Balancing Between Life & International Study
After an all-nighter filled with piles of homework, it’s tempting to crawl back into bed, especially when everything feels overwhelming. If you’re struggling to balance academic demands and personal life, you might be experiencing academic burnout. This happens when your studies and personal life feel impossible to manage, leading to anxiety and difficulty focusing. However, instead of giving in to burnout, try implementing just one of the following tips to help you regain control. Balancing between life and international study can be challenging, but with the right approach, you can find a way to thrive. International students are often on the go from day to day, often balancing a heavy workload with culture. Burnout was officially recognized in 2019 by the World Health Organisation (WHO) as an ‘occupational phenomenon’ and was added to their International Classification of Diseases (ICD-11). But did you know it wasn’t an official term until recently, despite being experienced by thousands of people worldwide? What is life like as an International Student in the US? Many international students come to the United States to pursue their education. While this can be a great experience, it can also be challenging. There are a few things that you can do to help make your transition to life in the US a little bit easier. Some of the most common symptoms of academic burnout include a general feeling of being unable to keep up. You think you have too much to do, too many assignments, exams, and lectures to catch up on. This takes your energy which also makes you feel unmotivated and cynical. This overwhelming feeling, in turn, causes fatigue, sleepless nights, and anxiety. Due to this, some people might feel headaches, backaches, and musculoskeletal pain. There could be many reasons for feeling so and a few of them are enlisted below: One of the biggest challenges for international students is making friends. It can be difficult to meet people and feel like you belong when you’re new to a place. One way to combat this is by getting involved on campus. There are likely many different clubs and organizations that you can join. This is a great way to meet people who share your interests and make friends. Another big challenge for international students is homesickness. It’s normal to miss your family and friends from home, but it’s important not to let homesickness take over your life. Again, one way to combat this is by getting involved on campus and making friends. Additionally, try to stay busy with your studies and other activities so that you don’t have as much time to think about home. Also, to help you stay connected with your loved ones back home Lorien Finance offers a free international SIM Card with full-speed internet data during your first month in the USA. Finally, it’s important to manage your finances carefully as an international student in the US. Education can be expensive, so it’s important to budget carefully and make sure you have enough money for tuition, books, and living expenses. You may also want to consider working part-time while you’re studying to help offset some of the costs of attending school in the US. In addition, firms like Lorien Finance offers low-interest education loans to make your lives easier in the USA. Tips on how to keep your academic burnout at bay 1. Keep a regular sleep schedule: Getting enough sleep is crucial for maintaining your mental health and avoiding burnout. Make sure to go to bed and wake up at around the same time every day, even on weekends. 2. Eat healthily and exercise: Eating a nutritious diet and staying active will help you feel your best and have the energy you need to succeed in your studies. 3. Take breaks: Drink water or water your favorite plants on your desk. Use the washroom, clock in at least a few hundred steps, go for a walk, and take a friend along, but don’t discuss studies/work. The point is to vacate that chair of yours. And when all else fails, turn to the power of a strategically timed snack. 4. Connect with others: Maintaining social connections is an important part of keeping stress levels down. Whether you meet up with friends, join a student organization, or attend cultural events, interacting with others can help you combat feelings of isolation and loneliness. 5. Tie up loose ends: Knowing that you have some unfinished business to take care of the next morning adds momentum to the new day. Psychologists are in on this slacking routine too. According to the Zeigarnik effect we tend to remember incomplete tasks or events more easily than our accomplished ones. Use this theory as an excuse to stop doing whatever you’re trying to accomplish and instead, make a list of half-done things to resume the next morning. 5. Seek professional help if needed: If you think you’re experiencing burnout and everything seems a bit overwhelming, the best thing you can do is talk to someone. This might be your tutor or a lecturer whom you feel comfortable around. If your problem extends beyond your workload, sharing the same with your teacher can be the first step to solving your burnout. If you need support with your mental health, they can direct you to someone who can help you. Pros and Cons of living in the States There are many pros and cons to living in the United States as an international student. On the pro side, there are many opportunities to learn and grow academically and professionally. There are also many chances to meet new people and make friends from all over the world with myriad cultural backgrounds. Besides, there is a higher standard of living, cleaner surrounding and air, organized traffic and government rules, and good quality food and life overall. On the contrary, there are also some challenges to living in the U.S. as an international student. For example, it can be expensive to live in the U.S., and it can be challenging to find housing and transportation.
