An overview of eligibility criteria for a study loan for USA colleges

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An overview of eligibility criteria for a study
loan for USA colleges

• Many students aspire to complete their higher
  studies in the USA. Have you aspired to do so
  too? Then you may know that education in the USA
  is expensive. Many students search for study
  loan USA on Google to search for student loans
  to study at some of the prestigious universities
  there. In this article, we will tell you the
  eligibility criteria to get an education loan for
  higher studies in the USA.

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To get an education loan, you and the co-borrower
would have to fulfil the following eligibility
criteriaStudent eligibility criteriaThe
student must1. Be an Indian citizen.2. Be
above 18 years of age. If the student is not then
the parents of the guardian would have to apply
for a loan on the behalf of the student.3.
Display good academic performance.4. Have an
admission proof into a college approved by the
lender.5. Have applied for a course that is
job-oriented

• Co-borrower eligibility criteria
• If a student has applied for a full-time course
  then he or she needs a co-borrower to get a study
  loan for USA colleges. A co-borrower in most
  cases is either one of the students parents or a
  guardian. A spouse can be a co-borrower as well.
  The repayment of the loan lies on the
  co-borrowers shoulder if the student is unable
  to pay back the loan after completing his or her
  education.
• The co-borrower must
• 1. Be an Indian citizen.
• 2. Have a reliable income source.
• 3. Have a good credit score.
• 4. Be either a parent or a guardian (Spouses of
  married people can be considered as co-borrowers
  as well)
•  Once you have check marked the eligibility
  criteria then comes the phase of submitting your
  own and your co-borrowers documents that are
  required for a study loan for USA colleges.

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Student documents
requiredThe student documents usually required
are1. A filled loan application form.2.
Couple of passport-sized photographs.3.
Identity proof (AADHAAR card/ PAN card/
Passport)4. Residential proof (Electricity
bill/ Gas bill/ Water supply bill)5. Academic
mark-sheets and certificates6. Competitive
exam mark-sheets (GRE/TOEFL/ GMAT)7. Admission
proof from the university approved by the
lender8. A log of potential expenses incurred
while studying the courseCo-borrower documents
requiredThe co-borrowers documents generally
required are1. Couple of passport-sized
photographs.2. Identity proof (AADHAAR card/
PAN card/ Passport)3. Residential proof
(Electricity bill/ Gas bill/ Water supply
bill)4. The details of the loans held presently
by the co-borrower.If the co-borrower is a
salaried employee then they need to submit these
documents additionally
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• 1. Salary slips of last 3 months.
• 2. Income tax returns.
• 3. Salary account statements of the last 6
  months.
• If the co-borrower is self-employed then they
  need to submit these documents additionally
• 1. Qualification certificate (B.Sc certificate
  if the co-borrower is a Science graduate).
• 2. Address proof of the business office.
• 3. Income tax returns.
• 4. Bank account statement of last 6 months.
• So, this was the eligibility criteria and the
  documents required to apply for a study loan for
  USA colleges. We hope that after reading this
  article, you have a better understanding about
  the eligibility conditions to get education
  loans. All the best!