Discover top international student loan options in the USA

Do you dream of studying in the USA? So many students do. The US is home to top-class universities and a world of opportunities. And with the right guidance and support, studying in the US can be an affordable, hassle-free, and super fun experience!

Many banking and non-banking institutions offer low interest loans for Indian students wanting to study in the US. To check if you’re eligible to get a study loan in the USA, you need to check these boxes:

1. Be an Indian citizen.
2. Be looking to enroll in a career-oriented programme.
3. Have a decent academic history.
4. Already be enrolled at an international university.
5. Be at least 18 years old.

Note: The listed criteria are basic ones for Indian students going to USA universities but to apply for a particular university, it is best to check their respective eligibility criteria.

The banks that offer student loans check your ability to repay the loan after completing your education. To do that, they confirm that you are a legal student who has been accepted into a reputed university in the US.

1. A filled copy of the loan application form
2. An offer letter given by the university
3. An I-20 form to estimate the cost of study
4. Documents of qualified exams (GMAT, TOEFL)
5. Original education certificates/mark sheets
6. Residential Proof of student
7. PAN card and other identity proof of the student
8. IT returns of the co-borrower
9. Proof of income of co-borrower
10. Details of assets and liabilities of the parents/guarantors
11. A copy of the passport of the student

Note: Make sure to check the list of papers needed with the bank, as the requirements can vary based on the bank's rules for student loans in the USA

It is always a good idea to check what your loan covers, besides the tuition fees. Many loan programs now help with more than just tuition fees—they can cover various expenses in the USA like:

1. Examination, Laboratory, Library Fees
2. College and Hostel Fees
3. Books, Instruments, Equipment
4. Travel Expenses
5. Caution Deposit, Refundable deposit, Building funds
6. Insurance premium for the student
7. Study tours, Thesis, Project work
8. Laptop

In India, there are generally two types of student loans for studying in the US:

1. Secured Education Loans: To apply for a secured education loan, you need to have collateral like apartments or government bonds.
2. Unsecured Education Loan: To apply for an unsecured education loan, you don't need any collateral as a guarantee but you need a co-applicant whose income decides whether or not your loan is approved.

A year of studying in the USA can cost over $20,000 which is ₹16,65,740. Even though the program fees are less than $20,000, adding other costs like flights, insurance, food, pocket money, vacations in the USA, and visa fees, your yearly budget will probably be between $18,000 and $23,000

The US has a number of good universities for international students but it is tough to get admission into them without a loan or scholarship. Here’s how Indian students can choose the best education loan program to fund their dream college and explore all the opportunities in the US.

1. Understand the terms of the loan.
2. Double-check the college you choose.
3. Check the pros and cons of the loan you apply for.
4. Make sure that you explore all your options
5. Check the buffer period that the loan can offer.
6. Choose the easiest repayment option.
7. Make sure that you have a proper plan to repay the loan.
8. If possible, Make sure that you’re aware of the pre-payment fees
9. Make sure that you clear all your doubts

Lorien is your one-stop destination to fly to your dream country and make a successful career by taking care of your entire study abroad plans in the US. Here is why Lorien is your best buddy for your abroad dream:

1. We Help students in getting loan that covers 100% university fees and cost of leaving.
2. We charge ZERO fees for our services
3. We help you navigate necessary cosigners for Indian banks & no cosigner provisions for international banks at low interest rates
4. We help you compare the best education loans possible.
5. We keep track of your loan application and bargain for the best price

The USA is widely chosen by Indian students for higher education. While they offer a number of courses, here are the ones that offer favorable career choices in the future:

1. Engineering
2. Business & Management Studies
3. Computer Science
4. Medicine
5. Communication & Media Studies
6. Politics
7. Mathematics
8. Economics & Econometrics
9. Dentistry
10. Physics

Indian students who pursue higher education in the USA usually opt for the F1 visa. But to apply for it, they need to submit a few documents. The specific requirements can vary for each student, but here is a list to take note of:

1. University Certification: The university that the student chooses should be certified by SEVP Immigrations & Customs Enforcement.
2. Status of Enrollment : The applicant should be enrolled as a full-time student at the university.
3. Fluent in Language: Many USA universities have standardized scores for English Language proficiency. To get an a admission, the student must meet the language requirements set by their chosen institution.
4. Funding Status: Students need to provide evidence of sufficient funds to cover not only their studies but also living expenses while studying in the USA.
5. Valid Passport: The student must have a passport that is valid for at least 6 months after completing the course.
6. Home-Country Residency: Applicants must provide a proof of their residence in the home country to show that once the degree is over, they’ll return to their country.