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Many students aspire to pursue higher education in the USA. Have you dreamt of following the same path? If yes, then you may know that pursuing higher education in the USA is an expensive affair. You can search a phrase like u201cstudy in USAu201d on Google to look for lenders who are likely to finance your higher education in any prestigious university there.
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An overview of student loan eligibility criteria to study in the USA
Many students aspire to pursue higher education in the USA. Have you dreamt of following the same path? If yes, then you may know that pursuing higher education in the USA is an expensive affair. You can search a phrase like “study in USA” on Google to look for lenders who are likely to finance your higher education in any prestigious university there. But you need to fulfill some eligibility criteria to get a student loan to study there. In this article, we will tell you about the eligibility criteria to such a loan.
Student loan eligibility criteria The student must: Be an Indian citizen Be above 18 years of age Display good academic results Have an admission proof into an educational institution approved by the lender Have applied for a job-oriented course
Co-borrower eligibility criteria to get a study loan If a student has applied for a full-time course, then they need a co-borrower. A co-borrower in most cases is either one of the student’s parents or a guardian. A spouse can be a co-borrower as well. The repayment of the loan lies on the co-borrower’s shoulder if the student is unable to pay back the loan after completing their education. The co-borrower must: Be an Indian citizen Have a reliable income source Have a good credit score The student’s and their co-borrower’s documents required to get the best education loan to study in the USA are:
Student’s documents required The student documents usually required are: A filled loan application form 2 passport-sized photographs Identity proof (AADHAR card/ PAN card/ passport) Residential proof (electricity bill/ gas bill / water supply bill) Academic mark-sheets and certificate Competitive exam mark-sheets (GRE/TOEFL/ GMAT) Admission proof from a university approved by the lender A log of potential expenses that may be incurred while studying the course
Co-borrower’s documents required The co-borrower’s documents generally required to get a study loan are: 2 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 as well: Salary slips of the latest 3 months Income tax returns Salary account statements of the latest 6 months If the co-borrower is self-employed, then they need to submit these documents: Qualification certificate (B.Sc. certificate if the co-borrower is a Science graduate) Address proof of the business office Income tax returns Bank account statement of the latest 6 months So, these are the student loan eligibility criteria and the documents required to apply for a student loan.
