Question 1

Who can apply for Leap Finance’s loans?

Accepted Answer

Any student aiming to pursue master's or postgraduate programs in STEM courses at US universities is eligible to receive financial support from Leap Finance.

Question 2

Where can I find the list of courses/schools you fund?

Accepted Answer

You can find the list of applicable courses/ schools here

Question 3

Why can’t I find my school in the list?

Accepted Answer

If your course/school is not on the list, it is because we are not currently supporting that course/school and, unfortunately, you cannot apply for a loan with us. We are constantly adding schools to our list. We will notify you as soon as we are able to provide a loan for your school

Question 4

What % of the course fee and other expenses does Leap Finance fund?

Accepted Answer

Leap Finance funds up-to 100% of your cost of attendance, which typically includes tuition and fees, books and supplies, room and board, transportation and personal expenses.

Question 5

Do I have to offer any collateral or security for the loan?

Accepted Answer

No. Leap Finance does not ask for any immovable collateral. Our decision is based on your potential, not on your (or your family’s) assets.

Question 6

Who is a co-signer and do I need one?

Accepted Answer

A co-signer (or co-borrower) takes the loan jointly with you. The co-signer could be your parent or any other family member who commits to paying the balance of the loan in the event that you cannot. Yes, we require a co-signer to share the loan repayment.

Question 7

What does it mean to co-sign the loan? What are a co-signer’s responsibilities?

Accepted Answer

By co-signing, your co-signer is agreeing to take equal responsibility for the loan. That means that if you, as the primary borrower, are not able to make the scheduled repayments, the co-signer must make the repayments on your behalf. Either one of you can make the required monthly repayments.

Question 8

Can I make a loan application if I have not secured an admission yet?

Accepted Answer

If you are interested in attending a school but have not received admission yet, you can still apply. However, the loan will be sanctioned after you have secured an admit

Question 9

What are the eligibility requirements to secure a loan from Leap Finance ?

Accepted Answer

You must meet the following requirements to apply for a Student Loan with Leap Finance.Be at least 18 years old. Applying to or admitted to one of the courses we fund

Question 10

Why is a co-signer needed?

Accepted Answer

Having a strong co-signer makes your loan application stronger. Leap Finance recommends adding a co-signer for the purpose of contactability alone. We do not evaluate the co-signer in their ability to service the loan as the loan is sanctioned based on the student's merit and future potential.

Question 11

Who can co-sign my loan?

Accepted Answer

We recommend having a parent as a co-signer. If that is not possible, a sibling or close relative can step in as a co-signer as well.

Question 12

What is the interest rate?

Accepted Answer

The interest rate on our graduate student loans starts at 8.49% p.a.(variable) Each applicant gets a personalised offer and interest rate.

Question 13

Do you have a processing fee?

Accepted Answer

Leap finance charges a nominal processing fee of 3%, which includes a small fee for obtaining the sanction letter.

Question 14

How will I receive my loan funds?

Accepted Answer

Your tuition fee will be transferred directly to the university through Flywire. Living expenses will be deposited into your US bank account.

Question 15

What is the repayment period of the loan?

Accepted Answer

The Repayment period of the loan will be 10 years.

Question 16

Is there a grace period after course completion before repayments start?

Accepted Answer

Yes, we offer a thirty six month grace period.

Question 17

When do my repayments start?

Accepted Answer

You must pay a minimum monthly payment (US$ 100) when you start your course. Full EMI repayments start after the grace period ends eg: if you have enrolled in a 24 month course, you will start paying a token monthly payment (US$ 100) from the first month. You will start paying the full EMI 36 months from the start of the course.

Question 18

Is there a penalty or fee if I pay off my loan early, before the repayment term?

Accepted Answer

No. You will not incur any fees or penalties if you prepay your loan (either in whole or in part) before the repayment term.

Question 19

Will I be eligible for tax savings if I take a loan from Leap Finance?

Accepted Answer

Yes. You are eligible for a tax saving once you graduate from university and start earning. Since STEM students earn high salaries, this tax saving is very significant. You will save approximately $2000 in income tax every year (The exact saving will vary by your state of residence in US, size of loan and your income)

Question 20

How do I pay my monthly instalments?

