Are you desired to pursue Masters in the United States by taking education loan? In this article, we briefly explain How to get USA student loans from US department of education loans. Generally, MS aspirants take a loan from their home country to afford their Masters In USA. But, Do you know? We can also get a loan directly from USA banks at very low-interest rates. Confused? Then, Check the Complete information regarding How to get International student loans USA from the department of education student loans?
International USA Student Loans
Now, you are thinking that How can I get the loan in the United States Banks as We are not a permanent citizen of United States? First of all, We have to know that US Banks also offers student loans for International students to Non-US citizens to pursue their Masters In United States. But, we are eligible to get this USA student loans only if we know the trusted green card holder in USA who is interested to act as our cosigner. This US co-signer has to repay the loan if the borrower fails to pay the education loan. The co-signer should maintain a good credit history with the respective bank in which we are applying for the student loans in USA for past 2 years. Many International students cannot get the loan on their own. The co-signer who is often a relative or close friend of the borrower can assist the students to get the USA Student Loans.
Interest Rates in US versus India
Coming to the interest rates, Suppose, If we have taken a loan in India the interest rates for Indian Banks are very high when compared to the banks in the United States. The interest rates in the United States are favorable and it around 7% per anum. But in contrast, the interest rates for Indian banks are very high and expensive for instance, banks in India offer around 14% per annum. The loan repayment tenure is also longer in the United States when compared to Indian Banks. Thus US banks give an option for the aspirants to pay off their loan by providing longer tenure period to repay the loans. So, here we will explain how to take Educational student Loans for International Students in the United States.
When to Repay the Loan?
After getting the credit approval educational loan for international students we have to choose the repayment period which is an extremely important feature in our loan. Most of the International Students are not able to work while pursuing MS In USA. So, we need to consider carefully when payments will begin, and how long will it take to repay the loan. The repayment tenure generally ranges from 10-25 years in the United States and for larger loans the repayment period is also long. Generally, the standard repayment plan options are 4 types.
- Full Deferral – In this Plan, Students make no payments during their study and they can postpone the payment of the loan up to 6 months after graduation until he/she gets the job. The defer payments maximum time is up to 4 years which is the usual course period of the degree pursuing student.
- Interest Only – In this plan, Students pay only the interest during their study at the University and Students can lengthen the payment of a principal amount up to 45 days after the graduation or drop below half time.
- Immediate Repayment – In this plan, Students make principal and interest payments immediately after the loan is fully disbursed.
- Fixed Payments – In this plan, Students make low fixed monthly payments, typically $25 per loan per month, during the study, and starts making regular principal and interest payments after the graduation or drop below half time.
International Student Loans In USA