Here is an overview of the student loan eligibility criteria for a loan to study in the USA

Do you aspire to complete your higher education in the USA?

If yes, then you may know that pursuing higher education in the USA is a costly affair. You need hefty amounts of money to pay your course tuition fees and to sustain a decent lifestyle there for the duration of your course. Most students have to take an education loan to cover the costs of their higher education there. To learn about such loans, just search a phrase like ‘education loan in USA’ on Google. You will get a list of lenders that finance students’ higher education in the USA. But to get those loans, you have to fulfill lenders’ eligibility criteria. We will tell you about it now.

The eligibility criteria are:

Student loan eligibility criteria for aspirants

The student must:

1. Be an Indian citizen.
2. Be above 18 years of age.
3. Display good academic performance.
4. Have an admission proof into an educational institution approved by the lender.
5. Have applied for a job-oriented course.

Co-borrower eligibility criteria to get a study loan

If a student has applied for a full-time course, then he needs a co-borrower. A co-borrower is either one of the student’s parents, legal guardian, siblings, or spouse. The repayment of the loan lies on the co-borrower’s shoulder if the student is unable to pay it back after completing his education.

The co-borrower must:

1. Be an Indian citizen.
2. Have a reliable source of income.
3. Have a good credit score.

To get an overseas study loan to study in the USA, the student and the co-borrower need to submit the following documents to lenders.

Student’s documents required

The student documents usually required are:

1. A filled education loan application form.
2. 2 passport-sized photographs.
3. Identity proof (Aadhaar card/ PAN card/ Passport).
4. Residential proof (Electricity bill/ Gas bill/ Water supply bill).
5. Academic mark sheets and certificates.
6. Competitive exam mark sheets (GRE/TOEFL/ GMAT).
7. Admission proof from the educational institution approved by the lender.
8. A log of potential expenses that the student would incur while studying the course in the USA.

Co-borrower’s documents required

The co-borrower’s documents generally required to get an education loan are:

1. 2 passport-sized photographs.
2. Identity proof (Aadhaar card/ PAN card/ Passport).
3. Residential proof (Electricity bill/ Gas bill/ Water supply bill).
4. The details of the loans the co-borrower is repaying presently.

If the co-borrower is a salaried employee, then he/she needs to submit these documents as well:

1. Salary slips of the last 3 months.
2. Income tax returns.
3. Salary account statements of the last 6 months.

If the co-borrower is self-employed, then he/she needs to submit these documents:

1. Qualification certificate (B.Sc. certificate if the co-borrower is a science graduate).
2. Address proof of his business office.
3. Income tax returns.
4. Bank account statement of the last 6 months.

So, this is the student loan eligibility criteria and the documents required to apply for an education loan. We hope that now you have a better understanding of the eligibility conditions to get an education loan to study in the USA. Have a nice day!

I am a finance consultant who loves to write during his spare time. I have considerable information about education Loans.