Accepted Answer

Your monthly payments will be auto debited from your US bank account every month.

Question 21

How variable interest rates are formulated?

Accepted Answer

A variable interest rate comprises a fixed margin and a base rate, where the fixed margin remains constant throughout the loan period, determined based on your financial profile. The base rate, subject to market fluctuations, influences the overall variable interest rate. Various base rates exist (e.g.  SOFR, Prime, MCLR, SELIC, and Euribor), with the specific one chosen often tied to the loan currency. It's crucial to inquire about both the base rate and fixed margin from your lender to comprehend your interest rate fully.

Question 22

Why does Leap ask for monthly token payments?

Accepted Answer

We collect a monthly token payment of $100 for three main reasons. One, it helps build credit history in the US from the very first month you enter the country. This allows you to access other financial products in the US easily. Secondly, it is a good financial habit we want to inculcate in young borrowers. And Lastly, it reduces the overall cost of your loan because you pay off some of the interest while studying.

Question 23

What is Leap's loan cancellation policy?

Accepted Answer

Leap Finance does not levy any prepayment/foreclosure/cancellation charges on its loans

Question 24

Will the loan offer change if I change my university?

Accepted Answer

Yes, Leap's underwriting engine processes each application individually. Changing your university, course or any other information can change the interest rate on your offer

Question 25

What happens to my loan sanction if I defer my admission?

Accepted Answer

If you decide to defer your course, you will need to apply again and get a new sanction. Since we already have a profile on Leap Finace, we will issue a new sanction within 48 hours

Question 26

Till when is my sanction letter valid?

Accepted Answer

The sanction letter issued by Leap finance will be valid only for the academic season you applied for.

Question 27

Are there any charges if I pre pay the loan?

Accepted Answer

There are NO charges on pre-payment or part-payment. You can pre-pay all or part of the loan anytime

Question 28

Is the interest calculate on simple interest basis? or compound interest?

Accepted Answer

Our loans in repayment have a reducing balance amortization. This means that interest is charged only on the amount of principal outstanding

Question 29

How do I apply for the Leap Finance Student Loan?

Accepted Answer

The applicant will sign up and make an online application on our platform. In three simple online steps, he/she will get a loan offer instantly without any document submission. After applicant provisionally accept the offer and upload document online, official sanction letter will be given within 72 hours.

Question 30

How long does the Application Process take?

Accepted Answer

You can finish the online application and get your personalised offer in 5 minutes. The formalities and document signing takes another 3 working days

Question 31

Can Leap Finance help with the visa process?

Accepted Answer

Yes. Once your loan is approved, we will issue a sanction letter in your name, which will support your visa application

Question 32

When do I get my sanction letter?

Accepted Answer

The applicant initially gets the provisional offer online even before submitting any document. Once the applicant accept the provisional offer and upload all the document, we will issue an official sanction letter within 72 hours.

Question 33

Are there any documents required to get the loan offer?

Accepted Answer

The applicant gets a provisional loan offer starting at 8.49% and gives 100% coverage instantly after completing 3 step simple form. There is no requirement of document upload for getting a provisional loan offer. Document upload and its verification will be mandatory to officially receive a sanction letter of the loan offer.

Question 34

When will I get to know my loan terms?

Accepted Answer

The applicant will know the loan offer instantly after filling 3 simple steps of the form online. There is no requirement of document upload for knowing your loan term(Amount, interest rate, EMI, Tenure, etc)

Question 35

If I have admission letter from several university, can I make different application for each one?

Accepted Answer

One applicant can make multiple applications with us, if he/she has multiple admission offers. Second and following applications become easier as all the inputs of the first application come as autofill and saved. One just has to change University/course details and the application will be complete in minutes. Also, official sanction letter for second and following universities will be given with 24 hours.

Question 36

How will I get my living expenses?

Accepted Answer

The living expense is directly transferred to your US bank account.

Question 37

How will I receive my loan funds?

