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Financial Requirements at different stages of a US Masters Admission Process

Financial Requirements at different stages of a US Masters Admission Process

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There are various financial requirements at different stages of a US Masters admission process, which are detailed in this article - pre-admit process, post-admit process, and the visa process.

MS in US MS Study abroad
GyanDhan
Aman
Updated on:  05 Sep 2023  | Reviewed By: 
Ankit Mehra 
| 6.08K | 4  min read

In today’s day and age, just a Bachelor’s degree seldom seems to suffice. Whether it’s out of a curiosity to learn more, or just to get the keys to their own Porsche quicker, people choose to pursue higher studies. More often than not, the destination of this very pursuit lands their thoughts amidst the elusive lands of the United States of America. We here at Gyandhan, take your dreams very seriously, and for that particular reason, while you fret over your exams, clothes to purchase, and relatives to meet, we make sure that you are covered financially.

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What are the Financial Requirements at Different Stages of the US Masters Admission?

  1. list items The Pre-Admit Process: Let’s look at the facts here – the US is an expensive place to live, even for its own citizens. Despite that, it is a rare happenstance that a university asks for financial proof before the application. Most of those that do are content with a solvency certificate (A certificate provided by a bank stating that a person’s assets are more than his/her liabilities). Just in case your target university require liquid assets for application, our pre-admit loan option has you covered. Feel free to write to us for more details.
  1. list items Right After the Admit: “Congratulations! You’ve been accepted into _____ University.” Sounds like a dream come true, doesn’t it? All those long hours you put in have actually paid off. Hold on for a second though. Before you go on to plan that blow-out party you’re thinking about, and before you go on to spend your life’s savings on the costliest champagne you can find, here’s a reality check: You don’t even have your I-20 yet (No, not the Hyundai car). One of the most important documents you will have with you during your tenure in the US as a student will be your I-20 form.  Also known as the “Certificate of Eligibility for Non-Immigrant Students,” it is provided by the Designated School Official (DSO) in conjunction with the Department of Homeland Security for the following reasons: It serves as proof that you are a student enrolled in a study program in the United States. Paying your I-901 SEVIS fee (Student and Exchange Visitor Information System Fee) which comes out to about 200 USD. Applying for a non-immigrant visa at the US Consulate. Entering the US, for it will have to be presented to the Custom and Border Protection officers. Applying for a driver’s license or a social security number in the States.
  2. list items It serves as proof that you are a student enrolled in a study program in the United States.
  3. list items Paying your I-901 SEVIS fee (Student and Exchange Visitor Information System Fee) which comes out to about 200 USD.
  4. list items Applying for a non-immigrant visa at the US Consulate.
  5. list items Entering the US, for it will have to be presented to the Custom and Border Protection officers.
  6. list items Applying for a driver’s license or a social security number in the States.

Any loans/scholarships can serve as valid proofs of liquidity for its procurement. The savings/fixed deposits owned by your sponsors (2-3, and preferably all related to you) are considered as well.

  1. list items The Visa Application Process: The final step in your quest for achieving that world-class education you’ve always dreamed of is right in front of you. Provided the two former steps have been carried out smoothly, this last one is nothing short of a piece of cake. Except for the long lines at the Consulate for obtaining the visa, everything else is pretty much sorted by now. All you need is to show liquid funds for your entire study period. You need to be able to convince the Visa Officer that you can cover for any and every expense that may arise, and in doing so, maintain a certain quality of life while you are there. The same monetary proofs that you used for procuring the I-20 form, can be used here as well. Just make sure to not include illiquid assets such as “home” in your visa application.

Now that you’re aware of the financial obligations that arise before you begin the next phase of your life, here’s a question – What according to you was the most recurring term in all the aforementioned stages?

In case you haven’t guessed it already, here’s what it was – “LIQUID FUNDS”

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This is where we come into the picture. GyanDhan, in collaboration with Indian banks, lets you avail the loans you need. These education loans can be taken either with or without collateral. The loan procurement process in our country is still a relatively slow one, and amidst all the chaos you will be in, we believe that you’ll need all the help you can get. It is literally our job description to know the ins and outs of this process. We know what you need to do when you need to do it, and how you need to do it – and we’re here to do it with you. So sit back, relax, and let us worry about where the money comes from.

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How to Fulfil the Financial Requirements for Masters in the US?

To furnish the required amount for masters in the US, education loans are the best way out. While applying for the education loan for Masters in the US can be a burdensome process, you can contact GyanDhan to get it in a hassle-free way. We provide free and personalized education loan assistance and endeavor to get you the best offer through various government banks, private banks, and NBFCs.

Education loans both with or without collateral are among the options depending upon the availability of the collateral. Also, we have partnered with Prodigy Finance to offer you loans without collateral or co-applicant. The loans offered through Prodigy are given in USD for master courses in the US. You should also check your loan eligibility to know whether or not you qualify to get an education loan. 

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