Maximizing ROI: The importance of Investing in Career Services for International Students
The current uncertainties and socioeconomic circumstances have led to a demand for skilled workers worldwide. International students are currently the target of widening skills gaps in Australia and Canada through various government immigration activities. In September-November 2022, according to the office of national statistics, there were 1.19 million vacancies in the UK. Businesses globally are reporting needing help recruiting employees with the relevant skills. Universities UK International released a report in June 2020 showing that “international students bring over £6.9 billion in income to UK universities in tuition fees and contribute over £26 billion to the wider UK economy”. The revenue international students provide to economies is significant, consequently, their needs have to be addressed. Careers services within universities have continued to be a vital part of the university experience for international students. Graduate employability opportunities have become a significant factor in helping international students determine where to study. According to the Harvard Business Review, the number one reason first-year students give for pursuing higher education is obtaining a good job after graduation. However, the current financial strains in the higher education industry have meant that career services need help getting the resources and personnel to deal with the complex issues international students raise. To resolve such issues, we at Lorien Finance have expanded our services to provide collateral-free and low-interest education loans to Indian students for both PG and UG courses across the globe. For universities to be competitive, they need to invest in their career services, which will have an aggregated effect on international student recruitment. Investment in career services has the potential for significant returns for universities and the economy. Students need access to good employment opportunities, which will, in turn, build sustainable international recruitment revenue. Well-resourced career services help international students to navigate market-specific criteria, be aware of critical initiatives, and develop the relevant skills and competencies required for various industries. The UK government has outlined the Graduate Route and skilled workers visa to attract international students to contribute to the UK economy. However, the Association of Graduate Careers Advisory Services (AGCAS) in the UK reported that there needs to be more awareness among students and employers about the Graduate route. Usually, there needs to be more integration between the recruitment process and the processes of the job market. For instance, most postgraduate international students arrive in September or October, which aligns with when the more prominent companies start advertising graduate roles. Consequently, international students face the culture shock of arriving in a new country while navigating graduate scheme applications. Most students are unaware of this time overlap, so they miss out on great opportunities as it’s not communicated well during the recruitment process. The role of careers services includes organizing networking events and employer fairs to help develop a network so that international students can enter industries with some key relationships. There are also convenient things that can be a barrier to entry for international students, such as understanding how to write a CV that meets market specifications, an effective cover letter, and navigating job interviews and psychometric examinations. At the University of Hull, the Careers Service and the Global Engagement team work closely to prepare students to understand the UK job market options before arrival. There is currently an initiative where they are interviewing and holding focus groups to understand the graduate employment needs of international students and provide services that will lead to more substantial employability outcomes and, in turn, a stronger brand for international recruitment. Lorien Finance has also tied up with high-end institutions abroad to provide high-paying fruitful job opportunities to Indian students willing to pursue studies abroad. We’re just not restricted to the educational loan but provide wholesome support to our fellow young aspirants at Lorien.
Unlocking Opportunities: US Visa Easing for Indian Skilled Workers
The easing of US visa policies for Indian skilled workers has garnered significant attention as India and the United States strengthen their bilateral relations. This development opens up exciting opportunities for Indian professionals across various fields. In this blog, we will delve into the potential impact of these visa changes and explore how Lorien Finance can help Indian skilled workers unlock opportunities through tailored financial solutions. Learn more about “Unlocking Opportunities: US Visa Easing for Indian Skilled Workers” and how to make the most of these new possibilities. Visa Easing Measures: A Positive Shift The United States’ plan to ease visa regulations for Indian skilled workers reflects a positive shift in welcoming international talent. While specific details are yet to be disclosed, potential measures include streamlined processes, extended visa durations, and increased visa quotas. These changes aim to facilitate the entry and stay of skilled professionals from India, fostering collaboration, innovation, and economic growth. Strengthening Bilateral Relations: A Win-Win Scenario The timing of these visa easing measures coinciding with Indian Prime Minister Narendra Modi’s visit to the United States highlights the shared commitment to strengthen bilateral relations. Enhancing economic cooperation and facilitating the exchange of talent are key elements of this relationship. The mutual benefits derived from this collaboration pave the way for increased opportunities for both Indian skilled workers and the US economy. Opportunities Across Sectors The easing of US visa regulations presents an array of opportunities for Indian skilled workers across sectors such as technology, engineering, healthcare, finance, and more. Professionals in these fields can explore career prospects, contribute their expertise to American companies, and engage in knowledge-sharing that drives innovation. This opens doors to personal growth, skill enhancement, and exposure to global best practices. Lorien Finance: Empowering Indian Skilled Workers As Indian skilled workers navigate the journey of seizing these new opportunities, Lorien Finance stands as a reliable financial partner. Lorien Finance offers tailored financial solutions that cater to the unique needs of professionals aspiring to work in the United States. Their comprehensive range of services includes education loans, personal loans, and assistance with financial planning. With Lorien Finance’s support, Indian skilled workers can confidently pursue their career aspirations in the United States. Conclusion The US visa easing for Indian skilled workers signals a positive shift in international talent mobility and bilateral relations. This development unlocks new opportunities for Indian professionals to contribute their expertise and thrive in a global work environment. Lorien Finance, with its commitment to empowering individuals, serves as a valuable financial partner for Indian skilled workers. By providing tailored financial solutions, Lorien Finance enables professionals to navigate their financial requirements and embark on a successful journey of career growth and personal achievement in the United States.
