Most students going to the U.S. for graduate studies usually apply for student loans. However, some students are not sure when to apply for a student loan.
There is some false hope among students that banks will provide student loans during the application process. Sad to say, that’s not true.
Student Education Loan for Bank Statement?
When applying to U.S. Universities, as part of application documents, students have to submit bank statements showing bank balance equivalent to at least one year of expenses (tuition fees + living expenses).
U.S. universities will list the amount required in the university application instructions.
Banks will not provide any student loan to students applying at U.S. colleges during the application period. You have to get bank statements and some schools will also ask for financial affidavits.
Sometimes, a bank manager must sign both the bank statement and financial affidavit.
Student Education Loans
Some of the banks that provide student education loans for students in India who are planning to attending graduate studies in the U.S. include SBI, Canara Bank, ICICI, Citi Bank, …I know it’s hard to education loans to be approved.
Bank managers will ask so many questions and request for numerous documents before approving education loans.
I’m not sure about the process of getting education student loans in other countries. If you have any idea, please share them here by posting comments.
Requirements for obtaining Student Education Loans
To get an education loan for admission at universities in the U.S. is mandatory. Unless a student has an I-20 and admission letter, a U.S. bank will not provide student education loan to applicants.
So before appearing for student visa stamping, it’s always better to first get a student education loan approved.
Some students use liquid cash in savings accounts to cover for the 1st year’s education expenses and use student loans for the second year.
Some affluent students might have money for the entire 2 years deposited in a savings account and then try to get an education loan approved as backup funds.
Save Money from Student Education Loan Interests
I have written a few articles on how to save money on student education loan payments. I know many current students that I’ve been I’m talking to are already following my advice.
It’s a very simple technique, which, in the long run, can allow students to save lots of money. Even a $100 savings is already huge for any student.