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
How to get education loan for studying abroad without collateral?
Do you constantly dream of studying abroad and having the best experience living your dream life, but the thought of high tuition fees is weighing you down? We know you’ve been up all night searching on Google for “how to study abroad without spending a fortune.” Well, what if we told you that fulfilling your study abroad dream is now possible without sacrificing your parents’ assets? With education loans emerging as one of the most affordable and feasible options to pursue your studies abroad, Indian lenders have stepped up their game by offering education loans without the need for security or collateral. Let’s dive deeper into how to get an education loan for abroad studies without collateral and how this can be a game changer for all students worrying about investments for studying abroad! Education Loans without Collateral An unsecured education loan or education loan without collateral for studying abroad is where thelender promises to offer you a loan for your higher studies abroad without the need of a collateral or security in exchange. These loans are offered on the basis of academic record, admission to arecognised institution, and future earning potential. Collateral refers to the tangible or intangible assets that you pledge to secure your loan. This caninclude properties, land, shares, gold and mutual funds. Interest rates for education loans without collateral are higher than those for secured loans as thelenders have a high risk involved due to no security. The amount for such loans also is determined by the lenders’ policies and your profile. Secured vs Unsecured Education Loans for Studying Abroad To make it easier for you to understand, let’s highlight some of the key differences between education loan with and without collateral! PARAMETER EDUCATION LOAN WITH COLLATERAL EDUCATION LOAN WITHOUTCOLLATERAL Loan amount offered Up to Rs 2 crores(or 100% cost of education) Up to Rs 85 lakhs(or 100% cost of education) Collateral Requirements Collateral required in the form ofproperty, land, shares, gold or mutual funds No collateral required Interest Rates Comparatively lower as a reason of security Comparatively higher as a reason of no security Processing Time Comparatively more due todocumentation, property valuationand more. Comparatively less due to lessdocuments involved Features of a Non-Collateral Student Loan for Abroad Studies Some of the significant features of an education loan for studying abroad without collateral are: Expenses Covered in a Non-Collateral Study Abroad Loan Let’s walk you through a list of expenses covered by a non-collateral loan for your abroad education! These expenses to be covered vary as per the lenders’ policies. Banks Offering Non-Collateral Loans for Studying Abroad Wondering which banks offer study abroad education loans without needing collateral? Here’s a list of some of the best lenders for education loans to study abroad without collateral along with their loan amounts and interest rates. LENDER FINANCIALINSTITUTIONTYPE MAX LOANAMOUNTDISBURSED INTERESTRATE PROCESSINGFEE COUNTRIES COVERED State Bank of India Public Bank Rs 75 lakhs 10.15%*onwards – USA, UK, Canada,Australia, Germany, Ireland& many others Union Bank of India Public Bank Rs 40 lakhs 9.25%*onwards – USA, UK, Canada,Australia, Germany, Ireland& many others Axis Bank Private Bank Rs 50 lakhs 10.50%*onwards 0.75% + GST USA, UK, Canada ICICI Bank Private Bank Rs 1 crore 10.25%*onwards 0.75% + GST USA, UK, Canada IDFC Bank Private Bank Rs 85 lakhs 10.50%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others Ascent NBFC 100% cost ofeducation 3.79%*onwards – USA Auxilo NBFC Rs 40 lakhs 11.50%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others Avanse NBFC Rs 75 lakhs 11.50%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others Earnest NBFC 100% cost ofeducation 3.74%*onwards – USA HDFC Credila NBFC Rs 75 lakhs 10.50%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others Incred NBFC Rs 60 lakhs 11.75%*onwards 1% + GST USA, UK, Canada,Australia, Germany, Ireland& many others MPower Financing NBFC $100k 12.99%* 5% + GST USA, UK, Canada Prodigy Finance NBFC 100% cost of education11.50%*onwards $1005% + GST USA, UK, Canada,Australia, Germany Sallie Mae US Public Bank 100% cost ofeducation 3.49%*onwards – USA Tata Capital NBFC Rs 75 lakhs 11.50%*onwards – USA, UK, Canada,Australia, Germany, Ireland& many others Student Loans Without Collateral: Eligibility To apply for a non-collateral study abroad loan, the lenders mandate that you meet certain eligibility criteria for seamless processing. Let’s discuss it in detail, so that you ace all those requirements! Education Loans without Collateral: Documents Required Your non-collateral study abroad loan is within reach with the help of the following documents. Let’s jot them down together, so that you add them to your bag or your drive and submit to your lender at the earliest! For you (the applicant) For the cosigner If the cosigner runs their own business, they’d be required to submit the following additions documents to show their income. If the cosigner is salaried, they’d be required to submit the following additions documents to show their income. How to get a Student Loan for Abroad Studies Without Collateral? Let’s understand the application process of applying for a study abroad non-collateral education loan better! Step I: Shortlist the lender for securing your non-collateral loan for