How to Get Education Loan in USA 2022

Education Loan for MS in US

How much does it cost to study MS in the US?

To calculate the total cost of taking up MS in US universities, we have to start right from the beginning of the admission process. The amount changes drastically depending on the location of the universities that you are accepted in. While it always helps to have scholarships in hand, a lot of students can fulfill their MS dreams by taking a full loan that covers tuition, lifestyle, and other miscellaneous expenses.

Let’s have a look at the approximate cost of tuition and living in the US.

FactorsAmount in USD (approx.)Amount in INR (approx.)
Study Abroad Prep (GRE+Application etc.)2,7002,00,000
Tuition +Food+ Housing+ Miscellaneous55,00040,00,000
Total58,00042,00,000 approx.

The table is based on various assumptions and approximations. Various sources (from various college websites and exam portals) have been used to give you a rough idea. The figures are not indicative of confirmed costs at any point in time.

To fund this cost, you can apply for scholarships, take loans from the family, or apply for an education loan. The easiest way out is to take an education loan and repay it after you get a job.

Getting an education loan that covers all your basic expenses is quite difficult and is based on multiple conditions. Most banks, NBFCs, and private international lenders have multiple conditions. In most cases, the loan amount provided to you is less than what is strict eligibility criteria, a complicated application process, and uncertain loan sanctions required for your expenses. Once you move past that, there are more problems that plague you. 

You struggle with unstructured repayment processes, hidden costs confusing interest rates, APRs, and processing fees. 

Most banking and NBFCs also take over a month to process a loan sanction and there is a lot of paperwork involved. They also ask for guarantees to protect their interests. Loan sanctions are also dependent on whether you are going to a college approved by your sponsor. 

How to get an Education Loan for MS in the USA?

To get an education loan that covers all your basic expenses is quite difficult and is based on multiple conditions. Most banks, NBFCs, and private international lenders have multiple conditions like strict eligibility criteria, the complicated application process, and an uncertain loan sanction. In most cases, the loan amount provided to you is less than what is required for your expenses. Once you move past that, more problems plague you.

You struggle with unstructured repayment processes, hidden costs, confusing interest rates, APRs, and processing fees.

Most banks and NBFCs also take over a month to process the loan sanction and there is a lot of paperwork involved. They also ask for guarantees to protect their interests. Loan sanctions are also dependent on whether you are going to a college approved by your sponsor.

Why Leap Finance?

At Leap Finance, we believe that money should never be a hindrance when it comes to working for the life you want.

We take the pressure off you by taking care of the finances so that you are free to prepare for your new life ahead. You can apply for your VISA without any stress, find the right accommodation near the university you’re applying to, connect with potential flatmates, future classmates, teachers, potential recruiters, and mentors.

Follow 3 simple steps and get an instant education loan for MS in the USA without collateral. 

  1. Fill a loan application form online on LeapFinance
  2. Get an instant loan offer and repayment interest and accept it
  3. Talk to our team and sign your contract after submitting all your documents

That’s it. You’re done! 

Get your education loan amount finalized instantly.

Simplest, Transparent Education loan interest rate

Leap Finance is the easiest and the most convenient way to secure a hassle-free, student loan today.

We offer competitive interest rates on education loans secured (starting at just 7.99%APR, as opposed to the 12%-15% offered by Indian NBFCs and 9%-12% offered on variables by international lenders)

 Leap FinanceIndian NBFCsInternational Lenders
Interest Rate8.25-10.25%12-15%9-12% Variable
Sanction Time3 days1 Month15 days
CollateralNo CollateralMostlyNo Collateral
Processing Fees1.5% – 2%2%- 4%4% – 5%
Loan Sanction SizeCompletePartialYearly

 

Loan Sanction in JUST 3 Days!

Leap Finance provides all eligible applicants with loan sanctions in a period ranging just 3 days!

Indian NBFCs take a minimum of 1 month to process the amount while international lenders take about 2-3 weeks.

The benefit of signing up with Leap Finance is that your student loan covers your entire tuition, administration, and lodging expenses throughout your course duration. Your tuition fee is transferred to your college before you even land in the country!

You should use the extra time to research all about the new country you are going to live in, network with potential flat-mates, connect with teachers and student coordinators to understand what is required of you at the University.

