The USA is one of the top ten countries with the highest cost of living. If you are planning to study in the USA then an education loan might be a necessity for you. There are multiple options available in India from where a student can get an education loan to study in the USA easily. Government banks, private banks and NBFCs offer affordable rates of interest on education loans to study abroad. However, there are certain terms and conditions which are necessary to be followed by the students in order to get a loan. Let’s read and understand all the student loan requirements to study in the USA.
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Documents Required to Study in the USA
There are a lot of important documents required to be submitted to the bank in order to get an education loan to study in the USA. The bank verifies all the documents at every step and then approves the loan. Documents for confirmation of your admission, letter confirming accommodation, visa approval etc. are some of the primary documents required to be submitted.
Apart from the document of the student, all the necessary documents of the sponsoring parent, legal guardian, or spouse who is the co-applicant are required to be submitted. The income proof of the co-applicant is one of the primary documents which the bank will demand in the first place. Check below the complete list of documents required to study in the USA:
- Marksheet of class 10th, 12th, Graduation or Post Graduation (if applicable)
- Government-issued photo identification cards like Driving Licence, UID (Aadhaar card), Passport, PAN card etc.
- Identity and Income proof of parent/legal guardian or any sponsor.
- Address proof (Electricity/gas bill, Voter-ID card etc)
- Passport-sized photographs
- Letter of acceptance from the concerned University
- A complete statement of the expenses towards the study
- Letter for confirmation of accommodation
- IELTS/TOEFL/GRE score card
Also Read: 5 Things To Keep In Mind While Applying For Educational Loan
Eligibility Criteria for Student Loan to Study in USA
There are some eligibility criteria which are necessary to be fulfilled by the students. The bank or any lender asks for some eligibility criteria for both the student and co-applicant. After the verification of eligibility criteria for loans to study in the USA, the bank may provide you with a sanction letter or loan capability certificate. While applying for an education loan make sure that you fulfil all the eligibility criteria and your credit history is good. Once the bank initiates the loan eligibility verification it will check your credit history. In case the bank doesn’t find it satisfactory it will reject the application and your CIBIL score will also be impacted due to credit enquiry. Check major eligibility criteria for student loans to study in the USA:
- The student must be an Indian citizen.
- A valid passport is required to be submitted.
- The minimum and maximum age limit to get a loan to study in the USA is 18 years and 35 years respectively.
- On the date of applying for the loan, the acceptance letter must have been received by the student.
- The admission must have been secured after clearing a merit-based test after completing the HSC (class 12).
- The co-applicant must be either a parent, spouse or legal guardian having a regular and stable source of income.
Also Read: Government Education Loan to Study in USA
Important Suggestions Before Applying for an Education Loan to Study in the USA
Before applying for an education loan the students must understand each and every procedure involved. While deciding on a lender check all important terms and conditions like interest rate, EMI, moratorium, collateral details, amount of loan etc. Also, check with the university what documents they require in order to confirm the admission. Following these things will make the entire process easy and hassle-free. Check some important suggestions below:
- Finalise the university and the respective course
- Get a list of all the expenses like fees, accommodation, etc.
- Check what cover you are getting in the loan.
- Apply at least 3 months before the visa interview.
- Assure that all the documents required for the co-applicant are handy.
FAQs
The student must be a minimum of 18 and a maximum of 35 years of age. The acceptance letter from the university must have been received by the student.
It is advisable to apply for an education loan to study in the USA at least 3 months before the actual visa interview date.
If your education loan is already sanctioned and the visa has been rejected you can re-apply for the visa. The bank will provide you with a validity of 6 months to get the visa. However, this period may vary among the banks. Contact your bank or lender for all such terms.
Pursuing higher education in the USA can have a plethora of benefits. However, some students might face financial hindrances while on their study abroad journey. Student loans are easily available nowadays and students can get them through any private or government bank. However, it’s very important to apply for an education loan after understanding all terms and conditions and the repayment systems. While student loans can open doors to academic and career opportunities, they should be managed wisely to ensure a financially secure future. So, whether you’re just starting your educational journey or already planning to get a loan then proceed with a proper plan.
To know more about the student loan requirements in the USA or the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram.