studying abroad After thorough research, choose the lender best suitable for you to secure your unsecured study abroad loan. You can reach out to these lenders online through their official website or physically by visiting a branch. You will be required to fill an application form and provide accurate and complete information. Ensure inquiring about the interest rates, any hidden costs, repayment term and other information in the loan agreement. Step II: Sharing your documents Once you’re assured of all the terms and conditions of your chosen lender, and are ready to proceed, the next step is to submit the required documents for your non-collateral education loan. These documents may include academic records, admission letter, financial statements, and any other documents requested by the lender. Step III: Credit check & verification After successfully submitting your documents with the lender for your education loan for studyingabroad without
Tips for Fresh Students in The USA
As soon as you get your acceptance letter to an American university, it opens up the world for you. You will soon study in one of the best educational systems and have access to unique opportunities that could launch your career. It is a dream come true for all of us, but it is also a life-changing experience that will make everything new and unknown. It is normal to be nervous about the trip, but you won’t feel that way forever. Here are a few tips for fresh students in the USA on adjusting as an international student, so you can get used to your new city and life as quickly as possible. QUICK FACTS: The US has been one of the top destinations for international students who have dreamt of studying abroad. Over the past few years, students from India and China have accounted for the maximum number of enrolled students. A recent SEVP report has revealed that a total of 47% of the total international student population in the US comprises Indian and Chinese students. While the international student numbers took a significant hit due to the pandemic, China and India still lead in student enrolment numbers in the US. The excellent news per the US Citizenship and Immigration Services is that the number of Indian students studying in the US increased by over 12% in 2021, while those from China dropped by 8%. Approximately 92% of active US visa holders applied for associate, Bachelor’s, Master’s, or Doctorate programs in the US. The number of higher degrees pursued by international students increased by 1,142,352 against 1,121,981 in 2020. A top institution like Lorien Finance could be where Indian students could get higher education loans from the US at the lowest interest rates. Not only this, but you get many added benefits like complimentary USA Bank A/C, debit card, and worldwide free calling with an international SIM card. The SEVP( Student and Exchange Visitor Programme) study data also highlighted that over 1.25 million active records in SEVIS have been reported for F-1 and M-1 students during the 2020 calendar year. In the US, the F-1 visa is offered to those international students enrolled in an academic program or an English Language program at one of the US universities; meanwhile, the M-1 visa is offered to those overseas students who are enrolled in a vocational or technical institute. So, if you are one of the aspiring students applying for the top US universities, we have a few tips that would come in handy while studying in a foreign land. The guide is to help boost your confidence and win over people’s hearts to achieve your goals amicably. Positive Attitude: First of all, take some time for self-talk and remind yourself of your purpose of being in the US to study. Remember all the hard work you have put into getting here. Filling out school paperwork, completing your visa requirements, and figuring out travel logistics took a lot of effort and determination. Be proud of yourself for making it happen. You got through the application process, and you can do this too. Non-academic Activities: If you feel sad, sign up for some non-academic activities that look fun or go to the gym. Try new foods, learn new expressions, and explore the neighbourhoods and attractions near your university. If you focus on what is in front of you, you will have less time to focus on your feelings of homesickness and isolation. Friendly Approach: YA friendly attitude attracts good friends who can shop, cook, laugh, and support you through unfamiliar social situations.. American friends will answer your questions, help you get through social situations in real time, and explain things that might be unfamiliar to you. Do not be afraid to take the first step and reach out to a classmate or someone in your dorm. Cultural Acceptance: Be open to cultural learning and acceptance. Don’t think of the new culture as good or bad. All the aspects of your new environment are part of its broader social system and contribute to its uniqueness. To adjust to the new environment, observe your surroundings and prepare to learn both inside and outside the classroom. Interact with people and discover as much as you can. Socializing: Socialising is a vital part of your experience. Socialising continues throughout an individual’s lifetime, and your experience in studying abroad will challenge you to develop your “people skills” even further. Keep in mind that your visit to the US may not last forever, so go out and socialize with others to get a whole American experience. Make sure you open up to new experiences. Orientation Sessions and Full-Time