scholarships and funding Archives - Dilip Oak Academy Blog

U.S. Economic Outlook and Its Effect on STEM Students

October 24, 2024October 24, 2024Dilip Oak's Academy

In August 2024, the U.S. annual inflation rate dropped to 2.4%, the lowest since February 2021, when it was a staggering 7%. This marked a significant economic improvement after two difficult years in 2021 and 2022, with rising inflation and elevated unemployment rates. The high inflation during this period resulted in substantial increases in the cost of living, affecting essential expenses like housing, transportation, food, and even university tuition. For students, especially those pursuing degrees in STEM, these financial pressures have added stress to their academic journeys as they grapple with higher costs while completing their education. Despite these improvements, the U.S. unemployment rate in 2024 remains at 4.2%, slightly higher than last year’s 3.8%, indicating that recovery is ongoing.

Recent Fed Rate Cuts and Economic Conditions

The Federal Reserve has responded to the economic challenges by cutting interest rates by 0.5%, signalling a strategic shift to support employment and stimulate economic growth. By lowering interest rates, the Fed aims to make borrowing more affordable for consumers and businesses, which should encourage spending and investment. This move comes after years of prioritizing inflation control, with the Fed now focusing on reducing unemployment and promoting growth. The rate cut reflects the Fed’s confidence in managing inflation, and this shift is expected to create a more favourable environment for job seekers and businesses alike, offering relief to students and recent graduates entering the job market.

Positive Impact of the Growth in Stock Market on Employment

Financial markets have responded positively to the Federal Reserve’s rate cut, with stock prices rising as a result, especially in the tech sector. Lower borrowing costs enable tech companies to take on affordable loans, boosting investment in research, development, and expansion. This is especially beneficial for STEM students, as technology-driven companies are likely to increase hiring to support their growth. The tech sector’s reliance on debt to finance innovations means that rate cuts create opportunities for businesses to expand their operations, providing more job openings for graduates with the right skill sets in STEM fields.

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Increasing Job Prospects for STEM Students

Even amid broader economic uncertainties, job prospects for STEM students remain promising, especially in high-growth industries. The continuing digital transformation across various sectors ensures that professionals with expertise in artificial intelligence (AI), machine learning, cybersecurity, cloud computing, and software engineering are in high demand. These skills are becoming essential as industries increasingly rely on digital tools and automation to stay competitive. However, greater competition for entry-level positions comes with the growth of job opportunities. STEM students must be proactive by gaining additional certifications, completing internships, and working on hands-on projects to differentiate themselves. Despite the competition, tech-driven sectors like AI and machine learning continue to thrive, providing ample career opportunities for those with the right skills.

Conclusion

In 2024, the U.S. economy is gradually stabilizing, aided by the Federal Reserve’s recent rate cuts that aim to boost economic activity and reduce unemployment. While inflation and rising living costs still pose challenges for students, STEM graduates stand to benefit from expanding job opportunities in the technology sector. High-growth fields like AI, machine learning, and cybersecurity offer promising career paths for students who continue to build their expertise and adapt to the evolving demands of the job market.

As India’s leading study abroad consultant, Dilip Oak’s Academy offers a comprehensive suite of admission counseling services that 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. We also offer classroom and online coaching for GRE, TOEFL, and IELTS, as well as GRE Self Prep. Book a free consultation or call us at 91-20-67444222 to explore our services.

Successful 27th Annual Pre-Departure Orientation for Indian Students joining Master Degree in the US for Fall 2024

June 27, 2024September 5, 2024Dilip Oak's Academy

On June 16th, 2024, Dilip Oak’s Academy, in association with HDFC Credila, hosted its annual Pre-Departure Orientation for students joining US universities for master’s degrees in August 2024 (Fall semester). This long-standing tradition, held since 1998, took place at Siddhi Banquet Hall, Pune and attracted around 1100 students and parents, making it one of the largest events of its kind in India.

