Combining Savings and Education Loan for Studying in the USA – How Does It Work?

Hey Sakshi Bains, how are you, don't worry, Yes, you can definitely use both your savings and an education loan to fund your studies in the USA. Many students do this to reduce their loan burden. let me explain how it comes true.

1. Plan Your Budget

Calculate your total expenses, including tuition, living costs, and other fees.

Decide how much you can pay from your savings and how much you’ll need from a loan.

2. Applying for an Education Loan

You can apply for a loan to cover only the remaining amount after using your savings.

There are two types of loans:

• Secured Loans: Require collateral but offer lower interest rates.
• Unsecured Loans: No collateral is needed but may have higher interest rates.

3. Where to Get the Loan

• Indian Banks: Like SBI, HDFC, and ICICI.
• NBFCs: Such as Credila and Avanse, offer flexible terms.
• International Lenders: Prodigy Finance and MPOWER Financing don’t require collateral or a co-signer.

4. Documents Required

• Proof of admission, cost of attendance, identity proof, academic records, and proof of savings.

5. Visa and University Requirements

• You’ll need to show proof of funds for at least the first year. You can use a combination of savings and the loan sanction letter for this.

This approach allows you to minimize your debt while ensuring you have enough funds for your education. If you need help choosing the right loan or understanding the application process, let them know - https://abroadcube.com/study-abroad-education-loans

Yes, you can pay part of your university fees with your savings and cover the rest with an education loan. Here’s how you can proceed:

Loan Eligibility – Check the bank’s requirements, including co-applicant, income proof, and collateral (if needed).

Loan Amount & Coverage – Most lenders cover tuition fees, living expenses, and other costs. Ensure they allow partial payment from savings.

Repayment Terms – Understand the repayment period, moratorium period, and interest rates before applying.

Disbursement Process – Confirm how and when the bank will transfer funds to the university.

Compare Lenders – Explore multiple banks and financial institutions to get the best loan terms.

It's advisable to consult with lenders and financial advisors to choose the best option for funding your studies in the USA.- Abroadcube