Tuesday, July 3, 2007

Want to do MS? You will need student loan.

Want to do MS? You will need student loan, I am not saying this. This was told to me by my consultant. After completing BE in electronics from a reputed college in Mumbai University I wanted to pursue MS in computer science from USA. Many of my friends had applied for GRE and scored good marks there by getting some fabulous scholarships. I also decided to go for GRE, score some good marks, get some scholarships, settle in US and enjoy my life. But it was not that easy. It requires at least 1.5 million in our currency to complete MS. This includes college fees and other expenditure required to live in US.

I approached a consultant to guide me for my journey. She told me that even after I get some good scholarship I will require at least 1 million in our currency. That figure is too high for a person like me from a middle class family. So I decided to approach bank for loan.

I approached bank and enquired about student loan consolidation rates. The rates were not too high as such but since the principle amount required by me was very high the interest amount came to a higher value. Since we didn’t had any guarantor bank wanted us to mortgage our house. The only shelter we had. We decided to give it a thought.

That night I and my father were discussing the pros and cons of the student consolidation loan. My father was quite willing to take the loan against our house but I backed off and decided not to take the loan as our house is our only shelter. If somehow I would fail to repay the loan my family would be deprived of the shelter. Next day I started searching for some charitable organizations that provide loans to students for pursuing higher studies and lower interest rates without any mortgage or guarantee.

Of course I found some organizations that help students like me, Google has it all. Here there was one more problem. The amount to be used for loans is limited and the students applying for such loans are unlimited (I mean very large). So it was very clear to me that my chances of getting a student loan at lower interest rates and without any mortgage are very remote.

Finally I decided to go for a job and earn some money myself. When I will earn enough money to pursue MS in computer science without requirement of any loans I will rethink about doing MS. But as of now I am not much interested in doing MS due to high student loan consolidation rates.

1 comment:

sale said...

hi...read your stuff..what i would suggest is work for few more years..save up and then go for a MS degree....also your work experience will hold value then...