by The USA stands as a prime choice for international students aspiring to pursue an MBA, yet many face the hurdle of soaring educational costs. Despite the undeniable value of education in the country, managing expenses becomes a challenge for numerous students. However, there exists a viable solution in the form of overseas education loans.
An MBA, renowned for leading to high-salary jobs, becomes even more enticing when obtained from a prestigious US university. The good news is that repayment can be steered after your graduation. As you start on a journey you need to understand a lot of things related to taking an education loan to study in the USA.
If you are planning to study in the USA, this article will guide you regarding student loan for USA. So, without further delay, let’s delve into the details.
Cost to Study MBA in the USA
Pursuing an MBA in the USA undoubtedly brings unparalleled advantages, but the financial investment can be substantial. Tuition fees, living expenses, and ancillary costs accumulate to significant sums, requiring the reliance on education loans for numerous students.
To give you an understanding, an MBA degree from a renowned university and a college in the US ranges from $22,500 to $60,000 or more depending on the institution you choose. Apart from this, there are living costs, which can range between $1,500 per month and $10,000 per year .
But no worries, since education loans cover all the costs including tuition fees and living expenses in the US. Thus, let us now move ahead and explore the types of education loans to study in this incredible study destination.
Types of Education Loans & Top Financial Lenders
For students who are not aware of the types of loans. To simplify it, there are two types of education loans which are secured and unsecured education loans. In secured you need to pledge a security whereas in unsecured education loans, you don’t have to pledge any collateral. But where will you opt for an education loan? For that, we have some of the top financial lenders to opt for an education to study in the US.
Top Financial Lenders
- Government Banks: State Bank of India, Union Bank of India, Bank of India, Bank of Maharashtra, Bank of Baroda, Punjab National Bank.
- Private Banks: Axis Bank, ICICI Bank, and IDFC First Bank.
- Co-Operative Banks: Saraswat Bank.
- International Lenders: Prodigy Finance, and MPower Finance.
- Non-Banking Financial Companies: HDFC Credila, Avanse, Auxilo, Incred.
Thus, these are some of the most popular financial lenders that offer student loans for studying abroad with the best interest rates. Now that you have an understanding of the types of loans and financial lenders it is important to know about the loan application process. So, without wasting a second let us jump ahead.
Loan Application Process to Study MBA in the USA
Applying for an education loan to study MBA in the USA involves steps as simple as putting a thread in a needle which means you need to read the below steps very thoughtfully.
- Explore Lenders: Conduct thorough research to align with a lender meeting your financial needs. Evaluate factors like interest rates, repayment tenure, and terms.
- Document Preparation: Assemble crucial documents – admission form, financial records, and co-signer details.
- Application Submission: Meticulously fill out the lender’s application form, ensuring accurate details for higher approval chances.
- Credit assessment: Prepare for a credit check, leading to a formal loan offer and sanction letter upon successful evaluation.
- Review and Acceptance: Scrutinize terms in the sanction letter. Accept the offer by paying processing fees or requesting modifications.
- Fund Disbursement: Witness funds directly disbursed to your educational institution, covering tuition and living expenses.
Final Thoughts
Pursuing an MBA in the USA opens doors to immense opportunities, but the associated costs can be daunting. Education loans, both secured and unsecured, serve as crucial financial aid. Thus, if you want to understand in detail how to get education loan for abroad studies without collateral or with collateral, you can search for some of the top overseas education loan advisors and take their expert guidance. All the best!
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