Dreaming of studying in the USA but worried about the financial obligations? You're not alone. Hundreds and thousands of international students face the same challenge every year. Thankfully, there's a solution that can make your dream a reality. Yes, you read it right! To fulfil the aspirations of studying at this perennial favourite study destination, many financial lenders offer excellent overseas education loan schemes.
One among them is the recently launched US Cosigner Student Loans. This unique non collateral education loan scheme is designed to provide substantial collateral-free financial support at affordable interest rates, making it easier for you to pursue your higher education in the USA.
In this article, we'll explore everything you need to know about this fantastic opportunity. So, stay with us till the end and find out all the essential information related to this scheme.
Let’s get straight to the point with some quick facts and benefits that make the US Cosigner Student Loan a go-to loan choice for international students:
Up to 100% Funding Available: This loan can cover up to 100% of your higher education expenses with no margin requirement.
Lowest Fixed and Variable Interest Rates: Enjoy the lowest interest rate on education loans starting as low as 4.43%. No other lender offers such options, making your loan more affordable.
US Cosigner Requirements: Your cosigner must be a Green Card holder or a Permanent Resident of the USA.
Level of Course: Whether you’re pursuing a Master’s or Bachelor’s Degree, you are eligible for this loan.
Quick Loan Approval: Get your loan approved quickly within 3-5 working days, so you can focus on your studies.
Minimal Documentation: Say goodbye to lengthy paperwork. This loan requires minimal documentation and cosigner details.
No Collateral Required: You don’t need to pledge any assets to secure this loan.
No Processing Fees: Save money with zero processing fees.
No Forex Charges: No extra charges when converting currencies.
Adjustable Loan Terms: Choose loan terms as short as 5 years to suit your financial plans.
Flexible Repayment Options: Benefit from flexible repayment options and a loan tenure of up to 20 years.
Conditional Offer Letter Accepted: Start your loan application with just a conditional offer letter from your chosen university.
Free Loan Sanction Letter: Receive a free loan sanction letter to help you get your I-20 and student visa.
Partial Interest Payments: Paying partial interest is mandatory and can range from $50 to $100 per month, helping you manage your finances effectively.
After knowing so much about this loan scheme, you surely might be intrigued to check out the next step. Now, let's talk about your cosigner.
As the name of this scheme rightly indicates, the cosigner is essential for your loan application. They must meet specific eligibility criteria as stated below:
U.S. Citizen or Permanent Resident: Your cosigner must be a U.S. Citizen or hold a 10-year (Non-Conditional) Permanent Resident Card.
Residency Requirement: They should have lived in the U.S. for at least two years.
Credit History: They must have at least three years of good credit history.
Credit Score: A minimum credit score of 650 is required.
Financial Stability: No history of bankruptcy and liabilities if any.
Your cosigner's financial health and creditworthiness are essential as they guarantee your loan repayment if you default.
Being a cosigner is a significant responsibility. Here’s what your cosigner needs to know:
Financial Commitment: The cosigner is legally obligated to repay the loan if you fail to do so.
Credit Impact: The loan will affect their credit score and financial profile.
Regular Monitoring: They need to monitor the loan repayments to ensure timely payments and avoid any negative impact on their credit.
The cosigner should be fully aware of these responsibilities before agreeing to cosign the loan. Moving ahead, let’s check the documents required to initiate this study abroad loan application.
Ready to apply? Here’s a checklist of the documents you’ll need:
Valid Passport
Proof of Admission (I-20 Form or Admission Letter)
Proof of Identity and Residence
Academic Transcripts
Statement of Purpose
Bank Statements
Valid Identity Proof (Green Card or Passport)
Social Security Number
Proof of Income (Recent Pay Slips, Tax Returns (W2 Forms) & Bank Statements)
Credit Report
Having these documents ready will streamline your loan application process. The detailed process is given below.
The most awaited part of this article is here. While the loan application process can seem daunting, we assure you that it's straightforward when broken down into steps:
Research and decide on the cosigner who is in the USA
Check and ensure both you and your cosigner meet the eligibility criteria
Accumulate all necessary documents for both the applicant and the cosigner
Fill out the loan application form and submit it along with the required documents.
Await the loan approval as it involves a credit check, verification of current liabilities, and documents.
When approved, sign the loan agreement and receive the sanction letter. This can be used for I-20 & visa applications.
The approved funds are disbursed according to the agreed schedule. They are directly transferred to the institution.
On a concluding note, these are all the remarkable aspects that you must know about the US Cosigner Student Loan. This one-of-a-kind loan scheme can significantly contribute towards achieving your academic goals in the USA. Keep in mind that your cosigner's financial stability, good credit history, and responsible financial habits can be decisive factors for your education loan interest rates and loan approval.
By following the steps mentioned above, you can ensure a smooth application process but to make things much easier for you Team Élan is at your service.
At Élan Overseas Education Loans, we specialize in guiding students through the complexities of securing education loans to study abroad. Our team of experts provides personalized assistance throughout the loan application process, ensuring you get the best possible terms.
Contact us today for a free consultation and overseas education loan application assistance to study in the US!
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