Distinguished Guests and Key Insights

The event was graced by esteemed guests Dr. David Alexander, Dean of the College of Engineering and Computer Science, Ms. Tasha Alexander, Director of International Student Services, both from California State University, Chico, and Ms. Sarika Oak, Senior Director, Udemy Inc., San Francisco. Their presence added significant value to the orientation, providing students firsthand insights into American campus life.

Mr. Dilip Oak explained that there are currently many job openings in the fields of engineering, architecture, and finance. It is a fact that, at present, job opportunities in computer science are very limited. But hopefully, the situation will change after January 2025. There will be more opportunities for the latest technologies like artificial intelligence, machine learning, deep learning, cybersecurity etc. He also provided crucial information on pre-travel preparations, including medical checks, insurance, immunization, and foreign exchange regulations.

Practical Advice and Encouragement

Sarika Oak shed light on campus life, accommodation, and job opportunities after graduation. She added that students should be proactive and make the most of every opportunity as that would make them well-rounded and work-ready. She emphasized the importance of building relationships beyond the Indian community to land internships and jobs. Her advice about on-campus employment and paid internships during Curriculum Practical Training (CPT) was a game-changer for those worried about repaying student loans.

Dr. David Alexander said there will be job opportunities starting in January 2025. However, jobs will be available to those students who excel academically and can crack 5-6 rounds of interviews. He also recommended that students stay informed of the changing trends and learn newer technologies.

Celebrating Our Achievers

A special highlight of the Pre-Departure Orientation 2024 was the felicitation of our students who achieved exceptional GRE scores and secured admits to prestigious universities. These accomplished students will join top-tier institutions such as Carnegie Mellon University, Columbia University, Georgia Institute of Technology, University of California, Berkley and Purdue University. Their fields of study are as diverse as their talents, ranging from Computer Science, Data Science, Cyber Security Management Information Systems and various engineering fields. We are incredibly proud of their achievements and confident that they will continue to excel in their chosen paths, contributing to the global community with their expertise and dedication.

Read this blog to know more about getting an internship during your MS program.

Real Stories, Real Impact

The program left a lasting impression on both students and parents.

Pradeep Kulkarni said this session resolved his doubts and concerns as a parent, thus reassuring him about the investment in his child’s education, thanks to the positive job prospects in America. He also praised the comprehensive guidance, which covered everything from settling into university life to finding housing and securing jobs.

Khushi Shah, an academy student, shared her seamless experience with the Academy’s support in university selection, Statement of Purpose drafting, and visa interview preparation. Her efforts, guided by Mr. Oak, led to her securing admission to all the universities she applied to.

Shivendra Bhonsle, our online GRE coaching and counseling student, expressed gratitude for the support and guidance he received that helped him achieve his dream. Moreover, the pre-departure event addressed all his doubts and eased his parent’s concerns about safety, job opportunities, and accommodations.

Akanksha Bharambe said that the Academy’s efforts were crucial in securing her admission to the University of Illinois Urbana-Champaign. The application process was seamless for her, especially the mock visa interview conducted by Mr. Oak, which boosted her confidence.

Wrapping Up

The Pre-Departure Orientation 2024 was a great success, equipping students and parents with essential knowledge and boosting their confidence as they prepare for their academic journey in the US. With over 26 years of experience, Dilip Oak’s Academy continues to guide students through their higher education journey in America.

As India’s leading Study Abroad Consultant, Dilip Oak’s Academy offers a comprehensive suite of admission counseling services that 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. We also offer classroom and online coaching for GRE, TOEFL, and IELTS, as well as GRE Self Prep. To explore our services, book a free consultation or call us at 91-20-67444222.

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

January 4, 2024January 4, 2024Dilip Oak's Academy

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

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.

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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

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

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.

Navigating Financial Aid: A Guide for Indian Students Pursuing Higher Education in the US

November 23, 2023April 1, 2024Dilip Oak's Academy

The dream of pursuing higher education in the esteemed universities of the United States often seems financially daunting. However, there’s a silver lining: a multitude of financial aid options are available to deserving students. For many Indian students, the costs have been significantly mitigated through the generous financial assistance programs offered by US universities.