Building Credit Without SSN in the USA-Essential Checklist
The Social Security Number (SSN) is a unique nine-digit identifier issued to U.S. citizens to track earnings and benefits. It’s often required for jobs, social security benefits, and access to government services. When applying for a credit card, banks and issuers may also request an SSN to verify identity and reduce fraud, protecting against identity theft. However, not all cards have this requirement, and it is possible to open a U.S. bank account without an SSN. Leading institutions like Lorien Finance provide a convenient option to open a U.S. bank account from home without an SSN. For more on establishing credit, explore the “Building Credit Without SSN in the USA – Essential Checklist.” If you are an international student who just got admitted to your dream school in United States, then having a good credit score is essential because it affects almost every aspect of your life. And building a credit score without SSN is not difficult, but it can be time consuming. There are a few key steps you need to take in order to build a credit score without SSN. First you need to get a credit builder loan. This loan will help you build credit by reporting your payments to the credit bureaus. You can use a credit builder education loan for higher studies from reliable institutions like Lorien Finance, which is a leading firm providing unlimited added benefits along with financial independence in US to the Indian students! You will also need to use a credit card/debit card responsibly and make timely payments. You must keep your arrears and balances low to build good credit score. Credit bureaus can access your credit history even if you don’t have a SSN by utilizing other identities like your name, date of birth, address and job history. Finally, you will need to stay current on your bills and keep your debt levels low. By following these steps you can start building goo credit score from day-1. There are more options to build credit without a Social Security Number. You can become an authorized user on someone else’s credit car or use a secured credit card. This means you can use their credit card but are not responsible for their debt. This can help you build credit without SSN. You might also be able to apply for a credit card using an individual taxpayer identification number (ITIN), rather than a social security number depending upon the bank of credit card provider. There are a few simple methods of applying for ITIN available on the government website. Above all the best option you could use are the credit builder loans which don’t require good credit for approval. They do require that you or your guardian have enough income to make payments. This helps you build credit while also saving money. So, you can always consult Lorien Finance website and contact them for satisfactory and wise answers related to building credit without SSN. Apart from building credit here’s a quick checklist for other immediate things to do once you land in USA: BANK ACCOUNTS: You would need a Bank A/C to take care of your expenses when you arrive. Since all your payments could be digital through debit/card card, its important your have a credible Bank A/C. How about we tell you that Lorien Finance gives you a chance to open a Bank A/C even before you land in USA. You don’t require an SSN and there are no extra charges like overdraft fees etc. DEBIT CARD: Debit Cards help you build your credit score from day 1 in the USA. With Sable backed Debit Card from US, you get a chance to get 1% free cash back offers and much more. HEALTH INSURANCE: Every student must get a health insurance for at least the first year. Being in a new country, new healthcare system, the university insurance will be the most comprehensive in case of emergency or sickness. SIM CARD: Did you know you get a free International SIM Card with free worldwide calling for the first month in India before you go to the USA? Lorien Finance gives this amazing opportunity to you for free! They help you to connect with the family as soon as you land and not worry about your phone plans from day-1. WIFI: Few internet providers you can go for are A&T, Century Link, Cox, Xfinity. Make sure the routers you are going for are compatible with the service you are getting. SETTING UP UTILITIES: In some of the states, you will have to call the utility service to start the electrical services in your apartment. Duke Energy and APS are examples of utility service providers. Hope , the information above was helpful and could give you an idea on how to plan out your life ahead in the USA. Wishing you the best always. Stay updated with our blogs for more information!
Empowering Indian Students
Access to quality education is crucial for the holistic development and future prospects of individuals. In India, the demand for higher education has been steadily increasing, and with it, the need for financial assistance. A recent article published by The Hindu Business Line highlights a positive trend in the education loan sector, with a 17% growth in FY23—the first significant upturn in five years. This growth reflects the increasing support available to Indian students aspiring to pursue higher education. In this blog, we explore the significance of education loans and how institutions like Lorien Finance play a crucial role in empowering Indian students to realize their academic dreams. The Importance of Education Loans: Obtaining a quality education, especially abroad, often comes with significant financial implications. Education loans provide a lifeline for students, bridging the gap between their aspirations and financial constraints. These loans cover various expenses, including tuition fees, accommodation, travel, and other associated costs, enabling students to focus on their studies without being burdened by immediate financial pressures. The Growth of Education Loans: The recent surge in education loan disbursements indicates a positive shift in the financial landscape. The rise can be attributed to various factors, including increased awareness, streamlined loan application processes, and favorable policies implemented by financial institutions. The education loan sector’s growth not only provides opportunities for students but also strengthens the overall educational ecosystem. Empowering Indian Students with Lorien Finance: Among the institutions supporting Indian students in their pursuit of higher education, Lorien Finance stands out as a reliable partner. Lorien Finance, through its collaboration with partner banks, offers education loan deals specifically tailored to meet the unique needs of students planning to study abroad. Their focus on international education loans ensures that aspiring Indian students have access to competitive interest rates and flexible repayment options. Lorien Finance believes that financial constraints should not hinder students from achieving their academic aspirations. By providing affordable loan deals, they empower Indian students to explore opportunities at renowned global universities, including those mentioned in the article. Lorien Finance’s support extends beyond financing tuition fees; it also covers other crucial aspects such as accommodation, internships, and even SIM card options, facilitated through their partnerships with various companies abroad. Conclusion: The growth in education loans in India signifies a positive trend that highlights the increasing support available for students pursuing higher education. Institutions like Lorien Finance play a crucial role in this ecosystem by offering specialized education loan deals for Indian students, enabling them to study abroad at prestigious universities. Lorien Finance’s commitment to empowering students through affordable loan options aligns with the growing demand for financial assistance in the education sector. By providing access to competitive interest rates, flexible repayment plans, and comprehensive coverage, Lorien Finance ensures that Indian students can pursue their academic dreams without compromising on their financial stability. As the education loan sector continues to expand and benefit students across the country, institutions like Lorien Finance will play a pivotal role in making higher education more accessible and fostering a brighter future for aspiring Indian students.
