Education Loan for USA
Get accustomed to the benefits, cost and opportunities
to study in the US
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Exploring the paths to study in the USA, you are most likely to face some challenges. Financing your education is one of them. Studying in the US might be expensive. That is why an education loan for USA is paramount. And if you are a student from India, you won’t face many challenges either. America is the most famous destination among Indians for higher studies. The number of students relocating to the US for academics is rising.
Beyond incredible universities, the country has diverse cultures, which helps students gain innumerable experiences. From budding entrepreneurs to tech innovators, such students have left an incredible mark. That is why several students dream of pursuing academics in America and climbing the success ladder and opt for an education loan for USA.
Understanding the Cost of Education USA
A proper knowledge of how everything goes on in the US helps you plan your finances efficiently and make sound decisions. The cost of living in America is high. Let’s understand the cost of education in the US:
- Tuition Charges
Tuition fees for undergraduate courses in the US vary from $20,000 to $50,000 each year. For postgraduate courses, the fees vary from $20,000 to $60,000.
- Visa Application Fees
The VISA application fee is 160. It is non-refundable, especially for the F-1 student VISA application.
- Living Expenses
The cost of living ranges based on the location. You can expect expenses of around $10,000 to $20,000 yearly on rent, grocery, utilities, personal purchases, and transportation.
- Books and Study material
The price of books and learning materials can range based on your selected course. You can expect expenses of approximately $1000 to $2000 yearly on average on textbooks and study materials.
- Health Care
The price of health insurance can vary from $500 to $2000 yearly based on your chosen university and the provided coverage.
Types of Education Loan for USA
When financing education in America, you can access many types of education loans. Each has its features, benefits, and eligibility criteria. Let’s take a quick look at the education loans for the USA:
Choosing a loan can be hassle But we make it simpler
- Secured Loan
A secured education loan for USA needs collateral like FDs, property, or other assets to secure the loan amount. The interest rates are low, and the loan amount and repayment tenure are high.
- Unsecured Education Loan
An unsecured education loan for USA do not need collateral and is provided based on your creditworthiness as a borrower. The loan amount is low, and the repayment tenure is short, but the interest rates are high.
- Government-Sponsored Education Loan
Such education loans are sponsored by government schemes. These loans have low interest rates, flexible repayment options, and long repayment tenures.
As a student, you should first evaluate the pros and cons of an education loan for USA. Firstly, research each of these loans by yourself. Then reach out to Qck Loans for more detailed information about what they offer. Consider your financial situation, risk tolerance level, and repayment abilities when selecting an education loan that suits you the best. Understand the terms and conditions and opt for professional guidance to make the right decision.
Eligibility Criteria for Studying in USA
The American education system is similar to the Indian education system in that it recognizes educational certificates for admission. The country is blessed with numerous world-class universities. Each of them has different eligibility criteria. It is advisable to visit the official university website and check the prerequisites for the course you want to take up. The general eligibility criteria are as follows:
- Age Requirement
The age criteria usually vary from 18 to 35 years. Nonetheless, this range is based on the course. For instance, the age for undergraduate programs should not exceed 21 years.
- Educational Qualification
Studying in the US has certain academic requirements. Many universities need minimum 55% in your educational qualifications. Also, specific subjects may be required for certain courses. For instance, you need Mathematics or Biology in your higher education certificates to pursue BSc in Biotechnology.
- Entrance Test
To secure your seat in an US university, you need to clear standard tests such as the Graduate Record Examinations (GRE) or Graduate Management Admission Test (GMAT). Both of these are necessary based on the course, and every educational institute has its merit list and requirements.
- English Proficiency Test
English is the main language in America, and you need to prove your proficiency in the language. This is to ensure that you are familiar with the native language. For this ILETS, TOFL, and PTE are certain exams that you need to undertake and prove your proficiency.
- Application Fee Receipt
During the application process, the university website will direct you to pay the application fee. Download the receipt and save it for future reference. You may need it during the time of verification. You will also get a confirmation on your email ID.
Documents Required to Secure an Education Loan to Study in USA
You need to furnish the documents stated below fulfill your dreams of studying in US through an education loan for USA:
- Admission letter from an established educational institution in America
- Passport and VISA documents
- COA (Cost of Attendance) from your chosen university, including information related to tuition fees, living expenses and other purchases
- Academic records, including marksheets
- Income and financial status proof of your co-applicant, like salary slips, tax returns, and bank statements
- Collateral-related documents
- Additional documents that Qck Loans may ask for
Part-Time Jobs In USA
This helps you find an answer to the question: Why study in the US? Your student visa allows you to work part-time while pursuing your academics, giving you the opportunity to gain experience while studying at one of the world’s leading universities. You can work part-time during the academic year and for more hours during vacations. However, it is important to maintain a balance between your studies and work.
Besides taking an education loan for USA, you can tutor fellow students, take orders and serve customers at a cafe or restaurant, and land a campus gig so that you can cover the cost of your studies in America. Hence, do not miss out on the opportunity and explore part-time employment opportunities in the country that will make your pockets happy when you concentrate on your academics.
Click below to learn more about part-time jobs available in the US.
F-1 & J-1 Study Visa Requirements
When you receive your acceptance letter from your chosen university, it is time to apply for a student VISA. Listed below are some additional documents you need for your student VISA:
- Passport
- Acceptance Letter
- Statement of Purpose
- Recommendation Letter
- I-20 Form
- Student and Exchange Visitor Information System (SEVIS) Fee Receipt
- Proof of Funds
- Academic Transcripts
- English Proficiency Test Certificates
- DS-160 Form
- Receipt of VISA Application Fee
For a broader understanding of documentation requirements, you can also refer to this guide on documents required for student visa to USA from India.
Our free tools will help you out
Our advanced tools, such as the EMI calculator and loan eligibility checker, streamline the process of obtaining quick student loans for studying abroad by eliminating complex procedures.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
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Everything you need to know
Yes, the US is good for job opportunities. It offers employment in different industries like hospitality and travel, information technology, medicine, finance, marketing, etc.
You can study in the USA without IELTS or TOEFL, but you need to provide another English proficiency certification.
After completing your studies in the US, you can do the following:
- Get a PSW (Post Study Work) VISA
- Extend your student VISA to pursue another course