Education Loan Process of the Leading Study Overseas Destinations: USA & Canada

United States of America and Canada are the two leading overseas education destinations that most of the aspirants apply at for pursuing their higher education. The cost of studies at both the countries is quite high on pocket and majority of the students apply for an education loan to finance their degree.


Education Loan for USA: 

The application process of an overseas education loan for many US universities begins in the month of October so keeping the time frame in mind, students must apply for the loan. 

Here is the process of education loan to study in USA:
The US Universities accept pre-admission loan, and they allow the students to apply for an education loan based on their GRE score. For pre-admission loan, students must apply at NBFCs and International Lenders and to apply at the government banks, students are required to produce I-20 for the process of an education loan application.

Education Loan for Canada: 

The cost of education in Canada for a undergraduate program is somewhere between $13,000 to $20,000 whereas for a postgraduate course and a MBA degree the cost is between $17,000 to $25,000 and $30,000 to $40,000 respectively.
To begin with the education loan for studying in Canada, students are first required to fulfil the financial eligibility criteria. 

On fulfilling the same, they must follow the mentioned steps:
Submit the Documents: Once the students have finalized the university they wish to study at, they must submit the required documents to the financial institution to begin with the education loan application process. 


Get the loan sanctioned from the bank: After submission of the documents, the lender institution will assess the financial profile of the student and if the student fulfils their criteria, the lender institution will approve the education loan. 


Get the loan disbursement: The disbursement process of an overseas education loan begins after the mortgage process, and it entirely depends on the type of a student visa. 


Open a GIC account: A GIC is referred to the Guaranteed Investment Certificate. It is a short-term liquid investment for 12 months offered by the Canadian banks with a guaranteed rate of return. Students are required to deposit the living expenses in their GIC account before moving to Canada. Now, it’s time for the overseas education aspirants to apply for a student visa.

3 Things to remember while applying for an education loan:

Applying for a Foreign Education Loan can be a tiring task and it is very important to get accurate information on the same. Hence here are some tips that will help you take the right steps.

• Do your research and compare the interest rates of various lender institutions.

• Check the repayment period and interest rates. The interest rates of government banks are quite less comparative to private banks, NBFCs and international lenders.

• Moratorium period, quantum of finance and margin money are equally important factors to consider. Check those out too.

If you get stuck at any step while applying for your overseas education loan, consider us ELAN Loans. We are here to assist you.

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