Step By Step Student Loan Process For Pursuing Higher Education
When it comes to getting the perfect details from the Internet, the best bet for a writer is to provide accurate step-by-step information. I learned this thing a few years back and applying this till today. So if you are searching for getting all the info about getting student loans, you have landed on the correct page. Below is a simple and brief step by step process for students pursuing higher education in overseas universities.
Step 1: Get a letter of admission from the university you are seeking admission for.
Step 2: Get a letter from the university mentioning the tuition fees, semester or year and the cost of living expenses that you need to bear for a year or years. In case you don't get a letter from the university with this detail, go through their website. There should be some information about this on their website. Take a print out of it. The bank normally accepts this.
Step 3: Now regarding documentation, loan application, and sanction procedure, you can go through “Guide to Student Loans” with all basic details included.
Step 4: Other documents that you
need to produce to the bank in order to avail a loan are your parents’
financial statements, tax returns, etc. If you want to know about different
bank policies for student loans, then go through - Getting a student loan.
Step 5: Once you have submitted all the above things to the bank, the bank will process your application and will provide you with a loan. Normally, the bank does not pay the whole expenses and you will need to finance up to 20-25% of cost of living expenses. (This depends entirely on the bank from which you are getting a student loan).
Step 6: Your student loan sanctioned. Okay. That’s nice. If not, go through common student loan issues. Now get a letter from the bank stating that you have been sanctioned an educational loan to pursue education abroad.
Step 7: Fill the visa application form as said and you will need to attach the admission letter, the letter from the bank, police clearance certificate and any other document that the embassy requires you to produce.
Step 8: Once your student visa is issued, you can get the demand draft from the bank for the loan amount sanctioned to you.
Step 9: Need more information on student loans, check out facts about student loans .
Step 10: Go ahead and pursue your studies. Best of luck
Additional tips from my Indian friend who took a loan for higher studies in Singapore:
- 90% of tuition fees come to $5,958 (take a loan from DBS bank) and the remaining 10% to be paid is $4642 per annum. DD will be issued in favor of University you are seeking admission for, very low interest rate.
- If you are an Indian, take a loan from any nationalized banks in India for 5 to 7 lakhs for example SBI. SBI will also issue the amount in favor of university and not in your personal bank account. First pay the tuition fees from the loan, which was sanctioned in India, and then just pay the entire amount to your University.
- Ask your University to take the tuition fees amount from the country where you are seeking loan (which covers majority of the %) and the remaining amount from loan, which you got from any nationalized banks in India (which covers min %).
- So in this way, a huge amount will be left out from the loan, which you have got from India. That amount you can use for personal expenses if you give a letter to University asking them to return the excess amount.
Above was a step by step student loan process for pursuing higher education in international universities with additional tips. I think the above information was helpful. If not, let me know. By the way, all the best for your studies abroad