An education in the US can be prohibitively expensive. A two year master’s course can cost upwards of $ 75000. Student loans therefore become imperative to deal with the mammoth cost and manage one’s savings. Student Loans
There are many banks in India and in the US who provide education loans, but students must carefully weigh their options before making a decision. Most of the times, opting for a loan in the US can be a beneficial option if a student has a willing co-signor living and working in the US. A co-signor is a person who assumes financial responsibility for the repayment of the loan. He or she is equally held responsible for the repayment. A co-signor should be a resident of the US and working there, along with having a good credit rating. Student Loans
If the student does not have any person living in the US and willing to be a co-signor, then he has no option but to opt for a loan in India.
A loan in the US can be a better option for an Indian student because it has far more offerings attached to it. First of all, the borrowing requirements are far more flexible than what is offered by Indian banks.The loans offered have a returnable period of up to ten to twenty years.There is an additional moratorium on interest and principal in US banks once the student loan is granted. So it does not create a financial burden on students while pursuing their undergraduate or graduate education.Apart from flexible offerings, there is also the factor of low interest rates. In India, the interest rates are 11% while in the US, students can borrow at an interest rate of about 6.75 to 8.0%.There are many lending institutions available in the US and the best place to find information and assistance is the University’s financial aid office. Student Loans
In summary, it can be safely stated that going for a student loan in the US can be a better option if the student has a willing co-signor than opting for the same in India.