My wife wants to join school in US for Masters program. Which option is better? Is there any tax benefit of student loan? She is currently on H4 Visa in US. Thank you.
What would it cost in India?
~11-12% interest
I mean tuition, not loan interest.
You would need a us citizen as guarantor for an education loan.
I didn't know that. thank you.
Cash / us education loan (if you can get one). Us personal loans with their 9+% APR are too ridiculous, so if you have to get a personal loan, might as well pick the indian edu loan option.
The answer is wherever the interest is lower.
Better to do on H4 if the university is in the same state you live, you get instate tuition. Only thing on h4 is that you cant get any scholarship.
You canāt get a student loan in India without an F1 visa. We went through this same issue. Also you canāt get a loan in the US without a US citizen to act as a guarantor. Iām paying out of pocket.
ohh... I see. paying out of pocket is the only option for me. thanks a lot.
Sure. Education is always worth the investment man. Go for it!
We took loan from discover here at 4.99%. We knew someone who was ready to sign as our guarantor and is a US citizen. Things you should consider is 1. The interest rate in India is higher 2. If you are thinking that you can offset that based of the change in currency conversions even then itās a lot of hassle to move money etc. I personally prefer the loan here in the US, it also helps improve credit score
this is helpful. thanks.
Youāre earning money in USD. So borrow money in USD.
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But as far as Iām concerned she canāt study on H4 visa, right?
She can get a change of status to f1 if she gets an admit.
You can do anything on h-4 visa except working ... of course with a EAD you can do that too.... My wife did her masters on an h-4 visa and there is no need to change your status to F-1