The Affect of Donald Trump’s Re-election on the Study Abroad Dreams of Indian Students
Claiming victory in the 2024 US election yet again, Donald Trump has made the most remarkablecomeback in American electoral history. He is all set to return as the 47th President of the world’slargest economy — the United States. The biggest question amongst all this is — will this re-electionaffect the fate of the study abroad plans of Indian students? The Indian students’ s diaspora represents almost 28% of the international students in the US, being the second highest number of students choosing to study in the States. While being applauded by Indian Prime Minister Narendra Modi with an optimism of strengtheningties between the two nations, Indians are still wondering the impact of Trump’s renewed leadership on their study abroad fate. Let’s dive deeper to know what the future holds for all the study abroad aspirants from India! Donald Trump’s victory speech was awaited by Indians in the US and those seeking to go to the US for work or to visit friends and family to know the new president’s stance on visa rules. Announcing that he’s likely to introduce merit-based immigration changes that will benefit Indians, spread a sense of cheer among all. During his first term as President from 2016 to 2020, Donald Trump, through his executive orderE.O.13788 ‘Buy American and Hire American’ increased restrictions on H-1B visas, even for Indians. But this time, in his second term, his focus on reviving the US economy could create opportunities for India’s technology workforce and students in STEM courses. As heard in one of his election campaigns, Trump stated, “What I want to do and what I will do is —you graduate from a college, I think you should get a Green Card automatically as part of yourdiploma, a Green Card to be able to stay in this country. And that includes junior colleges too.”. Headded, “I’ve heard of people graduate from a top college or any decent college, and they desperately wanted to stay here, they had a plan for a company, a concept, and they can’t — they go back to India, they go back to China, they do the same basic company in those places. And they become multi- billionaires employing thousands and thousands of people, and it could have been done here.”. PM Modi’s ‘Friendship’ with Donald Trump Encourages Indian Students Aspiring to Study in the US With Donald Trump’s return to the White House, all eyes are set on the impact of this re-election on the relationship between India and the US. Hoping for a better future for immigrants, study abroad aspirants, border security, the economy, and global peace, PM Modi has welcomed Trump’s victory with wide arms and is optimistic about what the future entails, looking forward to India’s good diplomatic ties with Trump. With the great camaraderie between both leaders, India can look forward to renewing its collaboration to further strengthen the India-US Comprehensive Global and Strategic Partnership. As Indian students willing to study in the USA, let’s find some motivation in Prime Minister Modi’s words, “Together, India and the USA will work for the betterment of their people and to promote global peace, stability and prosperity.” Epilogue The clear intentions portrayed by Trump in his second term include bringing in international students, thus bringing in more revenue and helping fill the talent gap. At the same time, he hinted strongly about new policies to curb illegal border crossings and encourage people to explore legal ways of moving across borders and finding opportunities that are better suited to them. This upcoming term foresees Donald Trump to be positive towards international students. With theimplementation of pathways like green cards for graduates, Indian students may soon find it easier to stay, work, and contribute meaningfully to the US economy. Trump’s re-election could be a game-changer for international students planning to pursue highereducation in the US, providing the perfect opportunity to stay back and live the American Dream! It is bound to reduce the uncertainty often associated with staying in the US after course completion. By offering this steadfast solution to permanent residency, the States would be able to attract and cherish some of the brightest minds from around the world. At Lorien Finance, supporting students on their global journey is central to our mission, and we’reeager to see policies that make this path more accessible and impactful for students worldwide.