Therapists: Most universities conduct orientation sessions for new students to help them adjust to new surroundings. International students can always seek help from the admissions office or the International student office at the universities. Many universities employ full-time therapists trained to help international students find solutions to the challenges they might face Healthy Habits: Take care of your physical health by following a good diet and working out in gyms or parks. Being physically fit helps in reducing stress levels. Financial Management: Studying in the US is very expensive. Managing personal finances can pose a significant challenge for fresh international students.. Budgeting can be of great help. Keep a record of the expenses for the first few months to understand the expenditure cycle. You can look for a part-time job also to get some extra cash. Also, you should choose the course very judiciously. The course you will invest your time and money in should derive value from the education you are getting. Ethics and values are crucial for maintaining academic integrity, emphasizing honesty, trust, respect, and responsibility. Plagiarism, cheating, providing false information, lying, forgery, etc., are unacceptable in the American lifestyle. Lorien Finance is your friend in need in a foreign land to help you take control of your finances from day 1. You could open a US Bank A/C and debit card before you land in the USA! We also
Essential Tips for USA Study
Finally! Your dream to study in the USA is about to come true. You must be excited and nervous about embarking on this lifetime journey, especially to make the most out of it. After all, not everyone gets to live the “American Dream”! However, there are certain things you need to keep in mind before you fly to the country. So whether you’re going for your bachelor’s degree, master’s program, or even Ph.D., read this article to know essential things before traveling to the states for your study abroad trip! Research the Country First, you must research the country to know about its culture, people, weather, economy, government, etc. Remember, you can’t show up without having a basic idea about the country. It will help you cope with culture shock better and adjust quickly to your new life. Furthermore, you must also keep yourself abreast of the current affairs of the USA, read travel guides, and watch Hollywood movies. Besides, if you know someone living in the USA, it would be a cherry on the cake. They can tell you many tips and tricks about local life that you might not even find on the internet. Basic Habits and Etiquette Learning some of the essential habits and etiquette of the USA is crucial. Many things differ from culture to culture, and something considered polite in one country can be seen as impolite in another. For example, In Japan, tipping a waiter or waitress can be treated as an insult in many situations. However, in the USA, tipping is obligatory, and you may have to leave a gratuity of 15-25% to the waiter or waitress for their service. Another thing that you need to take care of while studying in the USA is maintaining punctuality. Americans value time, and any delay or lateness can be interpreted as rudeness. So, make sure to show up early anywhere, be it your college classes or any significant event. However, lateness can be acceptable in large social gatherings! Pack Light It is tempting to load your suitcases with everything you can think of, but you should always carry only essentials with you. There are many reasons to pack lightly! Firstly, airports have a luggage weight limit. If you exceed that, it will be chargeable. Secondly, carrying multiple bags to a foreign country is not convenient and puts you at risk of lost, damaged, or stolen luggage. Finally, you can always buy anything you need in the USA as almost everything is available here! Finances Now that you are moving to the USA be it in your student housing in New York or Los Angeles, you should do a few things to take care of your finances, like notifying your current bank about your plans to shift to the USA for your higher education. Otherwise, they will consider it a fraud, and you will get locked out of your account. Secondly, you should convert your money into US dollars at the local bank (preferably) or airport and take it with you. During the initial days, figuring out the ATM or bank might take some time, and you will need some money as soon as you arrive in the country, like paying for your cab fare, food, etc. Moreover, after having an address in the USA, you should open a local bank account there as it will be convenient and help you avoid foreign currency charges. Meanwhile, you can also get a traveller’s cheque or a forex card. Final Takeaway! Pursuing your higher education in the USA can be expensive, so instead of going straight for student loans, try applying for various scholarships. Besides, you can work part-time to offset the high cost of living in the country! Overall, the USA is a beautiful country to live in as an international student. It is almost always called the best study abroad destination in the world that helps students thrive personally and professionally. So savor this opportunity and make the best use of it. Do you want help in finding student housing abroad? Amber provides millions of students globally with the best and most reasonable options for booking accommodation. Our booking executives will guide you through the entire process of finding your ideal student accommodation at your desired location!