Graduate School Fellowships

Fellowships are generally merit-based awards to support a student in a full-time course of study. The student is nominated by their graduate program. Generally, the awards are given to students admitted to Ph.D. programs in the department and, as a rule, exempt students from any specific duties. The students are expected to perform full-time research and may occasionally be required to perform teaching duties for a semester as a part of their program.

Assistantships

One of the primary avenues for financial assistance is through assistantship programs. Several universities award assistantships in the form of teaching and research assistantships to master’s and doctoral program students. These require awardees to perform certain services for a specified number of hours per week. The awards are usually for the current semester and may be extendable depending on the awarding requirements of the department and the funds available. Continuation also depends on the student’s maintaining a good academic record.

These include:

Research Assistantships (RA):

It provides opportunities to work on university research projects under the guidance of faculty. The selection may involve an interview/written exam to test your aptitude, knowledge and skills. Research assistants are not independent researchers and are not directly responsible for the outcome of the research.

Teaching Assistantships (TA):

It involves aiding faculty members in teaching (mostly elementary lab courses), conducting tutorial/problem-solving sessions or grading answer scripts. Depending on their competence and interest in the subject, teaching assistantships may also provide students opportunities to work outside their department in areas like Physics, Chemistry, and Mathematics. Many universities assess these through a test.

Both teaching and research assistantships require students to work up to 20 hours a week and carry a stipend and tuition waiver depending on the extent of the award (the full 20 hours or less). Generally, even a 10-hour job substantially reduces tuition and compensates for living expenses. The student’s performance in the duties assigned is closely monitored. The student is also required to maintain his academic performance in the graduate program and show good progress in his research work.

Graduate Assistantships (GA):

These are not specifically designated for teaching or research. Duties assigned to this category of graduate assistants may include assisting faculty with a variety of academic tasks, including but not limited to: providing technical support for courses taught by faculty; working on grant funded projects related to program development, evaluations, outreach, among others; gathering, organizing, and analyzing data for faculty. Graduate assistantships require students to work up to a maximum of 20 hours a week and carry a stipend.

Tuition Waivers

Universities often offer tuition waivers based on academic performance. These waivers can be full or partial, covering semester fees or specific credit charges. Some universities even extend in-state tuition benefits to international students, substantially reducing overall costs.

On-Campus Employment

Financial Assistance for Higher Education in the USA

International students on F-1 visas can engage in on-campus employment. These part-time roles, such as positions in cafeterias, libraries, or administrative offices, typically pay between $10 to $14 per hour, allowing a maximum of 20 hours per week.

Summer Internships

After completing two semesters of full-time education, students can pursue paid internships related to their field of study, aligning with their academic training. These internships fall under Curricular Practical Training (CPT) during the program. For example, if a student joins in the Fall semester (August), after completing Fall and Spring semester in the month of May, a student can work for three months, till August, in any organization outside the university. Many universities allow students to extend their internship in the third semester.

Scholarships offered by Indian Government

The Government of India (GOI) offers scholarships for advanced education to SC and ST students, and the Social Welfare Departments of respective state governments administer these. GOI also has a scheme of supporting higher education in areas where India lacks facilities for such education.

Private Trust Scholarships

Several private trusts, like Inlaks, Sakal India Foundation, J N Tata Trust, and K.C.Mahindra Scholarships, offer substantial amounts to students going to top-ranking universities. However, the trust may have certain specific criteria that the applicant must meet. The announcements for these scholarships appear in leading newspapers.

Conclusion

While the costs of education in American universities may seem prohibitive at first glance, a myriad of financial aid options exist for Indian students. From assistantships to scholarships and on-campus employment, these avenues help alleviate the financial burden, making the dream of studying in the US a tangible and achievable reality for many.

Remember, these opportunities are competitive and often require outstanding academic records or meeting specific criteria. Researching and understanding the various forms of financial aid can significantly bolster your chances of securing assistance for your academic journey in the United States.