When To Apply for Student Education Loan?

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.

Related posts:

1. How to Earn Interest from Student Loan Money
2. How to Save Money on International Student Loan.
3. Education Loan for International Students without Co-Signer
4. Bank Balance of $37,100 Without Student Loan?
5. Bank Statement for F1 Student Visa
6. How to Use Student Loan from India