Why Study in The U.S.A.?
For most Indian students, the seeds of studying abroad are planted right from childhood. Be it that one NRI cousin who is the object of every parent’s awe or the glorification and overexposure of western universities in the media, every kid wants a slice of that western college life. The dream of making it big and charting a stellar career often begins with the aim of enrolling in a prestigious university abroad. While it’s true that recognized universities exist all around the world, there’s a certain allure about the big American dream that puts the U.S. front and center for Indian candidates who want to pursue higher education abroad. So, why study in the USA? And more importantly, why should you pursue higher education in the U.S.? We have broken down the answer for you. 1. Flexible Choices There are several reasons why American colleges are considered top-tier for international students. But if we had to pick one, it would be the fact that one is free to choose different courses before declaring their major. This sets the U.S. apart from colleges in other countries, which insist students pick their major right when applying for college. Sometimes, colleges ask students to declare their major right when applying for the course. Not only does this restrict your freedom to switch your field of study later, but it also keeps you from exploring different subjects before you’ve made up your mind about which field you want to delve deeper into. It is in this regard that colleges in the U.S. give their students an advantage, by providing them a chance to explore their interests, before making a major decision. 2. Melting Pot of Cultures America is known as the melting pot of different cultures and that’s evident from their college classrooms. Every university, be it Ivy League or not, prides itself on having a solid diversity base regarding enrolment and admissions. This is not only an excellent chance for you to blend in with your unique heritage but also an opportunity to mingle with other cultures and gain a global perspective. If you get admission to a college there, chances are you’d meet many different students from different races and backgrounds. This allows you to nurture your openness to other beliefs and languages. 3. Opening doors to new careers A master’s degree from a reputed American university automatically opens doors to a lot of career opportunities. The holistic academic experience in the U.S. gives you an insight into different fields, thus broadening the scope of your career. In addition to this, American colleges also offer the highest salary around the world. Even when you apply for an education loan from Lorien to study in the U.S., the credit decision is based on this future employability, so you can pay back all the dues within the first 2-3 years of working. Even if your goal is not to settle in America, coming back home with a Master’s degree from the U.S. automatically makes you a desirable candidate for many global companies back home. 4. Networking Getting an MBA from a reputed college in the U.S. not only opens doors to great learning but also allows you to connect with future marketers, entrepreneurs, and tech wizards, who all might be sitting next to you in your classroom. Networking with classmates will give you a lifelong advantage in whichever field you choose. In conclusion, getting an MBA from the U.S. has a lot of benefits, but if finance is coming your way from getting into your preferred college, don’t let it be a roadblock. Get in touch with us at lorien.finance, where we connect US capital markets with Indian students by providing them with low-cost financial services.
