Are you sure about the loan amount you have applied for?
Have you assessed your loan requirement correctly?
Is there an ambiguity in your mind regarding how to best finance your foreign education?
If yes, there is nothing to worry about! ForeignAdmits can help you figure out post-admission requisites, that too free of cost!
Let’s take a glance at the problem-
While applying for overseas education, the students are thoroughly guided by their counselors and Universities. However, the scenario changes once they get their letter of acceptance. So many unabashed questions stare at their faces after getting admission to their desired university regarding loans, accommodation, fee transfer and budget planning. We at ForeignAdmits have come across such students who have faced stagnancy at this particular junction. We have helped a set of students who struggled with budget estimation, loan procurement, finding accommodation, arranging flight tickets and many other post-admission requirements. ForeignAdmits diligently worked to convert our domain expertise into functional tools that could clear the haze around these procedures and guide such students.
We started with understanding the process and chalking out the possible struggles.
ForeignAdmit’s Approach
When we delved into the matter, it did not take long to deduce that there was no single junction that acted as a hurdle in education loan applications. Different students struggled with different aspects of the process. So, we put additional efforts into understanding the study abroad education loan procedure first. As overseas admission experts, we already knew what significance financial sufficiency played in Visa applications. We analyzed the process from scratch and came to the following conclusions:
- Pre-application process for education loans is crucial and marks a strong foundation for approval of the loan.
- Post-application approvals are even more complex than getting a conditional loan approval offer.
The education loan application process is a lengthy and complicated affair. There is no way that students can figure out its nuances by themselves. The gap was indeed steep. Overseas education loan applications go through a detailed process that follows the below-listed junctures-
| Particulars | Details |
|---|---|
| Pre-application phase | ● Submission of loan request after getting a letter of acceptance ● Verification of KYC documents ● Verification of academic documents ● Legal and official verification Outcome: Conditional offer of loan approval |
| Post- application approvals | ● Obtain an admission confirmation letter from the University ● Get an award certificate in case of availing of any financial aid ● Complete the VISA application process ● Complete property, asset and employer verification Outcome: Overseas education loan approval to be submitted for final verification |
| Loan agreement stage | ● Countersigning loan agreement ● Loan repayment declaration ● Loan disbursal calendar submission ● Demand letters and receipts submission |
| Education loan maintenance | ● Pre-payment or part-payment of education loan. ● Academic maintenance |
| Education loan subsidy application | If applicable |
A thorough study of the education loan application process and the struggles faced by our clients helped us chalk out the challenges of this complex process. We did not limit our analysis to mapping the process complexities alone; we also took common mistakes students commit into consideration before listing down the following challenges-
Wrong Assessment of Loan Requirement
Many times, students fail in planning their finances when study abroad. Getting a loan higher than the requirement only adds to their financial burden. Similarly, undermining the loan requirement and raising a loan much lesser than the actual need compels them to enhance the loan amount later. And that means going through the tedious process again. We realize that this gap that we could help bridge with our extensive knowledge of financial requirements for abroad education. Our budget estimator tool serves the purpose pertinently.
No knowledge of Other Financial Aids
Parents and students are unaware of available scholarship programs and do not explore their options before applying for hefty loan amounts. Not knowing your options can be an expensive ignorance when bearing overseas admission costs.
Facing Loan Rejections
Getting approval for an overseas education loan is not an easy task. Knowing what your chances are is important. Financial institutions may reject your loan application based on various factors. If an average academic student applies to study in an average foreign institution where placement possibilities are slim, there are high chances that your education loan application will get rejected. Setting the right matrix is important for raising an education loan. That’s where our loan eligibility calculator provides the needed assistance.
Our Solution To Help The Students
We at Foreign Admits ensure that we provide our students with a thorough guide to steer through this lengthy and opaque process. Our vast experience in the overseas admission domain makes us admission and VISA experts. We know about high ranked Universities and courses that stand high chances of getting financial aid in the form of loans.
Tie-Ups with 15+ Bank Partners
We help our clients connect with the financial institutions that can fulfill their loan requirements. With the help of our education loan finder tool, we connect you with genuine loan lenders.
Loan Eligibility Calculator
Our loan eligibility calculator instantly reveals an applicant’s chances of getting an education loan. By entering a few basic details such as your desired university, desired program, and when you want to start your study, you can know whether you are eligible for an education loan or not.
Check Co-Applicant’s Loan Eligibility
It is easy to check loan eligibility for a co-applicant by adding details of the co-signer. Once a co-signer is approved, you can apply for a loan in multiple banks.
Efficient Financial Planning
We offer a budget estimator tool that you can use for planning your study abroad. By entering your costs and expenses, you can get an estimate of your budget. This tool is very helpful in the pre-application phase as it helps you make wise choices in choosing the right university and course.
EMI Calculator
Paying off a loan without bearing penalties is a tough task. It involves efficient planning. Our EMI calculator helps you make informed decisions. You can get an estimate of future EMIs on your desired loan amount before applying for an education loan.
Benefits to the Students
We are more than delighted that we have successfully helped students get education loans with minimum hassle and maximum benefits. With our personalized assistance, the students have experienced the following benefits-
- Admission to the Universities that can fetch students high-value loans
- Right loan amount from the right lender
- Successful verification and document submission
- Ensuring the financial eligibility for the loans
- Strengthening loan applications with accurate paperwork and compliance with the procedure
- The hassle-free loan procurement process
How Can ForeignAdmits Help You?
We at Foreign Admits believe in lending our domain experience and knowledge to our clients at every possible step. We walk beside you to the last step and ensure that you live your study abroad dream with the required financial assistance. Contact us to know more about post-admission assistance and more.
At ForeignAdmits, we understand how important this decision is. We are here to help you every step of the way, from finding the right school to getting admitted and securing scholarships.
Foreignadmits have a team of experienced counselors who can provide you with customized guidance based on your individual needscontact us today to get started. We look forward to helping you achieve your educational and career goals!