Dreaming of prestigious universities overseas but worried about financing your journey? Education loans can be your knight in shining armor, easing the financial burden, and propelling you toward your academic goals. But here is the question that keeps many students in dilemma, is the GRE (Graduate Record Examinations) a mandatory step in securing that loan?
The answer to this simply depends on factors like your chosen destination, specific university requirements, and the loan provider's criteria. Firstly, let's dispel a common myth: the GRE isn't universally mandatory for an abroad education loan. As per the latest changes, many countries and universities don't require it for admission, and consequently, loan providers might not consider it essential either. However, for certain destinations like the US, especially for programs like engineering, the test plays a significant role in both university admissions and loan eligibility.
Thus, to learn more about why the GRE matters for a foreign education loan you need to roll down your eyes and dive deep into our article. Let’s get started!
The GRE is a standardized test used by many international universities for admissions. It assesses your verbal, quantitative, and analytical writing skills, helping to gauge your readiness for the advanced academic run. Since September 2023, the GRE General Test has been reduced to 1 hour 58 minutes. It's now faster and more efficient, with the same reliable score range. Here's the test content:
Verbal Reasoning
Tests your ability to understand and analyze written text, with questions on vocabulary, reading comprehension, and critical reasoning. The time duration to solve 27 questions for this section is 41 minutes.
Quantitative Reasoning
The section examines your skills in basic math like algebra, geometry, and data analysis. Don't worry, no advanced calculus is involved. Just like the verbal reasoning, this section also comprises 27 questions, but the time duration is 47 minutes.
Analytical Writing
Assesses your ability to critically analyze an argument and write persuasively, with one essay prompt testing your analytical and writing skills. The time allotted to write an essay is 30 minutes.
The GRE test has a total score range of 340, with a registration fee of $271 (INR 22,550). With this understanding of the test, let's delve into our key topic.
Whether taking a student loan for USA, Australia, etc. Financial lenders see it as an indicator of your academic potential and preparedness for rigorous graduate studies. A strong score can boost your loan application, potentially higher loan amounts, lower interest rates, and even collateral-free or unsecured loan options.
On the other hand, a weaker score might not necessarily disqualify you but could lead to stricter terms or even loan rejection in specific cases. Thus, to get a better understanding let us explore the popular lenders below.
Nationalized Banks
These banks offer both secured and unsecured loans. Particularly, a GRE score exceeding 310 serves as proof of academic brilliance, significantly enhancing the chances of loan approval. Depending on your cost of education you can get both secured and unsecured loans as per your cost projected. By providing detailed academic documents, students can expedite the loan approval process and board their educational expedition. However, for nationalized banks, if the offer letter specifies that the student has achieved an IELTS score of 7 out of 9 bands, only then will the bank require it, otherwise it is not mandatory for any entrance test.
Private Banks
Private banks present a spectrum of loan options, accommodating varying GRE scores and financial capabilities. With loan amounts ranging from 60 lakhs to 75 lakhs, these banks categorize applicants based on their GRE scores into platinum, titanium, gold, and bronze tiers. A score exceeding 315 opens doors to streamlined approval processes ensuring that students receive the financial support they need to pursue their aspirations.
NBFCs
NBFCs simplify the loan application process, offering a hassle-free experience for students. With a minimum GRE score requirement of 300+, you can get unsecured education loans ranging from 60 to 70 lakhs. As you can see these institutions prioritize efficiency and accessibility. By furnishing essential academic documents and maintaining an average account balance of 2000 Rs, students can secure loans swiftly, often within a mere three days.
International Lenders
International lenders provide lucrative opportunities. With loan amounts extending up to 75 lakhs for GRE scores surpassing 310, these lenders facilitate access to world-class educational institutions. But if the scores are not presented, then the quantum of finance is offered up to 55 lakhs.
In managing the loan application process, students should strategically achieve their GRE scores. Scores below 300 may inadvertently hinder approval chances; therefore, refraining from disclosure can sometimes be advantageous. By leveraging GRE scores effectively, applicants can optimize their loan approval prospects and commence on a transformative educational journey.
Many lenders consider a holistic profile, including your academic background, future earning potential, co-applicant profile, and chosen university rankings. Additionally, some lenders offer alternative assessment methods for students with exceptional achievements or compelling circumstances. Furthermore, a strong GRE score not only enhances your chances of gaining admission to a prestigious university but also increases your likelihood of securing scholarships and promising career opportunities.
Thus, if you want detailed information on education loan for Canada, the UK, the US, Australia, or any other country, ELAN Overseas Education Loans is here to assist you every step of the way. Our team of experienced loan advisors are dedicated to providing personalized guidance to help you choose the right financial institution and steer through the loan application process seamlessly.
To embark on your journey towards realizing your study abroad dreams, we invite you to schedule a free online or offline session with us. Good luck!
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