Indian Students’ Guide: First Month in the US
We know how much your dream to study in the U.S. means to you. But we also understand that shifting base to another country is not an easy task. Indian students often grapple with several adjustments during their first few weeks in America. New people, new climate, new culture, new friends—it can be a little too much to take in all at once. Especially if you’re close to your family, and given that you’re Indian, it’s a safe bet to assume that you are. That’s why our Indian Students Guide for the First Month in the US emphasizes the importance of acclimating yourself before stepping foot in the land of the free. Both India and America are deeply set in their ways and that’s partially the reason why both countries have such strong values. But if you switch from one nation to the other, you need to come prepared. That’s why we’ve created a cheat sheet for you. A survival guide for the average Indian student to survive their first month in the U.S. Long story short, if you follow these steps, your transition to the U.S. will be a smooth and easy journey. 1. Do Your Research This goes without saying, but we’ll say it anyway—there’s no such thing as too much research when you’re about to shift to a new country, especially for two years. As part of the Indian Students Guide for the First Month in the US, you’ll need to know about the climate of the place you’ll be living in and pack accordingly. If the area experiences peak summers and winters, bring a wide variety of summer cottons and winter wools. If you know someone—like a friend or a relative—who’s already living in the same area, get in touch with them for insights. How long do monsoons last? Is there going to be snowfall? How much does the temperature fluctuate? No question is too small. Additionally, do a quick online search to find any Indian stores near your locality for replenishing groceries and spices. It’s also wise to connect with your university counselor to find out about other Indian students attending the college with you. We’re not suggesting you always stick together as a clan and avoid mingling with others, but having a little relatability during those initial days can really help. 2. Brace Yourself for The Culture Shock If you take the first step right, your research will tell you that America differs from India in many ways. For instance, the option of vegetarianism is not widely available when it comes to food choices. Although American states are catching the new wave of veganism quite rapidly, it’s still difficult to find variety in veg food. So, if you’re a vegetarian, we’d suggest you already figure out a game plan beforehand. Another thing that comes across as a shock for most Indians is that cabs are a luxury for the elite. The public uses the subway metros and other public transport daily to get from point A to point B. If we come down to listing it all, we’ll need another blog to write all the things that can come to you as a culture shock about the U.S. But more on that later. 3. Get a Job Right Away If you’re a student in the U.S., chances are you will have to do a part-time gig or two to maintain your daily expenses. America is not a cheap country so it’s a common sight in the U.S. for students to do part-time jobs to earn a little extra pocket money. And unlike in India, doing a small job as a busboy at a restaurant isn’t looked down upon. So, don’t go down the road of what people will say. Doing a part-time job in college will teach you a valuable lesson in money and time management. No amount of theoretical reading can give you that. So it’s vital that you get your hands dirty and get a job right away to support yourself while studying. 4. Open a Bank Account A wise person would get a bank account in the country as soon as they land to pay their bills and keep their money safe. But a wiser person would get a bank account even before landing in the U.S. Ask how? With the help of Lorien Finance, we help Indian students open a U.S. bank account and provide a debit card, so you can easily manage all your finances without the hassle of lugging the extra cash. The best part is that you don’t need a social security number or a past credit history to open a bank account. You can read more about our U.S. bank account here. (backlink) 5. Network to Make Things Work If you’re a foreign student in the U.S., this will be crucial in deciding how the next 2 years of your life pan out. Not only from a professional standpoint but even a social point of view. If you’re an introvert who doesn’t like to initiate conversations, you’ll have to work and build your communication skills. You can’t survive two years in a foreign land by staying in your bubble. It’s important to socialize from the get-go and find your tribe in the coming months. It’ll not only help you to find like-minded friends but will also open more academic opportunities. The more you engage with your classmates, faculty, and professors, the more opportunities will come your way. 6. Learn to Cook If there’s one thing that you should take from the blog, without a doubt, it’s this. No other skill is as essential to survive in the U.S. as cooking. You can’t survive every day on take-out food. It’s better to prepare your meals and eat healthier, richer food. It’ll not just save you money but will also make you self-reliable in the eyes of your peers and family. Not to mention, if you are not a meat eater, you will have a tough time
