Non Collateral Education Loans for the USA

The United States of America has long been a place for international students to hone and polish their skills with the most industry-relevant qualifications and top-notch educational facilities. While the financial investment to study in USA is significant, so are the returns of the investment for both the student’s professional and personal development. As popular as the USA is among international students, it also inspires many top lenders to come up with attractive overseas education loan schemes for aspirants across the world.

Students can get secured education loans or non-collateral education loans for USA, depending on their profile and requirement. Some of the best schemes for these non-collateral loans come from International Lenders, which offer flexible loans at competitive interest rates and student-friendly policies. In this article, we will explore the top non-collateral loans education loans for USA offered by the most popular International Lenders for Indian students.

Cost of Education in USA

Understanding the tuition fees and living costs in USA helps students accurately estimate the loan amount needed during their course. The exact amount may vary based on the student’s chosen University, study level, and course. So, the amounts given can be taken as aggregate ranges based on the latest information.

• Tuition Fee Range for Masters in USA: $10,000 to $55,000 per year.
• Tuition Fee Range for Bachelors in USA: $8,000 to $50,000 per year.
• Aggregate Living Costs: Around $18,000 per year.

With this range, students can calculate the loan amount they need for their preferred course. This helps narrow down the International Lender they need to approach for a non-collateral education loan for USA. In the next section, let us learn about the best options in the market.

Top International Lenders for Non-Collateral Education Loans for USA

One of the biggest advantages of borrowing from International Lenders is that they often offer loans in US Dollars, meaning that students save themselves the trouble of having to convert currencies during transfers or disbursements.

Another beauty of International Lenders is that students can apply for a non-collateral education loan for USA without needing a co-applicant, giving them more independence throughout the process.

The top International Lenders and their respective unsecured education loan schemes are mentioned below.

1. Prodigy Finance

• Maximum Loan Amount: Up to $220,000 for an unsecured loan to study in a recognized educational institution in USA.
• Rate of Interest: Starts at 10.55% per annum for recognized institutions.
• Loan Margin: Up to 100% financing, depending on the student’s profile.
• Study Level and Courses: Only applicable for Master’s degrees in recognized Institutions.
• Moratorium Period: Duration of the course + 12 months.
• Processing Fees: $500 for the sanction letter + 4% of the total loan amount as origination fees.
• Processing Time: Between 8-10 days after the documents are submitted.
• Loan Repayment Tenure: Up to 20 years, including the duration of the course.

2. MPower Finance

• Maximum Loan Amount: Up to $50,000 per year for a Prime-Listed Institution.
• Rate of Interest: Starts at 11.99% per annum for Prime-Listed Institutions.
• Study Level and Courses: Applicable for Master’s degrees and the latter half (3rd and 4th year) of Bachelor’s degrees in Prime-Listed Institutions.
• Loan Margin: Up to 100% financing, depending on the student’s profile.
• Moratorium Period: Duration of the course + 6 months.
• Processing Fees: 5% of the total loan amount as origination fees.
• Processing Time: Between 5 and 7 days after the documents are submitted.
• Loan Repayment Tenure: Up to 10 years, including the duration of the course.

3. US Co-Signer Loans

• Maximum Loan Amount: Up to $100,000 for an unsecured loan to study in USA.
• Rate of Interest: Starts at 4.43% per annum for recognized institutions.
• Loan Margin: Up to 100% financing, depending on the student’s profile.
• Study Level and Courses: Applicable for Master’s and Bachelor’s degrees in recognized Institutions.
• Moratorium Period: Duration of the course + 6 or 12 months, depending on the lender.
• Processing Fees: 0% processing fees.
• Processing Time: Between 3 and 5 days after the documents are submitted.
• Loan Repayment Tenure: Up to 20 years, including the duration of the course.

Most International lenders have relatively flexible terms for their non-collateral student loans for USA, giving students the ability to negotiate for the best deal as per their preferences. However, the student must first be eligible for the loan according to the lender’s specifications.

Eligibility Criteria for Non-Collateral Education Loans for USA

Each International Lender has slightly different specifications for the student applying for a non-collateral education loan for USA. However, the common points are as follows:

• The student must be 18 years old with an admission letter from a recognized American educational institution.
• The student must have a good academic track record and choose a course with a good return on investment.
• The student must meet the lender’s income and credit history requirements.

In essence, a bright future in the USA is possible with the help of an unsecured education loan from the best International Lenders on the market. If you’re wondering what the best education loan in India for study abroad is or how to get the lowest interest rate on a non-collateral education loan from an International Lender, consider taking the help of the top overseas education loan consultants. Their team can streamline the entire loan process with expert guidance and in-depth research.