Education Loan Eligibility Criteria for Studying Abroad
With a rapid rise in demand for studying abroad, an estimated 2 million Indian students are expected to pursue higher education overseas by 2025. As education costs continue to climb, attending prestigious international institutions often involves significant expenses. Understanding education loan eligibility criteria for studying abroad is essential to make these aspirations financially feasible. Realising the same thing, parents start preparing financially for their children’s education from the time they are kids. From investments to Fixed Deposits to whatnot, they try to save the maximum to provide their kids with the best possible education. But, there are still times when all of these can’t fulfil your dream of studying abroad. In such times, education loans for studying abroad act as your Genie from the Magical Lamp to help you study abroad without any financial hassle. Education loans for studying abroad are typically categorized into secured and unsecured options. At Lorien Finance, we partner with over 15 domestic and international financial institutions, including public and private banks and NBFCs, to provide students with the best interest rates for overseas education. To qualify for an education loan for studying abroad, it’s essential to meet the eligibility criteria set by these financial institutions, ensuring you’re fully prepared to secure funding for your international studies. Let’s go through some of the basic eligibility criteria stated by these institutions for students planning to study abroad with an education loan! Note: Eligibility criteria differ as per each lender’s requirements. The parameters mentioned are some of the common criteria required by almost all lenders. Eligibility Criteria for Applying for an Education Loan for Abroad Studies When applying for a study abroad loan, the following basic eligibility guidelines stated by the lenders need to be met: Eligibility Criteria for Secured Education Loan for Studying Abroad Secured loans for studying abroad are taken against collateral, which in most cases is in the formof property. To be eligible for applying for a collateral loan for abroad education, you must beaware of the following facts: Eligibility Criteria for Unsecured Education Loan for Studying Abroad Unsecured loans for overseas education do not require pledging any collateral in exchange. Banksconsider the student’s and the cosigner’s Income Tax Return (ITR), their CIBIL score as well as the student’s past academic records to offer the loan. To be eligible for applying for a non- collateral loan for studying abroad, you must be aware of the following facts: Documents Required for a Study Abroad Education Loan Now that we are well-versed with the eligibility criteria, it is essential to know all about the documents required for applying an education loan for overseas studies. Let’s have a look: For the Student: For the Cosigner: Salaried Cosigner: Self-employed Cosigner: Extra Documents Required for a Secured Study Abroad Loan To secure a collateral loan for your studies abroad, some additional documents related to the property you pledge are required. These documents include: How to Improve Your Education Loan Eligibility for Studying Abroad? While providing education loans for your overseas education, banks scrutinise every detail anddocument shared. There’s always a way of improving your eligibility in securing an education loan for your abroad studies. To score higher on the lenders’ charts, these are the steps you can follow: Documents Required for First Disbursement of Study Abroad Loan Documents Required for Subsequent Disbursement of Study Abroad Loan Now that we’ve topped the exam on education loans, it’s important to remember factors such asacademic qualifications, availability of collateral, credibility, and creditworthiness. By understanding all these criteria, you can seamlessly start your loan application process for your abroad education and give wings to your dream of gaining an education globally. If any step of this process seems challenging, at Lorien Finance, we are always ready to support you throughout your journey. Whether it’s applying for an unsecured or secured education loan, our loan experts navigate the entire process and help you find the best interest rates in the market to help you finance your study abroad dream. We walk with you every step of the way so that your journey is smooth and hassle-free. FAQs Do I need confirmed admission before applying for a loan? Yes, most lenders require a confirmed or conditional admission offer from your university to process the education loan. Is there a minimum academic score required? Yes, lenders typically expect a minimum percentage or GPA, though it varies by lender. I don’t think my course would be eligible for an education loan. How do I proceed? Lenders usually have a list of courses and universities they cover in abroad education loans. Connect with our team to help you find the best lender for your desired course. Can I get an education loan if I have an existing loan? Having an existing loan does not hinder your chances of securing an education loan for your abroad studies, but it may affect the amount you borrow. Lenders consider your total debt-to-income ratio to ensure you can manage additional loan repayments. Connect with our loan counsellors to know how much you can avail for your abroad education.