Importance of Education Loans for Study Abroad
Be it India or America, education is becoming expensive year after year, especially for post-graduate courses. In such a scenario, students who wish to study in the U.S. tend to eat into their savings to pay for their college tuition. But not many people have the luxury of having a college trust fund or parents with a sizable chunk of money set aside. For them, education loans for study abroad are a blessing, as they allow them to fulfill their dreams even with limited means. It gives these talented young students a chance to stand neck-to-neck with the global students and bring their unique brilliance to the forefront. It aims to empower young minds who are only bound by limited financial means and gives them the wings to soar high in the sky. Let’s look at other reasons why an education loan is a must-have if you plan and know about the importance of an education loan for studying abroad. 1. Saving your parent’s savings Indian parents spend their entire lives saving hard-earned money for their children’s college funds in the hopes of seeing their child study at a prestigious university someday. These savings often come at the price of their wishes or money they could have otherwise spent comfortably by them in their retirement. Taking an education loan to finance your studies relieves your parents from the stress of taking a significant financial burden on your behalf and frees up their life savings which can now be used as they deem fit. It puts the onus on you and your ability to pay back the loan in the years to come. 2. Shaping Your Credit Score While the concept of a credit score may not be as popular here, in foreign countries, it is pretty relevant. A loan to finance your education is a sure-shot way to build your credit score in America. All you need to do is ensure that you pay all installments on time to guarantee a stellar credit rating. People use their high credit scores to secure funds in the future whenever the need arises. It symbolizes your ability to repay the loan in the agreed-upon time without any delays or defaults. 3. Quick & Easy Visa Approval In most countries, including America, the visa authorities want to ensure that there’s a steady flow of funds and that the source of these funds is reliable. When public sector banks or trusted lenders support the loan, they automatically enhance the student’s profile, making the student a more worthy candidate in the eyes of the authority. Thus, a student who secures an education loan for studying abroad has a better chance of obtaining a visa quickly than a student who self-finances their studies. 4. Covering all The Bases When you take an education loan to sponsor your college, it funds not only your tuition fees but also covers travel expenses, study materials, accommodation, and more. And if you take an education loan from Lorien finance, we also throw in a free flight ticket to the U.S. Not only that, we wire the tuition fee directly to your university before each semester, so you don’t have to take the extra stress of going to the bank and making the payment or risk forgetting and becoming a defaulter. 5. Tax Benefits This is a frontrunner factor when deciding on taking an education loan for study abroad. Under section 80E of the Income-tax of India, the interest on an education loan is subject to a tax rebate. This makes the foreign education loan a viable scheme for your parents, who can juice the benefit of the tax rebate emerging from the interest you pay on loan after every period. If you’ve made up your mind to secure an education loan to finance your studies in America, then you’ve come to the right portal. Lorien Finance not only makes securing the loan quick and easy, but it also offers competitive interest rates as low as 8.5%. To know more about our education loans, click here.
Australian Education Loan Guide
Australia, with its world-class education and exceptional quality of life, has become a prime destination for students from all corners of the globe. However, embarking on this educational journey often requires financial support, and that’s where education loans come into play. In this guide, we’ll take you through the process of obtaining australian education loan guide for your studies in Australia, eligibility criteria, essential documentation, and more. Australia’s Educational Appeal With over 800,000 admission applications received annually, Australian universities have witnessed a consistent 4-5% increase in Enrolments. The country’s outstanding educational standards, welcoming local communities, and rich cultural diversity have made it a top choice for international students, trailing closely behind the USA and the UK. Exploring Education Loan Options To ensure a smooth financial transition into your Australian education, it’s advisable to initiate the education loan application process once you’ve received your college admission confirmation. Here are the main options available to Indian students: Indian Nationalised Banks These banks typically offer educational loans with collateral requirements of up to 90%, ensuring high security for students. Benefits include lower interest rates and cost-effective processing charges. However, be prepared for longer application processing times. Private