seriously curious. US students can barely afford tuition so how can they come up with the funds to attend a masters program here (then get a high paying software job via h1b). #engineering #software
Some of them are very well off in India and China. The parents can very well pay the entire fees from their bank account. Most of them, take a loan back home. The terms are reasonable and the loans aren’t as bad as student loans in the US.
What are you talking about? Interest rates are above 10 percent!
11.75 mine
Either take loans or get scholarships. Masters is just 2 years (or even 1.5) sis lot cheaper than bachelor's. Plus, Masters students don't need to buy overpriced food plans or stay in overpriced dorms. Indian students also live extremely frugally.
This! I spent around 50K for my masters (tuition + living expenses). Out of the 50K, 42K was for tuition. The living expenses were minimal due to apartment sharing and self-cooking. Took out a loan in India and paid off the loan in less than a year after graduation.
My MS was cheaper here in the US than it would be if I studied in India (depending a lot on which university I went to there). I had a 75% scholarship and after a summer internship I did not need to borrow anymore money. In all, I only spent ~$10k on tuition . My dad sent me $1000 for 3 months of expenses including rent ($200 shared) and food. I had never lived so frugally ever before. I paid off my loan (borrowed in India) within the first few months of holding my job. Best ROI ever.
With their privilege.
Fake news.
Fake news MS program is 1.5 years cost 40K at state uni. Also undergrad costs at Indian university is peanuts.
Most Asian parents pay for their kids to go to school. Also if you are lucky getting a TA or GSR job, that would waive your tuitions 🙂
Undergrad tuition in India is highly subsidized for public schools. It's as low as $1k for 4 years BTech program. Even for private school, it's like $10K for 4 years. Also Indian parents save for kids since they are born. Many Indians either take a loan or they work for few years to save some 💰 before joining MS program at US.
Not anymore. I think maybe you graduated before 2012. Now the undergraduation fee in IITs is 2.6 lacs per year (2 lac tuition + 60K hostel fee). That translates to $15K over 4 years. Private school fees are probably double this.
Worth it for CS folks - dunno about other disciplines.
Did my MS for ~40k at a 9.5% APR loan. Got 35k joining bonus after MS. Paid back the loan. (Also consistently paid interest amount through TA/SA/ internship while at university)
Can you just share the name of the bank you applied for edu loan, coz most of the I know are around 15%?
Credila - hdfc. This was back in 2015
Because Asian parents work hard and support their kids’ education to ensure a better future. Unlike “the other kind of you know what people”. 😉
Americans are total dicks to their kids. I knew a couple who literally refused to pay tuition for their son to go to Stanford so he had to go to a much lower ranked school that gave him a scholarship.
The loans would be worth it for Stanford
Indian get education loan at 12-15% apr and pay back the loan over the next few years.
Very insightful, thanks everyone!
I concur with some of the others. I had taken a loan at 12.5% . It's compound interest in India btw. Another point is most Indian parents go above and beyond what they could afford for their children's education
They usually mortgage their houses, or use their parents retirement payout. And they pay them back slowly after they start to earn.
Wrong..majority of MS students are from Chinese/Indian middle class who could easily afford MS programs for two years..
@swvf47 the fact that you’re blatantly spewing crap is a clear indication that you’re deluded. Unsure which part of India you’re from (if you’re ie), but a vast majority of Indian students who come from middle class backgrounds take huge loans to study in the US. I went to a top 2 school on a research assistantship, but without that no way could my parents afford it out of pocket. As the corona situation unfolds, Indian middle class students I know are desperate to find a job - any job - and are staring into the gut wrenching reality of having to return back to India and pay back their enormous loans on an Indian salary.