As an Indian student looking to earn your degree in the United States, you might be wondering if you have enough money to fund your education abroad. Maybe you have some of your own money saved up, or perhaps you have some financial support from family, but studying in the U.S. as an international student can be expensive, and you might not have enough funding on hand to cover your full cost of attendance. In this case, it’s worth exploring your options for an education loan in the U.S. as an Indian student.
As an Indian student, you have two main options for student loans: a bank in India or a lender in the U.S.
You could consider borrowing an education loan from a bank in India to fund your U.S. education. However, some banks in India don’t give education loans to students who plan to study in other countries, like the U.S. Additionally, there are other hurdles with this option to consider – such as inflation and exchange rates.
That said, there are a few lenders in India that will provide USA education loans. These include:
Note that some of these lenders have strict eligibility criteria, which could make it difficult to qualify for a loan.
Your other option is to borrow from a private U.S. lender.
Indian students may face more hurdles than domestic students when applying for a private student loan. To qualify, you usually need to meet the following criteria:
If you have none of these, don’t panic — you still have options. MPOWER Financing understands that many international students don’t have a credit history in the U.S. or a U.S.-based cosigner. That’s why they offer international student loans for Indian students studying in the U.S. and Canada — no cosigner or collateral required.
When shopping around for a U.S education loan, you will find that most banks require a cosigner to also be included. However, there are international student loans without a cosigner available from some lenders, like MPOWER.
Getting a no-cosigner loan may depend on:
If you have a U.S.-based cosigner, here are two other lenders to consider:
It’s wise to do your research and compare multiple lenders to find out which one will give you the best loan amount and terms. When you’re shopping around, compare loan features such as:
As an Indian student with the goal of studying in the U.S., it’s up to you to ensure you have enough funding to pay for your studies and living expenses. Getting an education loan in the USA can help you cover costs. For many students, taking a student loan is the only way to afford the cost of attendance.
As you search for U.S. education loans for international students, don’t forget to check with your school’s financial aid office. Financial aid officers can be a great source of information on student loans, as well as grants and scholarships for international students. Once you get your funding in place, you can turn your focus to your studies and to getting the most out of your time in the U.S.
For more information on getting an education loan in the USA as an Indian student, connect with a representative of MPOWER Financing today.
DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
2024 © MPOWER Financing, Public Benefit Corporation NMLS ID #1233542
U.S. office | India office |
1101 Connecticut Ave. NW Suite 900, Washington, DC 20036 | The Cube at Karle Town Center, 9th Floor, 100 Ft, Nada Prabhu Kempe GowdaMain Road, Next to Nagavara, Bengaluru, Karnataka 560045, India |