Student loan to Study Abroad - Importance & How to Apply

Q: What documents does a student typically need to submit with their student loan application?

Complete study loan application formAcademic transcripts and mark sheetsStandardized test scoresUniversity acceptance letterProof of income (for the student and co-signer)Identity and residence proof documents

• Study Abroad

How �鶹�� Consultants Helps in Availing Student Loan to Study Abroad

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By:CANAM Group
Updated On:May 18,2024 03:20 PM IST

Student loans are here to help you bridge financial gaps, apply to your dream institution and experience the world.
With student loans, you can focus on your education without worrying about tuition, living expenses, study material, among other factors.
Study loans for abroad help you in investing for tomorrow’s success.
Get rewarded for your educational investment with tax benefits.

Study Abroad Education Loan.webp

Studying abroad provides students with a fresh academic environment to ignite their passion for learning. From academic growth to personal development, studying abroad has a profound impact on students. However, while studying abroad offers many networking and travel opportunities to immerse in a new culture, it can prove to be expensive for international students. Student loans for studying abroad can enable students from all backgrounds to pursue their study abroad aspirations at premier institutions across the globe.

Importance of Student Loans for Studying Abroad

Securing financial assistance is one crucial step a student takes to support their academic aspirations. The table below explains the importance of securing student loans for studying abroad.

Accessibility	Financial support provided by student loans makes prestigious degrees and diverse learning environments accessible to students across the globe. Students can choose from specialized programs, world-renowned universities and colleges, and many academic opportunities that would have otherwise been out of their reach.
Building Credit History	A student loan is often a student’s first opportunity to establish a credit history. Having a proper repayment plan will help them build positive credit and demonstrate financial responsibility.
Comprehensive Coverage	Education loans to study abroad encompass a broader range of expenses apart from tuition fees. They assist international students with their living and travel expenses and educational materials. Students can immerse themselves in the learning experience without worrying about expenses such as accommodation costs, airfare, textbooks, etc.
Financial Planning	A student loan for studying abroad, taken with appropriate financial planning, can help students create a realistic budget for their study abroad experience. Focusing on their studies can help them address unforeseen circumstances and invest in their future earning potential.
Tax Advantages	Under Section 80E of the Income Tax of India, 1961, study loan applicants are eligible for a deduction during repayment of interest on the education loan. Both the applicant and the co-signer are eligible to claim tax benefits.

How to Apply for a Student Loan for Studying Abroad?

Before exploring education loans to study abroads, students must carefully plan and prepare.

how to apply for student loan for studying abroad.webp

Research and Compare Loan Options	Students must explore government and private lenders. They should know the differences between private banks, public banks, and NBFCs in terms of interest rates and repayment terms. Additionally, they should compare these financial institutions with respect to their processing fees, and other unique features offered. Students should carefully review eligibility criteria, including academic records, educational institutions accreditation, etc.
Gather Required Documents	When applying for a study loan for abroad, it is imperative to complete the application form accurately. Students must verify all information before finally submitting their application. To support their student loan application, they must attach academic documents such as transcripts, mark sheets, standardized test scores; such as GRE, GMAT, IELTS, and TOEFL . Their loan application must also include a copy of the acceptance letter from their university. Additionally, the student must also provide proof of income of the co-borrower, copies of passport, address proof, and other relevant documents.
Prepare a Strong Application	The application to avail education loan to study abroad must be carefully prepared. The student must highlight their academic performance and present a clear financial plan through a realistic budget of living expenses and projected earnings after completing their higher education. Students must consider all factors that can impact their foreign education loan approval .
Submit Study Loan Application	After gathering all required documents and preparing a complete application, students must submit it to their chosen financial lender. They must ensure that all information provided is accurate and complete. This will help in lessening any delays in the processing time. Once all documents along with the education loan form is submitted, the financial lender will proceed with reviewing the application.
Evaluation of Loan Application	The evaluation of a study loan application to study abroad involves assessing aspects such as credit history, academic background, along with financial stability of the co-signer. The financial institution will also review feasibility of an applicant’s repayment plan based on their current financial situation and earning potential. This evaluation can take anywhere between 2-4 weeks, depending on the internal processes of a financial institution.

