Turning your study abroad dreams into reality is an exciting and rewarding process. If you’re one of the many students who dream of studying abroad but don’t quite have all the funds you need to support yourself, ApplyBoard can help. Invest in your future with our tailored study abroad loans.
Want to find out more? Keep reading to learn how your study abroad funding could be within reach.
While studying abroad can be expensive, there are still ways to make the most of your money! Read our blog to find out four ways to maximize your student budget.
What Are Student Loans?
Before diving into ApplyBoard’s student loans, let’s first clear up what student loans are. A student loan is a borrowed amount of money from a private lender that helps to pay for your education. The amount received can be used towards tuition, school supplies, and housing (or more, depending on your lender).
Note: Student loans are different from scholarships or grants because they have to be paid back.
Common Terms and Definitions
Below you’ll find some financial terms that are commonly used in student loans, as well as their definitions.
- Collateral: A type of security that lenders use for the repayment of a loan, in case the loan is not paid back. Collateral can be moveable (meaning a fixed deposit), or immovable (like a house or property).
- Proof of funds: Something that provides lenders with proof that the borrower has the funds to pay back a loan.
- Expense coverage: The types of expenses (like tuition, books, and school supplies) a loan can cover.
- Interest rates: The amount a lender charges a borrower, separate from the cost of the loan itself.
- EMI: Stands for “Equated Monthly Installment”, and is a fixed payment from the borrower to the lender on a specific date of each month.
How ApplyBoard Helps
Applying for a student loan can be the golden key for many students to achieve their dreams of studying abroad. However, some private lenders don’t always have the best options for international students. Some issues you may experience when pursuing a loan include higher interest rates, minimal expense coverage, and the need to show proof of funds or provide collateral.
On the other hand, ApplyBoard Student Loans were carefully designed with international students in mind, and provide the following benefits:
- No collateral: This means that, depending on your circumstances, you likely won’t need to provide extra security to receive a student loan.
- No proof of funds: You don’t need to show proof that you can pay your student loans off.
- Wide expense coverage: Student living and travel expenses, electronics, and more are covered by our student loans.
- Low-interest rates: Our interest rates are some of the best available, with rates as low as 9.5%.
- No EMI payment period: No rush. You’ll have up to two and a half years (30 months!) to repay your student loans.
- Repayment flexibility: If you have the option, you may pay your loan off early without consequences.
Check out our arrival guide to find out your next steps once you’ve arrived at your destination country.
How To Apply for a Student Loan
Now that you’ve learned about the benefits of applying for a student loan with ApplyBoard, it’s time to go over the steps to apply. (The good news is it’s an easy process!)
Step 1: Fill out our registration form. Visit our student loans website and fill out the information on our form.
Step 2: Check your eligibility. After filling out your information, you’ll be able to see what loan you’re eligible for.
Step 3: Apply for a study abroad program, and apply for the loan.
Step 4: Receive your loan sanction letter. (It’s a document that states your loan is officially approved.)
Step 5: Start your journey. Get ready to begin your study abroad adventure without worrying about funds.
FAQs
Below, we’ve answered some frequently asked questions about ApplyBoard student loans.
Q: What information will I need to provide to apply for a loan?
A: This depends on several different factors. Here are some of the general documents that most students will need to share:
- Identity verification documents (like a driver’s license or passport)
- Proof of address
- Academic records
- Financial documents
Q: How will my loan amount be determined?
A: The country you want to study in and your age are not factors that affect your loan amount. However, the following factors can affect your loan amount:
- Academic records
- Work experience
- Entrance test scores
- Reputability of your chosen academic institution
- Employability
- Support systems
Q: How much of a loan can I get?
A: Without collateral, students can apply for study loans of up to INR 1 CR or US$100,000. This loan amount limit can increase or decrease depending on the applicant’s and co-applicant’s profile, country, program of study, course, etc.
Q: How long does it take to receive loan approval from banks?
A: It depends. We’re partnered with top banking institutions, so our approval timelines can be as short as 30 minutes! In most cases, approvals take around 48 hours. In special cases, however, approvals can take up to 7 business days.
Q: What if I decide to go to another university or college other than the loan is approved for?
A: That’s not a problem. You’ll just need to change the name of the institution you’re attending in the Approval/Sanction letter. Then, you’ll need to connect with your ApplyBoard dedicated loan manager and place a change request.
Q: What if my loan is rejected?
A: If your loan is rejected, we’ll provide you with feedback and assess the possible reasons for your rejection. Once we’ve addressed and corrected those reasons, you can apply again.
Have more questions? Find more information on our Student Loans page, or connect directly with one of our representatives.
Deciding to take the leap and study abroad is a life-changing experience, but we know it can feel intimidating. That’s why we’ve created our study abroad loans to help make your study abroad dreams come true in a way that best supports your journey.
Change your life today: complete our ApplyBoard Student Loan form to get in touch!
