विषय सूची
US education loan
US education loan – Our education loan is designed for international students who are looking to attend school in the U.S. It can be used for any student program at an accredited university or college, including undergraduate and graduate degrees. Our education loan is backed by the United States government and will be paid back over time—typically three years.
I am writing to you on behalf of [company name]. We are a leading provider of educational loans to international students. We offer loans ranging from $5,000 to $30,000, and we can help you pay for your education or tuition.
We understand that your education is one of the most important things in your life. That’s why we provide you with the best possible options so that your dream can become a reality. Our loan programs are designed to help you achieve the highest level of success possible, whether it’s going back to school for an MBA or taking a gap year before starting medical school.
Do you want to study in the United States? If so, you could use a student loan to help you pay for it. But what if you’re not a citizen or permanent resident of the U.S.? What if you live somewhere else, like in Europe or Canada?
We’ve got some good news: there are ways to get an education loan in your home country and still be able to study at one of our universities! Read on for more information about how this works.
How Does It Work?
If you live outside of the U.S., there are many options for obtaining an education loan through your home country’s government (or another entity). The process varies from one country to another, but generally involves filling out some paperwork and submitting it to the appropriate authority (usually an embassy or consulate). Once that’s done, they’ll evaluate your application and either approve it or deny it—and then send back a letter confirming whether or not they’ll give you money for school.
Benefits of US Education Loan for International Students
There are several benefits of US education loans for international students:
- Financial Assistance: Education loans can provide financial assistance to international students who may not have the resources to pay for their education in the US.
- Coverage of Tuition and Living Expenses: Education loans can cover tuition fees, living expenses, and other costs associated with studying in the US.
- Competitive Interest Rates: Education loans in the US typically have lower interest rates compared to other types of loans, such as personal loans or credit cards.
- Build Credit History: Repaying education loans on time can help international students build a credit history in the US, which can be helpful when applying for future loans or credit.
- Flexibility: Education loans may offer flexibility in repayment options, such as deferred payment or income-driven repayment plans, which can help international students manage their finances while studying and after graduation.
- Improve Job Prospects: Having a US education can improve job prospects and career opportunities for international students, potentially increasing their earning potential and ability to repay loans.
- No Collateral Required: Many education loans in the US do not require collateral, which can be beneficial for international students who may not have assets to secure a loan.
Overall, education loans can be an important financial tool for international students looking to pursue higher education in the US, providing them with the resources they need to achieve their academic and career goals.
Disadvantages of US Education Loans for International Students
While US education loans can be beneficial for international students, there are also some potential disadvantages to consider:
- High Debt Burden: Depending on the amount borrowed, international students may end up with a high debt burden that can take years or even decades to repay.
- Creditworthiness Requirements: International students may need a co-signer or creditworthy US citizen or permanent resident to qualify for a loan, which can be difficult to find.
- Limited Eligibility: Some education loans in the US may only be available to students enrolled in certain schools or programs, which can limit options for international students.
- Repayment Challenges: After graduation, international students may face challenges in repaying their loans, particularly if they return to their home country and face currency fluctuations or economic difficulties.
- Interest Accrual: Education loans in the US typically accrue interest while the student is in school, which can result in higher overall costs and longer repayment terms.
- Impact on Credit Score: Late or missed payments on education loans can negatively impact the borrower’s credit score, potentially affecting future borrowing opportunities.
- Repayment Requirements: Education loans in the US typically require repayment to begin shortly after graduation, which can be challenging for international students who may need time to find a job or settle into a new country.
It’s important for international students to carefully consider the potential disadvantages of education loans in the US before deciding to borrow, and to explore other options for financing their education, such as scholarships, grants, and personal savings.
Education Loan
OBJECTIVE
To extend Education Loan to the students of Backward Classes for pursuing professional/technical education at graduate and higher level and for pursuing vocational Courses.
ELIGIBILITY
a) Members of Backward Classes, as notified by Central Government/State Government from time to time.
b) The annual family income of the applicant is fixed as Rs.3.00 Lakh. The Channel Partners (State Channelising Agencies/Banks) are requested to release atleast 50% of total funding to persons with annual family income upto Rs.1.50 Lakh.
c) The applicant should have obtained admission for any professional and technical courses approved by appropriate agency such as AICTE, Medical Council of India, UGC etc. in a duly accredited/recognized institute. Minimum 50% marks in qualifying exam i.e. the exam whose qualification is a pre-requisite for the course.
d) Should have secured admission to professional/technical courses in India or abroad through entrance test/merit based selection process.
The trainees should have secured admission in a course of duration of atleast period of six months in India and or supported by a Ministry/Deptt./Organization of the Government or a Company/Society/Organization supported by National Skill
Development Corporation or State Skill Missions/State Skill Corporations, Sector Skill Council approved courses, preferably leading to a Certificate/ Diploma/Degree etc. issued by a Government Organization or an organization recognized /authorized by the Government to do so including but not limited to Nursing, Phrama, Tourism & Catering, Teachers Training etc.
COURSES COVERED
All professional and technical courses at graduate and higher level approved by appropriate authority and vocational courses as mentioned above.
EXPENSES COVERED
Admission Fee & Tuition Fee; Books; Stationery & other instruments required for the course; examination fee; boarding & lodging expenses; insurance premium for policy during the loan period.
QUANTUM OF FINANCE
For Professional / Technical Courses only
- 90% of the expenditure of the course subject to maximum loan limit of Rs.15.00 Lakh per student (For study in India), the balance will be borne by student/SCA.
- 85% of the expenditure of the course subject to maximum of Rs.20.00 Lakh per student (For study in abroad), the balance will be borne by student/SCA.
For Vocational Courses
- Need based finance to meet 90% of admissible expenses for the course which may be as ascertained by the Channel Partners based on the prevailing government stipulations, market conditions, level of specialization of course etc., subject to limit prescribed For Professional / Technical Courses as described above.
RATE OF INTEREST
i) For Boys : 4% p.a.
ii) For Girls : 3.5% p.a.
MORATORIUM PERIOD
The moratorium period for recoveries from these Channel Partners is hereby uniformly fixed as five years irrespective of the type and duration of the course for which loans are provided.
REPAYMENT
The maximum recovery period may be 10 years after the lapse of the moratorium period of 5 years i.e. the loan will require to be repaid to NBCFDC by the Channel Partner within 15 years of the same being disbursed.
PRE-PAYMENT OF LOAN
The borrower can repay the loan any time after commencement of repayment of loan. No pre-closure charges shall be insisted from beneficiary in case of early repayment of loan.