cosmos Bank, Saraswat Bank etc.)
  • NBFCs (Non-Banking Financial Institutions) (Credila Financial Services, etc.)

Interest Rates and Loan Benefits

  • Education loan interest rates generally range between 8.50 to 12%.
  • Nationalized and Cooperative banks usually offer lower interest rates compared to private banks and NBFCs.
  • Female students can benefit from a 0.5% interest rate discount at Nationalized and Cooperative banks.

Loan Sanction Process
To get your loan approved, you need:

  • Admission letter from the university
  • KYC documents (passport, ID proofs)
  • Academic transcripts and test scores (GRE, TOEFL/IELTS)
  • Income proof of co-applicant (if applicable)
  • Collateral (for secured loans)

However, before the loan is disbursed, the student must submit the I-20 form issued by the university and a photocopy of the F1 Visa approved by the US consulate.

Apply for Your Student Visa (F-1 Visa)

  • Once you receive your I-20 form, pay the SEVIS fee ($350) and fill out the DS-160 visa application form.
  • Schedule your visa interview at the U.S. embassy or consulate.

For a detailed guide on Student Visa, wait for our next blog.

If you need personalized guidance on university selection, loan applications, or visa preparation, our counseling team is here to help!

Stay tuned for more updates and expert tips on your study abroad journey with one of the best abroad educational consultants!

As India’s leading Study Abroad Consultant, Dilip Oak’s Academy offers a comprehensive suite of services, including TOEFL, IELTS, GRE 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.

Education Loans: Everything you need to know

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:

  1. Duly filled application form
  2. Passport-sized photographs of the applicant and the co-applicant
  3. Photo ID: PAN/ Passport/ Driving License/ Aadhaar / Voter ID of the applicant and co-applicant
  4. Residence proof: Passport / Driving License/ Aadhaar / Voter ID of the applicant and co-applicant
  5. 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) 
  1. Proof of admission: Printed admission letter from the college or university (if applicable) 
  2. Bank statements of co-applicant: Usually statements of the last 8 to 12 months 
  3. 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.) 
  4. 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!