Students going to U.S. for attend college get student loan. Some students are not sure when to apply for student loan. There is a false hope among students – bank will provide student loan during application process. But, 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 statement showing bank balance atleast equivalent to one year of expense ( tuition fees + living expense). Universities will list the amount required in application instructions.
Banks will not provide student loan to students applying to U.S. colleges during application. You have to get bank statement and some schools will also ask financial affidavit. Sometimes bank manager has to sign both bank statement and financial affidavit.
Student Education Loans
Some of that bank that provide student education loans for students in India planning to attending college in U.S. includes SBI, Canara Bank, ICICI, Citi Bank, …I know its hard to education loan approved. Bank managers will ask so many questions and documents before approving education loans. I’m not sure about the process of getting education student loans in other countries.
Requirements to get Student Education Loans
To get education loan to U.S. admission from University in U.S. is mandatory. Unless student has I-20 and Admission letter, bank will not provide student education loan. So, before appearing for Student Visa stamping, its better to get student education loan approved.
Some students use liquid cash in savings account for 1sy year education expense and use student loan for second year. Some students might have money for entire 2 years in savings account and will get education loan approved to be backup.
Save Money on Student Education Loan Interest
I have written few articles on how to save money on student education loan payments. I know many current students I’m talking to follow that I have said. Its very simple technique and in long run, it can save lots of money. Even $100 savings is huge for a student.
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{ 6 comments… read them below or add one }
Hi,
A little question about student loan from India.
I am planning to take a loan for my second year of studies and have already spoken to one bank and they are willing to give as well. But I can get this loan only in next month. But I have my VISA interview next week. SO what kind of document I can get from the bank to show their willingness to provide the loan? Would a letter be fine?
Any sample letter or format will be really Helpful.
Thanks.
I want to take a loan from Us Bank, how do i go about it?? I have a co-signer..When do I apply for loan? before or after Visa Interveiw? I can show Funds for first year from my fathers account but i want to actuallly pay the fees by loan
is that gre going to be change its pattern in 2011???
right now i completed my 3rd year b.tech and i am ready to take gre exam, but i didnt receive the passport and didn’t booked the slot
If i receive the passport in october can i book the slot for december is that possible.
If i book now for jan 2011 , pattern will be old one or the new pattern of gre
please help me out!!!!!!!!!!!
hai,
i rambabu iam looking for gre exam details plz send details immsdiately
in my email.
I AM BALACHANDRA LOOKING FOR EDUCATIONAL LOAN BUT I HAVE SCORED LESS MARKS IN DIPLOMA SO THAT I DONT KONW I WILL GET A LOAN OR NOT SO PLEASE HELP REGARDING THIS…..
please tell me when to take gre …………
rite now i am in 6th sem engg
i am totally confused so please help me out…………….