Loan Terms Explained
Have you stepped in the race of studying abroad too? Well, congratulations! It’s one of the mostamazing and exciting experiences you’ll have in life. Now that the decision is made, let’s get to the basics! How do you plan to fund your education abroad? Is an education loan on your mind? That’s one of the most suitable options, allowing you to pursue your academic aspirations without financial hassle. You get substantial funds with a flexible repayment tenure, along with tax benefits from the Indian Government. However, do loan terms and jargon confuse you, leaving you searching for explanations? Well, Lorien Finance is here to help with loan terms explained, clarifying all the important terminologies you need to know when taking an education loan. Let’s get started! Application Checklist A predefined itemised list of documentation that the borrower needs to provide at the time of applying for a loan. This list is intended to cover most information needed to begin the underwriting/application process for most loan requests. It typically includes financial, academic, and identification documents required by the lender to assess your eligibility. APR (Annual Percentage Rate) The annual percentage rate (APR) is the total yearly cost of taking out a loan. This rate includes theinterest rate, along with any other finance charges. For example, when you apply for your education loan, you might have to pay loan origination fees or processing fees. If you only consider the loan’s interest rate, it would be lower because the overhead costs aren’t included. Under the Truth in Lending Act, lenders must disclose the APR, so you have a complete understanding of how much it’ll cost to take out a loan. Borrower When you apply for an education loan and receive funds, you are the borrower. As the borrower, you’ll have to repay the loan according to the loan terms agreed upon. If your father applies for an education loan to pay for your tuition fee and living expenses, then hewould be considered the borrower. In this case, the lender will hold your father responsible for loanrepayment. Collateral When you pledge a valuable asset (tangible or intangible) as security for your loan, it is considered to be a collateral. Tangible assets that can be considered collateral include land, building, vehicle, gold, while intangible assets include intellectual property, such as patents, copyrights, trademarks, trade secrets, contracts, licenses, franchise agreements, leases, securities and bonds. If the borrower stops repaying the loan, the lender can seize and sell the collateral to get their funds back. Cosigner A person who agrees to be equally responsible for the repayment of the loan if the borrower cannot repay it, is considered to be a cosigner or a co-borrower. If you apply for a loan but do not have sufficient income or credit history, your father or brother (with sufficient income) can become your cosigner. Cost of Education Cost of Education includes the total amount a student needs including tuition fee, living expenses,accommodation, books, transportation travel fare for foreign education. While choosing your education loan lender, ensure if they cover 100% of the cost of your education, as some only cover a part of it. Credit Score A score that represents your creditworthiness, based on your borrowing and repayment history. This score is calculated by the lender on the basis of your payment history, current debt amount, credit history length, and new credit activity. As per the FICO credit model, a good credit score is at least 670. With an excellent credit score, youcan secure an education loan at the best possible interest rate. Credit Worthiness Creditworthiness is the likelihood that you i.e. the borrower will repay your loan based on yourfinancial history, income, and credit score. Lenders evaluate you by your creditworthiness to determine your loan eligibility and ability to repay the loan. Default The inability to repay the loan according to the terms and conditions agreed upon at the time of loan approval, usually after several missed payments. This can lead to serious financial consequences, including damage to credit and legal action. Deferment Period It is the time when you aren’t required to make any payments, usually when you are still studying or a few months after graduation. Education Loan Disbursement The process through which the ender transfers the loan amount directly to you or the institution you’re planning to study in. EMI The fixed monthly payment to the lender to repay the loan, including both principal and interest. The Equated Monthly Instalment (EMI) payment begins once your moratorium period is over. Fixed Interest Rate When a loan has a fixed interest rate, the interest rate remains the same for the duration of the loan. Since the interest rate remains the same, the monthly payment doesn’t change. The predictable monthly payments make it easier for you to budget your loan payments. Grace Period The short duration upto 12 months after graduation during which the borrower does not have to start repaying the loan. This period allows the borrower to secure employment or make other necessary arrangements before starting the repayment. Interest may or may not accrue during the grace period, depending on the loan terms.It’s usuallyfollowed by the start of EMI payments. Guarantor In the case of student loans, a guarantor is a third party, whose assets are pledged to the lender assecurity. Hard Credit Check When you apply for a loan, the lender will perform a hard credit check or inquiry. This credit inquiryusually has a small impact on your credit score—your score may drop by up to four points. A hardcredit check remains on your credit report for two years. Late Fee A penalty charged by the lender to you on missing a scheduled loan payment. This fee is charged when you make the past due payment. The loan agreement states the amount of this late fee and when does your lender charge the same. Loan Agreement A formal contract between the lender and you, outlining the terms and conditions of the loan, including the loan
HDFC Credila Study Abroad Loan: A Complete Guide
