What are the Loan Options to Apply for in the USA?

The American dream continues to sway scores of Indian students to pursue overseas education even now. With the unparalleled quality of educational resources, global exposure from premier educational institutions, and exceptional career opportunities as attractions, foreign education counselors lead Indian students to new avenues of education opportunities abroad. 

When you are a young individual on the verge of fulfilling your dreams to study abroad and gain a job your caliber deserves, nothing should be the same. But at times, most Indian students looking for overseas study find themselves troubled by the clashes in financing. One way to get over this challenge and achieve your higher education dreams is by getting an education loan.

If you are an Indian student interested in pursuing overseas education in the United States, there are certain factors that you should keep in mind. Let’s look at them in detail. 

Why Do You Need a Student Loan?

Simply put, Overseas study for Indian students is essentially a way to secure a stable career with exceptional earnings. According to Indian Public Sector Bank data records, nearly five lakh students have come to depend on student loans to finance their overseas studies during the last decade. 

Unlike getting a degree from your domestic college options, a higher education opportunity from the United States costs multiple times more owing to the following factors : 

1. Tuition fee: Although there are variances according to the type of course selected, the reputation of the college, and the duration of the study, Indian students in the United States have to spend around $ 35,000 to $ 50,000 every year of their stay there.

2. Living expenses: Most students studying overseas in the United States get there without scholarships. Accordingly, they have to cater to their rent, groceries, medical expenses, and transportation on their own.

3. Insurance expenses and expenses of dependents: When students bring their dependents to the United States, they are expected to provide for them on their own.

To cater to all these needs, students moving abroad for studies take up part-time jobs. However, the initial days of settling down and getting on their feet require support that can be availed with the help of education loans.

Finding the Right Place to Get an Education Loan 

Finance is always a matter to be approached with caution. A loan is a long-term commitment and should be made after carefully considering the credibility of the loan provider. One way to get this right is by selecting popular and trusted public sector banks with high credit scores.

Some of the trusted names specializing in student Loan Services are :  

1. HDFC Credila: HDFC Credila is one of the most trusted international education loan schemes designed for students looking for a U.S. education. They are famous for creating tailored financial solutions specific to students’ needs. 

2. Avanse: This Non-Banking Financial Corporation has a staunch credibility score regarding catering loan applications for domestic and international students. With their well-laid-out schemes, students can even start application proceedings before their enrollment starts.

3. SBI: State Bank of India has an encouraging loan layout for passionate Indian Students searching for overseas education. There are various overseas education loan for USA options from which students can select the one that suits their interests the best.

Since the educational loan will decide a lot about the student’s long-term career prospects, it is crucial to see that experienced educational consultants are helping you make the right decision.

      

Steps before choosing the Right Loan Provider

1. Compare different loan providers.

With a highly competitive market to choose from, students pursuing overseas education can select among various loan providers with diverse financing options to fulfill their higher educational dreams.  

2. Negotiate lower interest rates and associated benefits.

While selecting the right loan option, there are certain embedded factors like Process Charge Waivers, Collateral debts, and duty exemptions to look out for. As student loans are a specific class of loans provided to help students achieve their future prospects, utilizing the benefits to their maximum is always crucial.

3. Find a hassle-free transaction processor.

The modern world is all about going online and reducing the hassle of paper administration. With the right steps, it is easier to select a loan provider who can work out the processing tasks without red tape and finish it off in a transparent and accountable manner.

Take a deep breath, lean back, and trust Eduloans to bring you the best offers in the market. With Eduloans, witness for yourself as we enable hassle-free financing to fulfill your overseas education dreams! 

Please register today and see how we are always open to solving your queries and concerns. Contact us at  +91 7045997710 / 7045864794.

FAQ’s for the Loan Options to Apply for in the USA

1. Why do Indian students often need education loans for studying in the USA? Indian students pursuing higher education in the USA face substantial costs, including tuition fees, living expenses, insurance, and support for dependents. Part-time jobs may help, but education loans become crucial to manage initial settlement and financial needs.

2. What are the key factors to consider when selecting an education loan provider? Choosing a reliable education loan provider is essential for a long-term commitment. Consider popular and trusted options like HDFC Credila, Avanse, and SBI. Compare financing options, negotiate interest rates, and opt for hassle-free transaction processors to make informed decisions.

3. How can students ensure they get the best loan offers for overseas education? In a highly competitive market, students should compare different loan providers, negotiate lower interest rates, and explore associated benefits like process charge waivers and collateral options. Utilizing these benefits to the maximum is crucial for optimizing student loans.

4. Why is it important to trust experienced educational consultants when deciding on a loan? Educational consultants play a crucial role in guiding students towards the right loan decisions. Considering the impact of an educational loan on long-term career prospects, seeking guidance from experienced consultants ensures informed and beneficial choices.

5. How can Eduloans help students in their pursuit of hassle-free financing for overseas education? Eduloans stands as a trustworthy platform, providing hassle-free financing solutions for overseas education dreams. Students can register with Eduloans to explore the best offers in the market, seeking assistance for queries and concerns at any time.