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The United States of America (USA) has the world's highest number of international students. Many overseas students aspire to study in the US for a variety of reasons, including high-quality education, a diverse curriculum, a multicultural atmosphere, and an abundance of prospects. The US is home to some of the world's most prestigious universities, several of which frequently rank in worldwide university rankings.

The course type, course structure, university reputation, and university type have a significant impact on the cost of studying in the United States. Securing a student loan in the US will help you manage your expenses as an international student. The table below provides an estimate of the tuition costs for various levels of study in the United States. 

Programme = Tuition fees (USD)
English language studies = $700 - $1200  per month
Undergraduate bachelor degree = $20,000 to $40,000 per year
Graduate programmes = $20,000 to $45,000 per year
Doctoral degree = $28,000 to $55,000 per year
Community colleges = $6,000 to $20,000 per year

These are the costs concerned with living on or off-campus. They are carefully established after keeping in mind several other expenses such as upkeep or maintenance rates, the type of accommodation, the facilities offered, the inventory, and many other aspects are considered. For international students, the annual cost of living in the United States is expected to be between $5,000 and $7,500. This is when a student loan in the US plays an important role in helping students manage their expenses.

From the above table, we now know that the cost of living and studying in the United States could be exorbitant, and not everyone can afford it. The most difficult aspect of studying in the United States is always acquiring the necessary finances. However, that shouldn't act as a barrier between you and your study abroad dreams. Being able to organize your finances is one of the most important aspects of the entire process. Various banks, NBFCs, and international lenders have recognised this situation and handled the complication of funding higher education by providing international student loans in the US to those who aspire to study in the nation.

Once you’ve submitted your application to the university of your choice, arranging for funds would be the next step so that you can show the university that you have sufficient funds to manage your expenses as an international student. Since the whole loan acquisition process is cumbersome, it is advisable to start early and get it sanctioned as soon as possible. The following steps will help you with your student loan debt in the US -

- Decide on the course you want to take and the university where you want to study
- Estimate your loan amount based on the elements you'd want your loan to cover
- Research on Interest rates
- Make a list of the documents needed 
- Apply for the loan 
- Decide your repayment tenure
- Consult certified banks
- Determine the disbursement time

UniCreds offers students a brief list of documents based on their profile, the profile of their co-applicant, and any property or asset they may give as collateral. However, these are the documents that are necessary for student loans for international students in the USA -

KYC Documents - Aadhar Card, PAN Card, Passport

Academic Documents - Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses, Copy of admission letter of the Institute along with Fees schedule

Financial Documents - Bank Statement/ Passbook of the last 6 months.

Depending on the plan you choose, your loan might pay all or part of your university fees, along with other costs. Typically, a student loan in the US may often cover all of your educational expenditures. However, make sure you’re well aware of things your loan covers to see if your expectations are being met. There are different loan schemes, each fulfilling set criteria and covering a little or most of your expenses. The following expenses below are what you may expect your loan to cover -

1. Tuition Fees
2. On-campus or off-campus housing
3. Transportation costs
4. Books & library fees
5. Courseware
6. Incidental fees
7. Insurance premium 
8. Caution deposits & Refundable deposits

There are two types of education loans available for studying in the United States:

Secured Education Loans: These are student loans with collateral. In order to obtain an education loan, you will be required to pledge an asset as a security to the lender. There are two kinds of collateral that can be used:

Tangible assets like properties, land, shops, and more.
Intangible assets in terms of Fixed deposits,  government bonds, & insurance

Unsecured Education Loans: Unsecured education loans are those that do not require collateral. To obtain an unsecured student loan in the US, you do not need to commit any security to the lender, as the name implies. However, there should be a co-applicant, and his or her income will be a crucial factor in the loan approval.

Since you are an international student are a few tips you must follow before applying for a student loan in the US - 

- Make sure you cross-check the processing fees for your loan
- Compare loans based on the income tax exemptions
- Check the loan margin before applying for one
- Be aware of the loan processing time
- Go through the repayment terms
- Opt for a longer tenure so that you can plan your repayment well
- Apply for the loan at least 3 months before your visa interview

Unlike any other platform, UniCreds makes obtaining college loans simple. Here are a few reasons why obtaining a student loan in the US with UniCreds is the best option for you:

- Full-funding upto 100% that covers tuition fees & living expenses
- No margin money
- Quick sanctions in case of emergencies or special requirements
- Customised financing options
- Education loan comparison
- Loan application tracker
- Collateral free loans
- Services at your door-step
- Paperless loan approvals