5 Things You Need to Know When Applying for Abroad Study Loans

5 Things You Need to Know When Applying for Abroad Study Loans

It’s that time of the year – you’re scrambling to study for finals, prepping for winter break plans, and getting ready to embark on a study abroad adventure that seems right around the corner. It’s an exciting time where you will soon find yourself in a new country learning new languages, exploring different spices and cuisines, and soaking up as much cultural experience as possible. In order to make the most out of your experience, ensuring you have the financial means by applying for loans for study abroad to support yourself during your trip is an absolute must. If you’re in need of student loan advice to help you invest in your future. So, here are five essential things to know before applying: 

1. Time is of the essence

You absolutely positively definitely cannot wait until the last minute to apply for study abroad loans, especially with something as important as financing your upcoming international trip on the line. For some student loans, such as federal loans, only a certain amount is given out, so you need to give yourself plenty of time to submit your loan application. 

2. There are many types of loans

There are three main types of study abroad loans: general student loansfederal loans, and private loans. Each of these has different requirements in order to apply, and specific processes in place for when you do want to apply. Be sure you research the type of study abroad loan you need.

3. You must confirm that your home institution is eligible.

This goes hand-in-hand with preparing ahead of time; why waste your time applying for a loan for study abroad that you’re not even eligible for in the first place? Study abroad loans requires that you go to an approved university study abroad program. 

4. You need a cosigner

A cosigner is someone who can legally sign loan papers for you so you can obtain the loan; they must be a U.S. citizen with a good credit score that has lived in the U.S. for the past two years. Having a creditworthy cosigner can not only make it easier for you to get a loan, but it can also reduce your interest rate. Family members or friends are good go-to options as they themselves can act as your cosigner or they may be able to recommend someone they know. It is fairly difficult to find student loans for study abroad without a cosigner.

5. Disbursement schedules matter

Student loans for study abroad are typically disbursed a few days before your program starts, but it ultimately depends on the schedule you’ve agreed upon with the lender. Be sure to double-check your loan application to ensure that you chose the correct disbursement period, lest you end up in a foreign country with an empty bank account!

If you still haven’t received your loan 30 days after it was approved, there may have been a problem with the lender releasing your loan or uncompleted steps within the application process. To find out more specifics about the disbursement of your loan, you can contact your university’s financial aid office or the financial institution directly. Be cognizant of keeping tabs on the dates and be proactive in your follow-up to avoid too many unnecessary blunders.

Where To Find Abroad Study Loans?

OVX India is one of India’s Largest Upcoming Online Marketplace, which you can access from anywhere in India. Just Log on to OVX Inda & search for an Abroad Study Loan after providing a location. The page takes you to a place where a list of bank agents offers their loan services.

If you liked this article, check out our post–05 Tips to Get an Easy Medical Loan

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