Accepted Answer

Your tuition fee will be transferred directly to the university through Flywire. Living expenses will be deposited into your US bank account.

Question 38

How can I meet the Leap Finance team?

Accepted Answer

You can always get in touch with us through phone, email, whatsapp. Email: contact@leapfinance.com. Phone: (080) 4718 4844. WhatsApp: +91 83101 56066

Question 39

What will be the long term impact of COVID-19 on the US STEM job market?

Accepted Answer

STEM industry is very resilient. Despite the 2009 financial crisis, STEM jobs increased by 40% between 2009 and 2014. Moreover, the US currently has a deficit of 2mn STEM talent that is typically plugged by top foreign talent such as you. Once the crisis passes, things will only move north.Furthermore, more industries will adopt Work From Home leading to a greater dependency on tech tools - hence increasing demand for STEM talent.

Question 40

There are many health concerns. Even if borders open, is it safe to attend Fall semester in person?

Accepted Answer

There will always be an element of risk until a vaccine is developed and inoculated to everyone or humans develop herd immunity. The risk exists in both India or US.Irrespective, you should submit your DS-160 form with the US Embassy. You will be first in the queue to book a visa slot should they resume in time should you decide to go ahead with Fall semester.

Question 41

What aspects should I consider before enrolling for an online semester?

Accepted Answer

With an online semester, you will have lower tuition fees and living expenses. If you have a job, you could continue working during your semester - further reducing financial burden.However, you will lose out on classroom experience and access to labs. There may also be complications with CPT and eligibility to pursue a summer internship unless the programme incorporates work experience during the summer as a mandatory component of your Masters’ curriculum.

Question 42

If I start my semester online, will it affect my visa application?

Accepted Answer

You do not need a visa while you are attending your semester online. Before flying to the US, you will be required to secure an F1 visa. Universities have started rolling out tuition fee refund policies to assuage these concerns.

Question 43

How does deferral work? Should I opt for Fall or Spring?

Accepted Answer

If your university allows you to defer (ie. carry forward your admit to the next intake), you can delay the start of your Masters by one or two semesters. The decision could be made on the university’s ability to absorb a larger than normal intake.

Question 44

What should I do if my university does not have a deferral policy?

Accepted Answer

The COVID-19 pandemic is an exceptional circumstance for universities as well. They are currently framing policies to best manage closed borders and help international students.If your university does not have a deferral policy, keep communicating to the university of your preference for deferral with clearly stated reasons. Do not feel forced to make a decision that you think may not be in your best interest.

Question 45

Will opting for Fall semester online or joining my programme in Spring affect CPT?

Accepted Answer

If you join your programme in Spring (after an online semester or deferral), there is uncertainty with CPT and summer internship. Unless mandatory, you need to spend at least 30 weeks in the US before you are eligible for CPT. Universities are working to include work experience during summer as a mandatory part of your curriculum to avoid CPT complications.

Question 46

If I am attending a 1 year programme, should I attend Fall semester online?

Accepted Answer

Given that you only have two semesters in your Masters, you will have limited time to secure a job in the US. Also, some companies may prefer candidates who had a greater part of their education imparted in person. If you feel confident regarding your recruitment prospects, you should consider attending Fall semester online.

Question 47

Would any assistantships (Research / Teaching) offer during an online semester?

Accepted Answer

Though there is no formal notice on assistantships during an online semester, the assumption is that logistically it might be challenging for Professors to coordinate teaching and/or research. To know for sure, you should reach out to your Professors and know their thoughts.

Question 48

What is networking and why is it important? How I can expand my network?

Accepted Answer

Networking is the exchange of ideas and information with people with similar professional interests in a social setting. It helps you stay abreast of the latest trends and news. It also offers early access to job opportunities and insights on how you can be a good fit for them. You can start networking today with an updated LinkedIn profile and adding value in engagements by sharing information, posting content, etc.

Question 49

How to comprehend Variable interest rate?

Accepted Answer

Numerous education loans feature variable rates.These rates might start low or could go down in the future, saving borrowers money. They also protect investors from sudden changes in the market.