20 Tips To Get Student Loan For Higher Studies in USA

Higher education has become extremely expensive these days and many students with merit are unable to make a good career which they deserve. People from all over the world wish to go to the United States of America (USA) for higher education. Doing higher education in the USA is extremely difficult and it requires highest amount of personal skill on the part of a student.

Students who wish to study in the USA can go for an educational loan. However, getting a student loan for higher studies in USA is not easy as it involves many technical issues which everyone cannot fulfill. However, if you are serious about getting a student loan for study in the USA, then the following 20 tips can help you:

Fulfillment of all necessary norms is extremely important as without this, the chance of getting a student loan is rather difficult. First you must know the norms and then try to fulfill them.

Make a checklist of the norms first and then try to get supporting documents to fulfill them.

Prepare the documents with full authority. These documents can help you to place your application with more confidence.

Make passport before applying for the student’s loan to studies in the USA.

You must prepare the budget of expected expenditures during your stay in the United States. This should be done with great care so that the banks would not get any loopholes to deny the loan.

Include the most realistic demand of money that you are expecting you would need during your stay in the USA. You can take advice of anyone who has been in the USA for studies.

You can also produce the letter of acceptance from the college where you are supposed to get admitted. This document can be extremely valuable as it can influence the bank.

Selection of the right bank is a determining factor in your student loan proposal. There are few banks which are very flexible in terms of issuing students loan for higher education in the USA. Today, finding the best bank is not difficult as the related information is available on the Internet.

The educational qualification of the people plays a vital role in the entire story. The banks prefer paying for meritorious students.

You should not ask for a lump sum amount as it can make your point weaker. Banks do not entertain education loans of reasonably high amount.

Mention the amount quite clearly. You can ask for any amount between $1500 and $30,000.

Your application must include the final amount including all possible expenses which you would require to meet while studying in a college in the USA.

Some loans in the USA are not available for non-Americans. Therefore, the students must be native citizens of the USA.

You must mention the method of repayment of the student loan. This will make the banks think seriously of granting the loan.

You must abide by the terms and conditions for granting student loans in the USA otherwise loans can never be granted to you.

You can get a loan if you are offered any special course by an American university after you are successful in the admission test.

The students must have good and satisfactory credit status of their own as the banks do not take the risk of granting loan to a student who has a weak credit status.

Try to develop some amount of intimacy with the bank so that your application for the student loan is taken seriously. However, you should not ask for any undue advantage of this intimacy as it can make your stand weaker and your application can even be rejected.

You must have an active bank account which would be used by the bank to disburse the loan amount or adjusting the same.

All the information provided in the application form must be true to the best of your knowledge so that they can be found correct in the verification process.  Any false information can get your application rejected. This is certainly a punishable offence.


About the author

Mani Karthik

Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC’s to startups, I have a lot to share with you. My aim is to help people, by sharing everything I’ve learned in life. This blog is read today, by more than 150K people world over! I currently live in LA, California and visit India occasionally. Here’s my full story. Connect with me on FacebookInstagram, Twitter or WhatsApp (+001-408-489-4785). Happy to help! :)

2 Comments

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  • sir i m interested to do MBA Finance from abroad please advise me
    1. form which countries i have to do MBA Fiance n
    2. I for have to get educational loan also so form where i can get cheapest @of interest.
    3. I m form Mumbai India.
    4. my age is 22Years
    5. I have completed my B.Com in 2015 by getting aggregate marks 50%
    6. I have passed CPT exam for appearing CA at the time of my B.Com education.
    7. I have appeared in CA exam, but not passed.

    sir feel free if u need any detail about me n advise about place of study for MBA Fiance + bank for educational loan.

    • Hi VanshiDhar,

      There are many options to apply for a loan. And whether or not you get a loan is dependent on several factors. Looks like you have a good profile. First off, look for universities and colleges in USA or UK that offer scholarships. If that is not an option gather as many information as possible regarding the fees structure etc. Then apply for a loan with the banks. If the banks are not ready, there are other methods like P2P lending etc.

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