With over three decades of experience in international education, �鶹�� Consultants guides students to secure study loans for studying abroad. A team of experts helps students strengthen their applications and secure desired scores in English language proficiency tests. Their dedicated and personalized coaching helps the students increase their chances of qualifying for education loans. study abroad Consultants at �鶹�� connect students with financial institutions to find the best education loan option based on their individual needs and profile. Students are encouraged to get in touch with �鶹�� to avail an education loan for studying abroad and set out on a successful global education journey.

FAQ

What expenses does a student loan typically cover?

Beyond covering tuition fees of an educational institution, student loans often cover expenses such as accommodation, food, and utilities. Some education loans may also cover travel costs, textbooks, and other study material.

How can a student build a strong application to increase their chances of education loan approval?

The student should maintain a good academic record, receive acceptance letter from their chosen educational institution, and demonstrate a realistic financial plan, including projected future earnings. Consulting experts at �鶹�� Consultants can also help them with building a strong education loan application to study abroad.

What happens if a student can’t afford monthly loan payments after graduating from their college or university?

Many financial lenders offer income-driven repayment plans that can be adjusted based on a student’s income after graduation. Such plans can be helpful for managing finances in-case a student faces difficulty finding a high-paying job.

Should a student take a large student loan to cover all their living expenses when studying abroad?

Study loans for abroad do help by covering living expenses, it is crucial that the student borrows responsibly. They must create a budget and explore cost-saving options.

What documents does a student typically need to submit with their student loan application?

Complete study loan application form

Academic transcripts and mark sheets
Standardized test scores
University acceptance letter
Proof of income (for the student and co-signer)
Identity and residence proof documents

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How �鶹���� Consultants Helps in Availing Student Loan to Study Abroad

Table of Contents

Importance of Student Loans for Studying Abroad

How to Apply for a Student Loan for Studying Abroad?

FAQ

Events, webinar, college / university visits and more.

Popular university and colleges for Studying abroad.

Bond University Queensland

Central Queensland University - Rockhampton, North Campus Queensland

Charles Sturt University - Wagga Wagga Campus New South Wales

Deakin University - Geelong Waurn Ponds Campus Victoria

Engineering Institute of Technology - Perth campus Western Australia

Griffith University - Nathan Campus Queensland

La Trobe University - Bendigo Campus Victoria

LCI Melbourne - Art & Design School Victoria

University Canada West British Columbia

University of Windsor Ontario

Dalhousie University Nova Scotia

Carleton University Ontario

Cape Breton University Nova Scotia

University of ottawa Ontario

University of saskatchewan Saskatchewan

University of regina Saskatchewan

University of guelph Ontario

Ara Institute of Canterbury - City Campus Southland

Aspire 2 International - Auckland Campus Auckland

Auckland University of Technology - City Campus Auckland

Eastern Institute of Technology - Hawke Bay Campus Hawke's Bay

Manukau Institute of Technology -Manukau Campus Auckland

Massey University - Auckland Campus Auckland

Nelson Marlborough Institute of Technology (NMIT) - Nelson Campus Southland

New Zealand Institute of Business & Technology (NZIBT) Auckland

The University of Waikato - Hamilton Campus Hamilton

University of Warwick England

De Montfort University England

University of West London England

University of Strathclyde Scotland

Aston University England

University of Bath England

University of Liverpool England

Durham University England

Newcastle University England

Kent state university Ohio

San Jose State University California

Wright State University Ohio

Clark University Massachusetts

Rowan University New Jersey

Arkansas State University Arkansas

University of Wisconsin Milwaukee Wisconsin

Southern Illinois University Edwardsville Illinois

University of Findlay Ohio

Popular English Language Proficiency Exams

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How �鶹�� Consultants Helps in Availing Student Loan to Study Abroad