Overseas Education Loans and Scholarships
Studying abroad fortifies a student to assimilate a life changing cultural experience as well as the best standard of living, internationally.Amongst all the study abroad options, one that stands out is ‘The United States of America- A Land of Million dreams’. The Master's degrees in the USA are internationally renowned for their scholastic adversity and proffer a competitive edge with unprecedented opportunities in the comprehensive world market. With over 1000+ Masters and MBA programs you can also perceive an array of alternatives to suit your requirements of specialized degrees as well.
As a student it is customary that you start prepping for your admissions a year prior. To start with, the step you take is coaching for your entrance and preparing for your SOPs. Along with this you can also take up additional courses that will increase the stakes of you securing admission in your dream university. That extra incitement towards attending an extra course or attending a paid workshop on latest trends in your field could add a great asset to your resume. This time is also correct to evaluate your monetary options and secure funds needed to finalize budget for living in a foreign country. One of the smartest steps you can take is devoting time in choosing the right enough financial cover for your educational needs.If not planned in advance, living expenses on your study abroad trip could likely weigh you down financially, making you lose focus on your studies. In that case, you should know that with EduLoans, you can now qualify for a larger study Loan. This financial assistance covers your course fees and living expenses.
There are two facets of expenses that you need to consider while planning to finance your Masters in USA
1) Direct Expenditure- Once the students have successfully applied for their course and completed their payment formalities and obtained their visas, they need to arrange for their accommodation as well. The overall outlay for tuition and living varies considerably between different universities/colleges, courses and cities that a student chooses. In addition to paying tuition expenses, students will also require financial support for travel, personal computing devices, course literature, and personal expenses.
2) Indirect Expenditure- Varied supplementary yet important expenses will line up once you figure out the preferred course for your Masters. These start with the application fee for the university which averages around $100 and then submitting various documents that verify fulfilling the minimum required criteria/mandatory tests for application to American universities. A quick snapshot of such costs includes:
1. Test writing fee for GRE/ TOEFL/ PTE at INR.12000+ INR.9000+ INR.6000 respectively
2. Application fee – for application to various colleges at average of INR.6000/application
3. Counselor fees- at average of approx. INR. 25000-30,000(optional)
4. Visa application – approx. INR. 10,000
5. Transcripts on college letterheads, LOR, affidavit etc may also cost you a considerable amount.
While all these expenses may seem daunting, there are disparate financial support systems in place for students to get assistance from. Let your dreams take wings with EduLoans- the smart study abroad. At EduLoans, we offer a host of finance options to assist students in every possible way for their higher studies abroad. We gratify ourselves at sanctioning money help within a week for making your ambition come true along with 100% funding for education to study in USA.
International Student Loans are now a very realistic way to finance your education in the US. It very flexible and we provide money amounts high enough to pay for your entire education, but with extended repayment terms and reasonable interest rates, so you can afford the repayment after you graduate.
Examining Your Student Loan
When you are comparing private student, it’s important to consider any fees, rates, and repayment options to ensure that you are choosing the amount that works best for your needs. You should evaluate and compare the following:
• Monthly payments
• Total cost of the amount
• Annual percentage rate
• Repayment period
• Deferment option
4 Steps to Find Your Education loan through EduLoans
1. Find Student Loans- Select the college you will be attending and the amount of money you need to borrow.
2. Select Your Amount- Next, see what lenders are available at your school. Compare the terms and conditions and click apply to start the online application.
3. Fill Out Your Application- Complete the application for the lender. If you are a non-US citizen or non-US permanent resident, you will need to have a cosigner complete the online application as well. US students are also encouraged to have a cosigner.
4. Get Approval- Initial approval is often within days or weeks of your completed application. Funds will be disbursed by your school once it has been approved.
All non-US citizens and non-permanent residents will be required to have a cosigner with good credit who has lived in the US for the past two years. International students will be required to include their cosigner on their application.
The process of applying for usa Education loan is very much similar to education in India however there are some minor differences. In general when applying, you should keep the following criteria in mind
• A co-applicant is a must ( could be parents, a sibling or a spouse )
• For further process, between a certain amount a third party guarantor is required (consult our counselor)
• Collateral needs to be provided for amount above Rs 10lacs
• Repayment commences 6 to 12 months after course completion
• If a student goes abroad, lender recovers the remainder from co-applicant