 

No Collateral, Instant Loan Sanction

Leap Finance does not ask you for a guarantee, unlike other banks, NBFCs, and international lenders. All you need to do is, get a co-signer with a good credit history to share your vision and help you out. So, while the loan offered to you will be on collateral loan terms, we do not ask you to give us an asset as a guarantee.

We are direct lenders based out of India and San Francisco and our credit engine, innovation in risk, tech and financial structuring make us unique. We fund your dreams, invest in your potential so that you can be exactly who you want to be in your life.

Competitive Loan Process Fee in India

Leap Finance is among the few lenders that charge low process fees while providing education loans to applicants in India. We only charge a processing fee of 1.5%- 2% AFTER the first fund drawdown request. Compare the charges and notice the difference and margins at which we operate. 

Leap Finance is among the few lenders in India that charge you, the applicant, a low processing fee when providing education loans. We charge a minimal fee that ranges between 1.5% and 2% AFTER the first fund drawdown request you make. Take a look at the charges below and notice the difference and the margins we operate at. 

 Leap FinanceIndian NBFCsInternational Lenders
Processing Fees1.5% – 2%2% – 4%4% – 5%

 

Loan and Repayment Calculator

Calculate your student loan repayments with our student loan calculator within seconds!

  1. Choose your loan amount from anywhere between $15000 and $100,000
  2. Our interest rates range from 8.25% to 10.25% only
  3. Get an instant loan offer
  4. Choose the student loan repayment tenure that works for you
  5. Help us understand the duration of the course you’re applying for.
  6. Choose your fixed EMI payment comfort zone carefully. You will be paying the fixed amount during college as a repayment amount.
  7. Know beforehand the repayment amount you have to prepare for each month after the course ends, in an instant.

 

Student Loan Eligibility

At LeapFinance we believe that every student that dreams of studying in the US is eligible for a loan. 

  1. You need to be an Indian Citizen
  2. You need to be above the age of 18 years.
  3. You should have been accepted at the university or are applying for Masters level and above at the Universities and courses supported by Leap Finance

 

What are the Documents required for an Education Loan for the USA?

Our aim at Leap Finance is to provide you with the smoothest education loan application process experience. We’ve simplified the process so much that you just need to log in from your computer, fill up the application form and submit it,  anytime anywhere.

Here’s the list of documents you need to apply online with us.

  1. Online application form on the Leap Finance platform
  2. KYC Details of the co-signer
  3. Co-signer’s income document
  4. All your education certificates
  5. Proof of Citizenship and residence
  6. Complete course details with fee breakup

 

How to apply for an Education Loan for the USA?

 

Step 1 – Application and Loan Offer (In just 10 minutes!)

  • Applicants need to complete the application online by filling up all details in the application profile page.
  • After online application (all you need is 10 minutes for this application submission), Leap Finance allows candidates to view their offer immediately.
  • Applicants then have to accept the online offer and select the loan amount required as well as the tenure.
  • Now, the credit team at Leap Finance has a video call with the applicant to know them better and answer their questions.
  • The applicants then get the provisional sanction letter.

Step 2 – Loan Sanction and Agreement

  • The applicant will upload all the necessary documents on the platform to get the official sanction letter( free of cost). This letter plays a vital role in getting a student visa, and I 20 for studying in the US.
  • After getting the visa and I 20, they need to upload the same on the previously created application profile page.

Step 3 – Disbursal and Repayments

  • The applicants then get the loan agreement where both parties need to sign the loan contract.
  • Leap Finance charges a processing fee of ranging between 1%- 2% of the education loan amount. The processing fees are only charged when the applicants request for funds.
  • The funds are transferred directly to the university or the institution of higher studies that covers all expenses.
  • Partial monthly repayments of interest are required during the course for building up a good credit score in both India and overseas. Full repayment in EMIs starts after six months of completion of course.

 

Overview of Collateral

The most significant benefit that students get with Leap Finance is that they do not ask the applicants for any guarantee or collateral and the decision to grant a loan depends on the potential of the applicant, not on the family’s assets.

So, whenever you are planning to pursue higher studies in India or abroad and need financial assistance, do not look any further and come to Leap Finance for unmatched support.

Leave a Comment