An overview of the documentation criteria for an education loan to study in the USA

1. An overview of the documentation criteria for an education loan to study in the USA

2. Have you aspired to study at one of the best universities in the USA? But you also need to have money to fund your education, right? Many lenders give a helping hand if you want an education loan for USA. But before that, you have to satisfy the eligibility criteria of the lenders. • This article will help you understand the requirements to be fulfilled to get an education loan to study in the USA.

3. To get a loan, you and the co-borrower would have to fulfil the following eligibility criteria: • Student eligibility criteria The student must: • Be an Indian citizen. • Be above 18 years of age. If the student is not then the parents of the guardian would have to apply for a loan on the behalf of the student. • Display good academic performance. • Have an admission proof into a college approved by the lender. • Have applied for a course that is job-oriented.

4. Co-borrower eligibility criteria • If a student has applied for a full-time course then he needs a co-borrower to get an education loan for USA. A co-borrower in most cases, is either a parent or a guardian. The repayment of the loan lies on their shoulder if the student is unable to pay back the loan after completing his education.

5. The co-borrower must: • Be an Indian citizen. • Have a reliable income source. • Have a good credit score. • Be either a parent or a guardian (Spouses of married people can be considered as co-borrowers as well)

6. Once you have checkmarked all the eligibility criterions then comes the part of your and your co-borrower’s documents required for an education loan for USA.

7. Student documents required The student documents usually required are: • A filled loan application form. • Couple of passport-sized photographs. • Identity proof (AADHAR card/ PAN card/ Passport) • Residential proof (Electricity bill/ Gas bill/ Water supply bill) • Academic mark-sheets and certificates • Competitive exam mark-sheets (GRE/TOEFL/ GMAT) • Admission proof from the university approved by the lender • A log of potential expenses incurred while studying the course

8. Co-borrower documents required The co-borrower’s documents generally required are: • Couple of passport-sized photographs. • Identity proof (AADHAR card/ PAN card/ Passport) • Residential proof (Electricity bill/ Gas bill/ Water supply bill) • The details of the loans held presently by the co-borrower. • If the co-borrower is a salaried employee then they need to submit these documents additionally: • Salary slip of last 3 months. • Income tax returns. • Salary account statements of the last 6 months.

9. If the co-borrower is self-employed then they need to submit these documents additionally: • Qualification certificate (B.E certificate if the co-borrower is an engineer). • Address proof of the business office. • Income tax returns. • Bank account statement of last 6 months. • Gathering the required documents is not easy so these are some pointers you should pay attention to while doing it. • Finalize the course you want to pursue and the university you want to study in. • Estimate the total education expenses using an educational loan calculator. • Identify the guarantor and the co-borrowers. • Make sure to apply for the loan three months before the date of visa interview. • Estimate the time of disbursement. • Remember that some lenders may ask you additional documents while others may ask you fewer documents than the number mentioned here. • So, these are the requirements for an education loan for USA. All the best for your higher studies!

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