What are the documents required for an education loan in USA?

Lakhs of students pass out every year from colleges following the completion of their undergraduate degrees. Most of these students either opt to get a job and then go for higher studies after getting some experience. Other students go for higher studies immediately after the completion of their degree. Where they want to study, however, varies from student to student.

Thousands of students aspire to go abroad for their higher studies as it means better quality of education, higher-paying jobs, and more importantly, improved quality of life. The top destination for any student, not just in India but in the whole world is the USA. When you apply for an education loan in USA, the first step of that process is documentation. Here is a list of documents that you need to require to submit to your loan provider:

Identification documents

These documents help in authenticating the identity of the applicant. When you apply for a study abroad loan, you have to prove that you are of the legal age. This would include any of the govt. issued ID cards. You will also need to provide proof of your address. You also need to possess a valid passport that would ensure your eligibility for the loan. When you apply for an education loan, a co-applicant is necessary. So, their documents will also be required at the same.

Academic documents

When you select a course and the college that offers that course, the selection of your application to that college is dependent on your academic performance. Similarly, one of the factors for student loan eligibility is academic performance, the proof for which is your academic documents. Your graduation degree, passing certificate, mark sheets are the documents that you will need to provide to your loan provider. Many loan providers have certain criteria about their loan applications and, your academic documents will help to approve your loan application.

Proof of income documents

One major criterion that loan providers require when you opt for an education loan in USA is your proof of income. There is a minimum bank balance that you, as an applicant, need to maintain when you are applying for the loan. This balance limit could differ from one provider to another. The documents could be related to your income, savings, investments or any other declared source of income that you have. This will help in establishing credibility for your application.

Proof of admission

You need to submit the proof of admission to your loan provider. This would include your application to that college/university, the course that you have applied for, and the tuition fees required for that course. If you do a web search for ‘study loan USA, you will be able to get detailed information on documents that are related to the admission that you need to submit with your education loan application.

These are the documents that you need to provide for an education loan in USA. The acceptance of your loan application is dependent on the verification of the documents you provide. So, when you submit documents for your loan application, make sure that it is as per the criteria set by the provider.

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