Its highly commendable that ur going ahead with studies at this age sir
Well ur age may be a down pulling factor. simply because ur fellow students who pass out witll be younger and more willing to work strenous hours. the companies "may" prefer them. Also, sometimes some unis may have unofficial policies on age limit. I suggest u email the graduate admissions ppl and check tht out.
And MS will cost u anything from 17 to 25/27 lakhs. So u will have to check with the Indian banks about tht first. depending on age they may reduce the amount or decrease ur repayment time.
But unlike india, US is not very strict abt age/background etc. as long as u have talent and capability, u will get a job. But yes, it will be tough cuz of age. Also Visa probs will arise cuz it'll be tough to convince the embassy tht after age of 37 u wanna study and will return to India.
For PhD there surely is scope. Actually for ur age, its easier to do a PhD and get employed in colleges (profs get very good pay). Well only full time employment will help u repay loans. On campus jobs are just enough for monthly expenses.
Hope tht helps! All the best
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