Banks: Private banks in India offer faster loan acquisition processes, dedicated relationship managers, and improved follow-up services. Keep in mind that private banks often have higher processing fees and interest rates. Most notably, private bank loans for education are usually unsecured, meaning no collateral is required. Non-Banking Financial Companies (NBFCs): Institutions like HDFC Bank Credila and Auxilo provide loans to students once final confirmation is received from the Australian High Commission. Opting for an NBFC loan streamlines tuition fee disbursement and offers timely access to funds in your bank account, simplifying the overall loan disbursement process. Eligibility Criteria To be eligible for an education loan in Australia, certain conditions must be met: Before applying for an education loan, ensure you meet these qualifying requirements set by banks or lending institutions. Essential Documentation When applying for an education loan in Australia, you’ll need to provide various documents, including: Exploring Scholarship Opportunities While education loans are a viable option, it’s also worth exploring scholarships to alleviate the financial burden. The Australian government and Commonwealth initiatives offer various scholarships to Indian students, covering either full tuition charges or a substantial portion. These scholarships can significantly reduce the need for student loans. Special Education Loans for Non-Australian Citizens Indian students with permanent residency (PR) status have the opportunity to apply for student loans through the Higher Education Loan Program (HELP) in Australia or benefit from Commonwealth Supported Places (CSP). In Conclusion Australia offers an exceptional educational experience and quality of life, making it an ideal destination for students aspiring to build successful careers. With various education loan options and part-time work opportunities, students can ensure timely tuition payments and minimize any financial obstacles to their top-notch education. This comprehensive guide, covering scholarships, loan eligibility criteria, and essential information, empowers students to plan their study abroad endeavors effectively, paving the way for a promising future. At Lorien Finance, we’re committed to supporting your education journey, offering international education loan deals for Indian students studying abroad at competitive rates through our partnerships with national and international lenders. Your dream of studying in Australia is closer than ever
Education Loan for Abroad Studies
“Education is the key to unlock the world. It is the passport to freedom.” Oprah Winfrey ‘Main udna chahta hoon, daudna chahta hoon, girna bhi chahta hoon, bus rukna nahi chahta!’Does this inspire you and make you think of flying to different countries for your education? Well,what if we tell you, it is all possible! Any part of the world, the course of your choice, the university ofyour dreams! For those of you who aim to pursue higher studies abroad, but face a lack of sufficient funds, there is a magic carpet that’ll fly you to the study destination of your dreams, anywhere across the globe. And yes, this magic carpet isn’t interrupted by the stressful financial mountains in the way!Congratulations, Aladdin’s Genie granted your wish! Realising that securing admission to top-tier institutions abroad can be an enriching experience as they offer innovative learning, exquisite facilities, and premier projects that enable you to get numerous opportunities, education gateway consultancies, like Lorien Finance, intend to take off the immediate burden of financing the applicant’s higher education. USA, Canada, Australia and the UK have been the top choices for education destinations, but theNetherlands, Germany, UAE, France, Singapore, Italy and Spain are no behind in terms of learningopportunities. You must have researched all about the pros of studying abroad, but let’s get practical and understand the process in depth. To begin with, the tuition fee for an overseas student seems comparatively higher than that of a domestic student, but it’s completely worth it! You’ll have to spend extra for accommodation and other living expenses too. Don’t worry! This isn’t to scare you, but introduce the role of education loans in your journey to make it hassle-free! Don’t let your bank account hold you back from crossing oceans. Dive into your study abroad dreams with a loan! Types of Education Loans for Students Applying for Abroad Studies Indian students can opt for two types of loans based on feasibility, income and credit history. How to get an education loan for studying abroad without collateral? Are you dreaming of pursuing your higher education abroad with study abroad loans, but the thought of collateral is making you ditch your plan? Hold on, while we share a list of Indian and international lenders that help you aspire for gaining international education without the hassle of collateral. Lenders Loan Amount Interest Rate State Bank of India Upto ₹75 lakhs Starting from 10.15%* Union Bank of India Upto ₹40 lakhs Starting from 9.25%* HDFC Credila Upto ₹75 lakhs Starting from 10.50%* Axis Bank Upto ₹50 lakhs Starting from 10.50%* ICICI Bank Upto ₹1 crore Starting from 10.25%* IDFC Bank Upto ₹85 lakhs Starting from 10.50%* TATA Capital Upto ₹75 lakhs Starting from 11.50%* Ascent 100% cost of