Education loan for MS degree from the US

[Saraj Munjal]

Hi

I'm considering taking a bank loan to finance my MS degree, and I've recently discovered that interest rates in the US are substantially lower than in India.

It is possible for me to take a loan from the US, as I have a relative settled there who is willing to co-apply.

Are there any potential downsides to this? I've read some people's apprehensions about visa acceptance in such cases.

It'd be great to have some more clarity if anyone can help.

Thanks

Saraj

[Dhruv Varma]

Saraj - I took a US consigner loan for my masters. There aren't any visa acceptance issues that I've heard of. 

The only potential downside is that failure to pay back the loan will also affect your co-signer. So you need to make sure that he / she is comfortable underwriting the loan.

Let me know if you have more questions. 

Dhruv

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[Divyansh Pal]

Saraj it's perfectly fine to take a loan from US if you have a cosigner. The issue of visa is that if you show a loan from US it will give them a hint that you want to settle down in US. If you can show sufficient funds for ur visa without the loan then you are good to go.
I also agree with what Dhruv said.

Divyansh

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[Mona S]

Here is what I would do:

Get some approval letter for education loan from Indian bank. I have heard some banks are quick with this.

You don't have to use the approved loan from India, just use the letter in the visa interview. Why risk telling the visa officer about the US loan?

Good luck!

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[Piyush Maheshwari]

Alternative you can just show funds in PF (and other) accounts and not show a bank loan letter at all (this is what I did). Those accounts don't even have to belong to your parents. 

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