Dreaming of studying at a top global university, but worried about how to finance it? You’re not alone! Many aspiring students face the same challenge, and the idea of funding an overseas education can seem overwhelming. But here’s the good news—there are smart, accessible ways to make those academic dreams a reality without breaking the bank. That’s where HDFC Credila comes in. As India’s leading non-banking financial company specialising in education loans, they offer customised solutions designed to help you secure the funding you need, with flexible terms that fit your unique journey. In this complete guide, we’ll explore everything you need to know to take that next big step—without the financial stress! HDFC Credila Abroad Education Loan HDFC Credila, is India’s first and only education loan specialist, with numerous databases on education sector. Their credit scoring model for the approvals of loans is designed specifically for student loans. HDFC Credila, therefore, understands problems, challenges and issues faced by the students and their parents. With an objective of working closely with students and parents to identify the appropriate education loan programs for them, HDFC Credila customises their product depending on the school and the student’s grades. This ensures that all students have a good shot of getting a loan, and that too at an attractive rate of interest. Overview FEATURES EDUCATION LOAN DETAILS Loan Amount Upto 100% of cost of education(collateral)Upto Rs 75 lakhs (non-collateral) Margin Money NIL Interest Rate Starting at 10.50%* Processing Fee 1% + GST Loan Tenure Upto 14 years Moratorium Period Study period + 6 to 12 months Prepayment Charges NIL Income Tax under Section 80E benefits by HDFC Credila HDFC Credila stands as the only Indian NBFC offering tax benefits under Section 80E on noncollateral education loan. Section 80E of the Income Tax Act allows us to claim a deduction for the interest paid on aneducation loan for a maximum period of eight years, starting from the year in which therepayment of the loan begins. The deduction can be claimed for the interest paid on the loan. It is important to note that the tax benefit under Section 80E is only available for the interest paid on the education loan and not for the principal amount. Who can apply for an education loan at HDFC Credila? Students aspiring to pursue their higher education at bachelors or masters level abroad from countries like USA, Canada, Germany, Australia, New Zealand, UK and are looking forward to avail financial assistance can apply for an education loan at HDFC Credila. Let’s look at some of the important criteria to apply for an education loan with HDFC Credila: Nationality Student and co-applicant must be Indian Age Limit At least 18 years of age Countries Covered USA, Canada, Germany, Australia, New Zealand, UK, France, Singapore, UAE, Ireland, Netherlands and more Academic Performance Strong academic performance meeting the minimum academic criteria set by the lender with prerequisite tests such as GRE, IELTS, or TOEFL. Co-applicant MandatoryMother, father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian can be a co-applicant if they have a steady source of income and a positive credit history Collateral Both collateral as well as non-collateral loansavailable Partial List of Universities Funded by HDFC Credila in the US Arizona State University Boise State University California Polytechnic University Carnegie Mellon University Columbia University Cornell University Georgia Institute of Technology Illinois Institute of Technology Indiana University Bloomington Michigan Technological University New Jersey Institute ofTechnology North Carolina State University Northeastern University Ohio State University Oklahoma State University Polytechnic Institute of New YorkUniversity Purdue University Rochester Institute of Technology San Jose State University Southern New HampshireUniversity State University of New York atBuffalo Syracuse University Texas A&M University University of Bridgeport University of Chicago University of Cincinnati University of Florida University of Houston – Clear Lake University Of Illinois – Chicago University of Maryland University of Michigan – Ann Arbor University of North Carolina –Charlotte University of Pennsylvania University of South Carolina University of South Florida University of Southern California University of Texas at Arlington University of Texas at Dallas Wayne State University Partial List of Universities Funded by HDFC Credila in other countries Asian Institute ofManagement (Philippines) Centennial College(Canada) Chemnitz University ofTechnology (Germany) Concordia University(Canada) Coventry University (UK) Delft University ofTechnology ( Tu Delft )(Netherlands) ESC Rennes School ofBusiness (France) HEC Paris (France) IE Business School – Spain INSEAD (France,Singapore) La Trobe University(Australia) London Business School (UK) London School ofEconomics and PoliticalScience (UK) Nanyang TechnologicalUniversity (Singapore) National University ofSingapore (Singapore) Newcastle University (UK) Rotman School ofManagement, University of Toronto (Canada) Rotterdam School ofManagement(Netherlands) Royal Melbourne Institute of Technology University (Australia) S P Jain School of Global Management (Dubai) Schulich School ofBusiness, York University Sheffield HallamUniversity (UK) Srh Heidelberg University of Applied Science (Germany) The University ofManchester (UK) The University ofNottingham (UK) The University of Sheffield (UK) University of DuisburgEssen (Germany) University of Glasgow(UK) University of Leeds (UK) University of Melbourne(Australia) University Of Oxford –Said Business School University of Warwick(UK) Documents Required for HDFC Credila Education Loan Let’s provide you with a detailed list of all the documents required to apply for a an education loanwith HDFC Credila! Applicant’s Documents Co-applicant’s Documents Income proof for salaried co-applicant Income proof for self-employed co-applicant Perks of an HDFC Credila Education Loan When taking an utmost important decision of financing your education abroad, it is essential forstudents to make informed decisions regarding their education loans. When it comes to funding your education, making the right choices can shape your future. Do not miss out on the several crucial steps to be considered even after disbursement, including: Tax benefits Save taxes by claiming your interest paid as a deduction, as per Section 80E of the Income Tax Act of India, 1961 with HDFC Credila Education Loans. 100% cost of education covered Fulfil your study abroad dream seamlessly with complete financing from HDFC Credila EducationLoans. Quick and hassle-free loans Once the documentation is complete your loan is processes quickly and HDFC Credila
MPower Financing or Prodigy Finance: Which to choose for studying abroad?
