MSinUS: Part 3— I20, Scholarships, Loans & Visa
Previous in Series
MSinUS: Part 0 — From confusion to clarity
Now all you have to do is sit back and wait for an acceptance.
Step — 6: I20
From here, the blogs are more focused towards US universities
Once you get an admit from your dream university (probably by March/April), you need to provide financial documents stating that you can fund your studies so that they will give I20 (formal acceptance letter).
The irony is, most of the lenders need I20 to process loan application (and the university needs loan application to process I20) which looks like an impasse. The key is to look carefully at how various lenders process loan and proceed based on that.
Private Banks, NBFCs might not need I20s. And there’re many techniques to arrange for money to get I20.
Step — 7: Loans
This step is very personal and different people opt different ways. There are various terms like collateral, co-applicant, processing fee etc; Check this consolidated list before you make a final decision
Prodigy finance (Online Lender):
- Parth talking about Prodigy finance: https://www.youtube.com/watch?v=-4ddBJ7euIQ
Offline Banks
- SBI: Best interest rate (around 9%). My first preference. Process might be bit lengthy/tiresome but I believe it’s the best one out there.
- HDFC Credila: Interest rate varies from 10–12% depending on whether you are providing collateral (financial/land documents)
There are other NBFCs like Avanse which provide non-collateral loans. So, don’t worry too much about whether you can get a loan. Worry more about getting a good admit (if you truly want to worry :p)
Note: If you are not sure how to proceed, apply via WeMakeScholars, a government approved program which connects students and lenders. They make the entire process hassle-free. Checkout their Youtube channel as well.
Step — 8: Visa
- Sign up in cgifederal.secure.force.com
- Fill the details and pay $160 (You can access the calendar to book the slot only after paying fee). Choose your convenient date and place (you can change it for 5 times). Your account will be frozen for 72hrs if you repetitively access the calendar.
- Fill the DS-160 (here)
- Fill I-901 and pay $350 towards SEVIS fee (here)
- Do check Telegram groups where several people post their experiences (most will be noise). The purpose is to get a rough idea on how interviews will be
Step — 9: Scholarships (Optional)
There are lots of scholarships for which you can apply even before you get an admit. Here are some I had applied (and got rejected 😐) but are prestigious and I recommend to apply incase you have time.