USA Universities with High Education Loan Approval

For many Indian students, studying in the USA is a dream. But financing that dream often depends on one crucial choice you make. Did you know that the universities you choose to study at can significantly impact your chances of education loan approval? 

Yes, you heard that right; lenders, while evaluating the loan eligibility, do not just check the student's academic profile but also the ranking, reputation, and after-study outcomes of the university that the student chooses.

Some universities in the US are loan-friendly because of the students’ success rate, higher ROI, etc. In this blog, we will explore the top universities in the USA with high chances of education loan approval. This helps students to make informed decisions on choosing the right universities.

Why University Choice Affects Loan Approval

Lenders usually consider several important factors with respect to the university to approve an education loan. A few of them are

1. University Rankings: This is one of the important factors that banks consider when approving education loans. A good ranking and reputation indicate employment prospects, which reduces the risk to the lender, making it easier for banks to approve education loans.
2. Course: Usually, STEM courses in the US have a higher ROI than non-STEM courses. These courses are considered to have high job opportunities post-study, which assures lenders of timely repayment of the education loan. Hence, this is one of the key factors lenders consider when approving an education loan. 
3. University Accreditation: Education loan approval primarily depends on accreditation by multiple international bodies, such as AACSB, ABET, ABA, and LCME. Accredited universities are preferred over universities that are without accreditation. This builds the credibility that students can complete the course without any hassle.
4. Previous Loan Repayment History: Lenders often check the repayment status of the previous loans of students who have graduated from the university. This generally gives an overview of the repayment potential of students going to that particular university. The goal is to ensure repayment from students.

Top Universities in the US with High Chances of Loan Approval

Generally, reputable and high-ranking universities with strong alumni networks are likely to have higher chances of education loan approval. These universities often have strong financial support departments, which attract lenders to offer education loans.

Ivy League Universities: A group of 8 elite universities in the USA, which are known for their academic excellence and selective admissions, are highly preferred by lenders to offer education loans. These are the top colleges on the abroad university college list. They are:

Why STEM Courses Have a Higher Chance of Loan Approval

Students who are enrolling in STEM courses have higher chances of getting an education loan for the following reasons:

• Better Employment Opportunities: STEM courses in the fields of science, technology, engineering, and mathematics have high employment opportunities in the global job market.
• Higher Salary Range: Graduates in STEM courses usually have high earning potential. This gives confidence to lenders that their amount is secured, and repayment can be made.
• Better ROI: Usually, lenders providing loans to students with STEM courses have a higher return on investment, with the future earning potential of the students based on the above factors. Hence, these courses are favored by lenders.
• Higher Chances of Visa Approval: Many immigration authorities consider STEM courses favorably for visa approval. Lenders also view this visa approval chance for issuing education loans; hence, STEM courses have better chances of visa approval.

Top US Universities for Easy Loan Approval

The following are the top universities in the USA, ranked based on the Quacquarelli Symonds (QS).

Lenders Offering Education Loans to the Top USA Universities

Lenders favour the USA universities for offering education loans. Therefore, many lenders, such as public banks, private banks, and NBFCs, offer education loans.

Eligibility Requirements to Get Education Loans for the USA

The following is the basic eligibility required for students to get an education loan for universities in the US.

• Citizenship: The applicant and co-applicant must be Indian citizens.
• Admission:  Students must secure admission in one of the top US universities
• Academic Background: Students must have a decent academic background
• Age: Usually, students aged 16-35 are eligible for education loans
• Collateral: Students have to pledge collateral if they are opting for secured loans

Other criteria, such as the course, the university, the student profile, and the loan type, also influence students' education loans.

Documents Required to Get Education Loans for the USA

Below are the basic documents required to get an education loan to study in the USA.

• KYC Documents: Documents proving the identity of the applicant and co-applicant
  • Aadhaar card
  • PAN card
  • Passport
  • Driving license, etc.
• Academic Records: The academic documents of students from their previous education, such as 10th class, 12th class, and graduation (if applicable), are to be submitted.
• Admission Letter: Admission letter from a recognized university.
• Co-applicant Documents: Co-applicant documents are to be submitted as per the requirements of the lender.
• Collateral Documents: The documents of the collateral that are being pledged to get a partially secured education loan.
• Additional Documents: Additional documents, such as passport-sized photographs and a loan application form, are to be submitted as per the requirements of the lender

Conclusion

The university selection can significantly impact the chances of getting an education loan. In this blog, we have covered what the top universities in the US are and why the university selection can impact your education loan chances.

An education loan sanction is crucial for funding the education of many students. However, students often struggle to get their loans sanctioned without the right guidance. WeMakeScholars can help you in such situations. Our team is dedicated to assisting students in receiving education loan approvals on time. We provide complete education loan assistance to students applying through us. Request a callback today, and one of our experienced financial officers will contact you at your earliest convenience.