Here are 4 things you should know while applying for an education loan to study in the USA

Here are 4 things you should know while applying for an education loan to study in the USA

 

The United States of America is one of the most advanced countries where tertiary education offered is of top-notch class. Many American universities consistently hold their spots at the top of the university rankings of the whole world every year. Students from diverse places in the world come to study at the reputed universities of America. But not many Indian students can afford to fund their education there so some lenders help by giving education loans to study in the USA for Indian students.

 

 

In this article, we will tell you the points to look for in lenders when you try to get an education loan to study in the USA:

 

  1. Look at the lender’s credibility

The most important thing for Indian students who wish to study in the USA is to look for a credible lender. Take a loan from a lender only if you trust it. For this, verify the credibility of the lender. Ask the lender’s other borrowers what praises or complaints they have for their lender. Read online reviews about the lender and decide after considering other points mentioned in this article, whether or not you should take an education loan from it. Once you have successfully established that the lender is genuine and trustworthy then move to the next point.

 

  1. Ask them about the kind of expenses that will be covered

If you want to study loan in the USA, you will have to relocate there at least till the time you complete your chosen course. Which means you will need money to cover the travel expenses, the lodging and boarding expenses, the exam fee, the library fee, the stationery and laptop expenses, and so on apart from the college tuition fee for the whole course. Ask the lender if they can finance all these education costs for you.

 

  1. Negotiate the interest rate

One more tip for Indian students who wish to study in the USA: negotiate the interest rate as it will affect your future in the long run with regards to loan repayment. A lesser interest rate levied on your education loan will save you a fortune while you clear off the loan gradually. The interest rate levied on education loans in India lies anywhere between 9-14%. Negotiate the interest rate of your loan to as low value as possible. In short, ask the lender the least interest rate they will levy on the loan.

 


  1. Know the loan processing time

If you need an education loan within the admission window of your chosen American university then you need to know the loan processing time of the lender. Ask the lender how fast it can sanction the loan to you. If you need to submit proof of funds to the university, or get a per-visa or pre-admission loan then clarify whether or not the lender provides this type of service.

 

So, these are the 4 points to keep in mind while getting a loan for Indian students to study in the USA. These set of tips will help you pursue your dream of studying in the USA via an affordable education loan. Please consult a financial advisor before drafting the finances of your education in the USA. We wish you all the best!


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