education Starting from 3.79%* Auxilo Upto ₹40 lakhs Starting from 11.50%* Avanse Upto ₹75 lakhs Starting from 11.50%* Earnest 100% cost of education Starting from 3.74%* Incred Upto ₹60 lakhs Starting from 11.75%* MPower Upto $100k Starting from 12.99%* Prodigy 100% cost of education Starting from 11.50%* Sallie Mae 100% cost of education Starting from 3.59%* With non-collateral loans from public banks like State Bank of India, Union Bank of India and many more, at feasible interest rates starting from 9.25%, the Indian government aids students aspiring to study abroad with accessible education loans. Non-collateral education loans for studying abroad from private banks including Axis Bank, ICICI Bank, IDFC Bank and more start at 10.25%, while Indian and International NBFCs like HDFC Credila, Tata Capital, Auxilo, Ascent, Avanse, Earnest, Incredible, MPower, Prodigy Finance and Sallie Mae offer non-collateral loans starting at 3.59%* and make overseas education accessible for all. While Indian lenders mandate the availability of a cosigner for non-collateral loans, International lenders including MPower and Prodigy Finance offer non-collateral loans without a cosigner. They provide study abroad loans on the basis of your credit history and academic performance. At Lorien Finance, we have partnered with 15+ financial institutions to help you with the besteducation loan for abroad studies. From lowest possible interest rates to non-collateral loans to loans without any cosigner, we have it all! The process of applying for a non-collateral loan with Lorien Finance is just the easiest. Let’s walk youthrough the same: Benefits of a Study Abroad Education Loan Education loans offer families the opportunity to secure the best possible education for their children without sacrificing their assets and savings. They strategically support academic aspirations and long-term financial stability. Here are some key benefits of a study abroad education loan: Types of Education Loan Providers Banks– Banks are financial institutions regulated by the Reserve Bank of India (RBI), which provide all financial services. Banks in India can be categorised as public and private sector banks. Public sector banks like State Bank of India, Punjab National Bank, Bank of Baroda etc. are owned by the government, while private banks like HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, etc.are owned by private entities. With a more extensive documentation and verification process, public and private banks in India offer to cover 100% of your education cost with their collateral and no collateral loans. At Lorien Finance, we have partnered with leading public and private banks from India, including State Bank of India, Union Bank of India, Axis Bank, ICICI Bank and IDFC First Bank to help you find the best education loan for your study abroad journey. NBFCs– NBFCs (non-banking financial company) are financial institutions other than banks that offer various types of loans without holding a banking license. By screening your academic profile before offering the study loans, NBFCs are redefining the norms of lending education loans. With offerings like collateral as well as non-collateral loans, NBFCs offer a higher loan amount if you meet the criteria. NBFCs also have quicker loan processing and disbursal time as compared to banks, as they are not subject to the same level of regulatory check. At Lorien Finance, we have partnered with leading Indian and International NBFCs including HDFCCredila, Auxilo,
Top Universities to Study in UK in 2024
Are you a true Harry Potter fan wishing to study at Hogwarts? Well, it’s time to write your own magical story at the top universities in the UK! The UK boasts a wide array of prestigious educational institutions renowned for their exceptional establishment in the academic field. With campuses that feel nothing less than castles, the perfect study weather with rainy days, and the British accent, of course, you are going to love the UK’s foggy streets! Prepare to swap your masala chai with English tea as we run through the top 10 universities in the UK as of 2024, where you can pursue the course of your dreams! UNIVERSITY TOP COURSES FEES(1st year tuition fee) University of St.Andrews 1. InternationalRelations MA(Honours) 2. ComputerScience (MSc) INR9.01L – 38.97L University ofOxford Oxford MBA INR13.39L – 81.93L University ofCambridge 1. BA (Hons)Economics 2. BA (Hons) Law INR23.2L – 72.01L London School ofEconomics andPolitical Science BSc Economics INR17.67L – 46.89L Imperial CollegeLondon 1. MechanicalEngineering 2. MBBS/BScMedicine INR15.6L – 64.18L UniversityCollege London Science &TechnologyLaw LLB INR16.75L – 60.22L DurhamUniversity BA EnglishLiterature INR14.22L – 36.53L University of Bath 1. ManagementBSc (Hons) 2. Humanities INR7.83L – 39.13L University ofWarwick 1. WMG 2. MBA 3. Politics andInternationalStudies BA INR19.62L – 56.09L LoughboroughUniversity ArchitectureBArch INR8.85L – 33.4L Whether your dream university lies in Amsterdam or London, at Lorien, we assure you guidance throughout your journey! From counselling sessions that help you determine the right course and university, to tracking your application, to funding your education, to assistance in the visa process and test preparations, Lorien experts will always be by your side!Contact us for a free counselling session over high tea!