As greater numbers of students from around the world are traveling to study a degree in the US, and tuition fees are rising, international student loans are growing increasingly necessary. Indian students, alone, accounted for 17.9% of the total foreign students in the US in 2017-18, second only to Chinese students at 33%. This article discusses the best international student loans for Indian students who want to study at a US institution.
The Indian Loophole
To be considered eligible for an F-1 visa and to be accepted to a US academic institution all international students must show proof of funding. This basically means that you, as a student applicant, must show you can afford to attend the college or university of your choice. You may pay for your education through personal funds, an academic scholarship from the institution, or through a student loan.
The most difficult part of applying for a student loan as an Indian student is finding the necessary evidence to be considered eligible. Indian banks often require supporting documentation showing the student’s acceptance to a US institution before considering a loan. However, most US institutions require proof of funding before offering a formal acceptance.
The simplest option is to seek a loan through a US bank specializing in student loans or a specialist lender. US lenders understand the difficulty with needing to provide supporting documentation for the university application and offer advice and help during this process.
Loan Options for Indian Students
There are a number of lenders that specialize in study loans for Indian students studying in the US. You can compare your options using our loan comparison tool for Indian students.
MPower Financing is a dedicated lender of international student loans and one of the options available to Indian students. The company understands the difficulties many international students have with finding funding and a co-signer. MPower takes the hassle out of the process by keeping everything clear and supporting both the visa and university application process. MPower also can provide loans without a cosigner at select universities in the USA and Canada.
To find out more about applying for a student loan as an Indian student check out our India International Student Loans section.
I am an international student and dont have an SSN yet. What are my options?
Hi, we have a section on our site all about SSN: https://www.internationalstudentloan.com/resources/social-security-numbers-and-loans.php
I am planning to pursue postgraduation course from australia, do you provide loan for this country?
Unfortunately, our loan programs are for international students from anywhere in the world studying in the United States, or for US students studying abroad. We do not currently have a program for international students studying elsewhere in the world, even with a US co-signer.
If you would like more information about international student loans for studying in the US please let me know.
For information and listings of scholarships available around the world, please visit: https://www.InternationalScholarships.com
I don,t have money to travel to us for study what whould i do
Thank you for your comment, Hamza,
In order to be able to qualify for funding – whether it is financial aid from a school, a scholarship or a loan, you would need to be enrolled in college first. We wish you the best of luck with your applications.