The US has been and will always be one of the top destinations for pursuing MS thanks to the presence of some of the top class professors teaching at world-class universities. But we understand that one of the top questions that must be lingering in your minds right now will be on how to secure the funds for your education.
Let us admit one thing. Education in the US is not cheap. It costs anywhere between $40k to $80k to attend a course. Adding to the woes of the student is the fact that scholarships are very hard to secure, thereby forcing the students to opt for loans to finance their education.
Challenges in Procuring Loans
Procuring loans is not an easy task. The sheer amount of documentation and the complexity of the processes involved in doing so makes anyone apprehensive about procuring it. Here are some of the top challenges faced by the students while procuring a loan –
The Requirement of a Collateral
A loan of such high value will not come without strong collateral. Students often put up their houses as their collateral for the loan. This causes a high amount of pressure on the parents and the students to repay it on time.
Partial fulfilment of loan requirement
Often lenders do not lend the entire amount to the students even after placing the collateral. Students end up arranging a good chunk of money from other sources as well. This again is tough, especially for students who are not well off.
Education loans have very high-interest rates. The pinch is felt when you realize that your friends in the US are paying only half of what you pay as interest for the education loan.
Your cost in procuring the loan is stretched even further thanks to the hundreds of hidden fees that you get to know only after the loan process begins. Some of the hidden charges that a student commonly ends up paying are insurance, disbursement charges foreign exchange fees, etc.
Slow and complicated process
The entire process of sanctioning a loan takes months during which you end up making repeated visits to the bank that is sanctioning the loan. The amount of documentation that you have to arrange is huge, and the process becomes excruciatingly painful, especially when you do not possess a document required. All these will take a serious toll on your mental and physical health.
Complicated repayment process
If you think disbursement of the loan was complex, wait until you start repaying the loans. The requirement of timely payment of the EMI coupled with the complicated foreign exchange conversion, becomes quite a cumbersome process, especially when you are tied up with a busy job after your graduation.
So what is the solution?
Leap Finance! Leap Finance arguably has one of the simplest study abroad loan process on the planet.
Apart from this, Leap Finance sanctions your full loan amount without any collateral. If you think the interest rates will be high for such a service, you cannot be more wrong. Leap Finance offers one of the lowest interest rates in the country. The best part is that the interest rates are fixed.
Here are some other ways in which Leap Finance makes your entire journey of loan procurement simple –
- The entire application is online. As a result, you do not have to make frequent visits to your bank.
- You have dedicated customer support to reach out in case of any queries or concerns about the loan process.
- The entire process is completely transparent, and any fees that you will incur during or after the process will be communicated to you beforehand.
- Your loan amount will be directly disbursed to the US, and you do not have to worry about its transfer.
- The repayment process is as simple as the disbursement process. Again, completely online and no delays.
How to apply for the loan from Leap Finance?
Get loans without delay or a complex documentation process. The motto of Leap Education is simple — if you want it, you get it. To get it, all you have to do is follow these seven steps from the comfort of your room –
- Submit an application online. It takes only 10 minutes of your time.
- Understand the loan terms and accept the offer
- Upload verification documents on our website.
- You will receive the sanction letter in just three days from us.
- You can process the i20/visa with the help of our sanction letter.
- Leap Finance disburses the loan directly to your university.
- You start repaying the loan only after six months of graduation.
Pursuing a Master’s degree in the US is a dream for many. However, owing to the huge expenses involved, it remains an unachievable dream for them. And those who are lucky enough to pursue it face various obstacles on their journey such as getting a loan, repaying it on time, etc.
Leap Finance makes easier to achieve your dream. Our process is simple and hassle-free. All you have to do is sit with your computer, apply for a loan and study. We take care of the rest. Happy learning!