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Step By Step Student Loan Process For Pursuing Higher Education

Updated on July 1, 2011

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.

Your step by step guide for student loan process for pursuing higher studies abroad.
Your step by step guide for student loan process for pursuing higher studies abroad. | Source

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.

Got your student visa. Congratulations
Got your student visa. Congratulations | Source
Education for all
Education for all
All information on getting student loan here
All information on getting student loan here

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

Also Check Out Commission Structure of Student Loan Collector

Source
Hubmob Hub #2 for Student Loans
Hubmob Hub #2 for Student Loans

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    • soni2006 profile imageAUTHOR

      Rajinder Soni 

      5 years ago from New Delhi, India

      Thanks a lot Anu Khan

    • profile image

      Anu khan 

      5 years ago

      I was in so much tension thankx to u for prooviding this useful information very clearly

    • soni2006 profile imageAUTHOR

      Rajinder Soni 

      6 years ago from New Delhi, India

      Thanks a lot for your visit and comment Monica Melendez.

    • monicamelendez profile image

      monicamelendez 

      6 years ago from Salt Lake City

      Happy to see that people are giving good advice on student loans. I wish I had gone to school now instead of in the 90s. I didn't know anything about anything and made a lot of mistakes. Thanks for providing a nice, step-by-step guide for people!

    • soni2006 profile imageAUTHOR

      Rajinder Soni 

      7 years ago from New Delhi, India

      Thank you so much Rosie2010.

    • Rosie2010 profile image

      Rosie Rose 

      7 years ago from Toronto, Canada

      Hiya soni2006, well done! Very informative and useful. Best of luck!

      Have a nice day,

      Rosie

    • soni2006 profile imageAUTHOR

      Rajinder Soni 

      7 years ago from New Delhi, India

      It's my pleasure Simone. I have many hubs ready to be published for the contest. And I will keep on writing more and more as and when required. Thanks for your visit.

    • Simone Smith profile image

      Simone Haruko Smith 

      7 years ago from San Francisco

      I love the step-by-step guide soni2006! Thanks for guiding readers through the process :D

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