MPower Financing Ideated with an aim of removing the financial obstacles faced by students when pursuing international education, MPower Financing has helped thousands of students achieve their study abroad dreams. A major player in the international education loan sector, MPower is dedicated to making a positive impact in the world that goes beyond accomplishing our financial and strategic goals. With no requirements of a cosigner or collateral, they help support a student’s independence in the most easy and affordable way. When considering MPower vs Prodigy Finance, it’s clear that MPower Financing offers education loans at fixed and competitive interest rates that never increase, providing affordable funding. They also provide a complimentary visa support letter and visa prep course. With a smooth loan processing system, MPower Financing stands as a key payer preferred by most of the students aspiring to study abroad. Prodigy Finance With a philosophy that funding shouldn’t be a barrier to education, Prodigy Finance has helped over 40,000 students fund their higher education abroad. With a quick and easy loan application process, Prodigy Finance helps students travel across the world to get a top-tier master’s degree without the stress of a cosigner or collateral or any hidden costs. You can now secure a pre-approved student loan of up to $220,000* smoothly and affordably with Prodigy Finance’s smart and seamless financing. Comparing International Education Loans by MPower Financing and Prodigy Finance Being the top players in the industry, both, MPower and Prodigy, provide loans in foreign currency,include zero exchange rate costs, don’t require collateral or cosigners for securing a study abroad loan, but focus on the student’s future earning potential, with an option to directly disburse the loan amount to the university. Both the lending institutions are similar in terms of the loan amounts offered and the origination fees charged, but let’s assess the differences in their interest rates, eligibility, and other factors to make the best choice. Basis of Difference MPower Financing Prodigy Finance Loan Amount 100% of cost of education 100% of cost of education Interest Rate 12.99 – 15.99%* 11 – 14%* Interest Type Fixed Means your rate won’t change and your payment will remain the same even in a rising interest rate environment. Fixed & variable Means your rate fluctuates based on market conditions, causing monthly payments to change over time. Interest Rate Discount 0.25% for signing up for autopay Nil Countries Covered Canada and United States of America (USA) Australia, Belgium, Canada, China, Denmark, France, Germany, Hong Kong, Italy, Netherlands, Portugal, Singapore, South Africa, Spain, Switzerland, United Arab Emirates (UAE), United Kingdom (UK), United States of America (USA) Courses Covered All courses covered Only Master’s in STEM courses as well as Business, Law, Public Policy, Health Sciences and Economics are covered Number of supported universities Over 400 universities Over 1500 universities Loan Term Upto 10 years Upto 20 years Eligibility Undergraduate or graduate students within 2 years of graduating or about to begin a 1-year or 2-year program Graduate students willing to study in the countries and universities supported by Prodigy Application Process Online application, relativelystraightforward Online application, detailed process Repayment Flexibility Options for adjusting terms Flexible repayment plans available Interest Rates on Study Abroad Loans by MPower Financing and Prodigy Finance While both the lenders offer students support in terms of 100% of the cost of their education, MPower Financing’s lowest available interest rate is 12.99% (13.98% APR), and the average interest rate for loans is 14.99% (16.04% APR). The interest rate you qualify for will be a fixed rate and will not increase for the life of the loan. MPOWER charges an origination fee equal to 5% of the loan amount, which is automatically added to the borrowed amount, eliminating any hidden or out-of-pocket fees, and also offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. On the other hand, Prodigy Finance’s interest rates are variable, and are made up of two components, a fixed margin and a variable benchmark rate. Students can secure their international education loans from Prodigy, starting from 5.25% fixed + 5.34%* variable interest rate. Prodigy Finance charges a processing fee of up to $100, payable when the funds are matched to the loan application to reserve your funds, and before your loan is finalised. They also charge an admin fee for each loan issued. The admin fee is up to 5% of the total loan amount. This fee is added to your loan amount when the loan is issued and spread across your monthly payments- you’re never required to pay this fee upfront. Countries Covered for Study Abroad Loans by MPower Financing and Prodigy Finance While MPower Financing helps you secure student loans for your abroad education in the US orCanada, Prodigy Finance supports students aspiring to attend 1733 schools, 483 universities in 19countries, including Australia, the UK, Canada, the US, Germany, France, the UAE and many more. Eligibility Criteria for Education Loans by MPower Financing and Prodigy Finance An education loan from MPower Financing can be ensured, if you meet the following criteria: For the United States: You must be enrolled in a MPower eligible school. For Canada: You must be enrolled in a MPower eligible school. To determine if you’re eligible for a study abroad loan, Prodigy Finance mandates three requirements (subject to affordability check): If you meet these criteria, you will be able to complete a quick online application and get a quote from Prodigy Finance. In most cases, the quote is received immediately. It will include the amount you qualify for, the interest rate, loan term, and any fees that will apply. Education Loan Application Procedure for MPower Financing and Prodigy Finance MPower Financing’s straightforward loan application process focuses on verifying eligibility andensuring that you can finance your education effectively. Here’s a step-by-step guide to MPower’s Application Process: Prodigy Finance’s smooth online loan application procedure seamlessly ensures a student’s studyabroad dream is realised. Here’s