International MS (Masters degree) programmes stretch more than the mind. It offers more than just a chance to further your education at an elite institution; you’ll also connect and network with people from all over the world. Imagine how helpful this will be for both your professional and personal life.
While study abroad is thrilling, there is also a lot to organise. You’ll need to consider visas and student housing options on top of the application process. And then there is the not so small matter of financing your studies.
We believe that money shouldn’t be the deciding factor in whether or not you choose to pursue a top postgraduate degree – it’s easier to gain financing than you may think!
Worried about the cost of an international MS Degree?
Getting your degree should be the difficult part, but most students find financing their studies equally daunting. Still, you shouldn’t let financing stand in the way of your future. There are more options than you might think – even when funding an international MS degree.
Even with all the money in the world, the first financial steps for admitted students are scholarships and bursaries. While you won’t qualify for everything out there, many students find that this avenue resultsin reducing their effective financing needs by thousands of dollars.
Working students planning to return to their company after graduation can approach employers for educational assistance. Some larger companies have budgets specifically for this purpose.
Sometimes student’s family members or friends are willing to assist with personal loans (or gifts) while others apply for student loans from banks or private lenders. We’ve found that majority of international students use a combination of all these sources to fund their education.
Understanding international student loans
While there are several loan choices available for International MS programmes, international students aren’t eligible for all of them. You’ll need to consider all the options – and all the costs involved in financing your degree.
Familiarise yourself with the different interest rates and fees. Pay close attention to APR (Annual Percentage Rates) when you compare loan products as it represent the total cost to finance your degree over the entire loan term. You can learn more about APR here.
Remember, too, that many loans require co-signers or collateral and you’ll either need to have these options or look for lenders that don’t require additional forms of guarantee.
How can Prodigy help you?
When you need a student loan that ticks all the boxes, Prodigy Finance could be an option for you to make your international educational dreams a reality.
Prodigy Finance started when a group of MBA graduates experienced firsthand the pain of attempting to finance an international master’s education – even when admitted into top programmes. With Prodigy, you can apply for a loan anytime. And, pre-approval often takes as little as five days – no guarantors or collateral required.
Prodigy works with some of the top graduate engineering programs in the US – and many students from the subcontinent have realised their dreams of international graduate degrees, including international MS degrees, through Prodigy’s unique loan structure. Prodigy is regularly adding new schools, universities and degrees to their list of supported programmes – what isn’t on their site now, might be in a few months time.
Get cracking with your applications!
We’re not saying that money isn’t important – no one wants to carry a mountain of debt around for decades, but investing in yourself is perhaps the best thing you can do. Time and time again, studies have shown that completing graduate education results in higher lifetime earnings. So, if money is the only thing stopping you- quit delaying and start financing your dream.
Guest post by RISHABH GOEL, Prodigy Finance