First Time In India: Education Loan Approval Before Admission For Students Going To The Usa

Posted by admin | Posted on 23-06-2011

Category : Region III

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First Time In India: Education Loan Approval Before Admission For Students Going To The Usa

Credila Financial Services, an HDFC Ltd. Venture, is a specialized education loan lender. Credila announces a special benefit to the students who plans to pursue higher studies in the USA. Credila will, underwrite the education loan application file and issue education loan Approval letters to the credit- worthy students even before their admission to the US Universities.

“Credila’s education loan approval before admission to the USA is the first ever in India!”, said Prashant A. Bhonsle, Country Head of Credila Financial Services. He continued to say, “Unless students demonstrate the sources of funds, the US Universities don’t give I-20 to the students. With Credila’s education loan approval letters, thousands of creditworthy students from India, now, will be able to fulfill their dreams of higher education in the USA”.

The Catch-22 Dilemma of US Bound Indian Students: There are severe restrictions that are based on The US Federal Immigration laws and policies on funds that an Indian student can receive at U.S. universities. Matter of fact, universities will not confirm admission unless students can demonstrate their ability to bear the cost of an American Education.

American Education and the I20

An US University can conditionally admit the student for a particular course based on various parameters, ranging from Standardized Test Scores (GRE, GMAT, etc) to Leadership Qualities. However, it does not release the official document confirming a students’ admission until and unless the student is able to demonstrate financial ability to pay for the first year of the course and continued funds to support the remaining years of education.

This official document of admission, also called the Form I20, is in fact a legal document tied to US Immigration Services. The I20 is not only the only proof of secured admission but also forms the basis of that student’s US student visa claim and attempt to enter the US for education. In a nutshell, if you don’t have an I20, you don’t go to the US for education.

Obtaining the I20

Demonstrating financial ability can be tricky, especially because only a few forms of documentary evidence are accepted by the US University. A typical Indian student has limited options – receive funding from the university in form of scholarships, waivers, etc that are extremely difficult to secure OR document family funds OR obtain an education loan. “Credila loan approval letter was one of the important financial docs which I was holding to get I20”, said Suraj T., studying in SUNY at Buffalo, USA. Another student Ajin N. who obtained education loan from Credila and studying in University of Illinois at Chicago, USA said, “Credila gave me the liquidity to go ahead with the fees payment.  So the embassy was happy with loan approval letter and the way of funding for my course”.

The Chicken-Egg Syndrome

Indian Students that plan on obtaining an education loan to fund their US studies face a typical “Chicken-Egg” syndrome every year: The US University requires proof of assured funds to confirm the admission and release the I20; Indian banks do not Approval or authorize education loans until the student has confirmed admission and received the I20. So what comes first—the I20 or the bank loan authorization? Chicken or Egg?

This limitation of Indian Banks put a severe damper on several qualified students that plan on obtaining the I20 and funding their American education via loans. Unfortunately some students, out of sheer desperation, resort to unethical measures to forge such documentation which makes things worse overall. Mr. Richard Yam, Foreign Student Advisor at the University of Massachusetts, Amherst notes “We see a lot of loan approval letters that prospective students from all over the world send to us to document proof of funds. [But] I do not think I have seen anything [similar] from India.” This is echoed by Mr. Hrayr Tamzarian, Asst. Dean of International Admissions at Smith College, a highly selective private undergraduate college near Boston—“We normally accept loan letters [for I20 sponsorship] as we are very expensive and understand that the student and family may not have full funding proof and may take student loans to pay the balance fee…if the family funds plus the loan add up to the required amount, then we can issue the I20.”

Credila’s Unique Solution for students applying for studies in the USA

One of the objectives of a recent and exciting development relating to educational loans in India aims at solving this “Catch-22” situation jeopardizing the Indian student community.

Credila Financial Services, is currently India’s first and only fully-dedicated education loan provider. Credila has entered into key partnerships with various organizations and educational institutes around the globe to better serve the Indian student community. Credila Financial Services is an HDFC Ltd. venture. HDFC Ltd. is a strategic investor in Credila. Over 40,000 students and parents have applied to Credila for education loan in the past few months. So far Credila has funded students for their studies in Universities such as Columbia Univ., Cornell Univ, Purdue Univ., Carnegie Mellon, Oxford etc.

Credila is offering Education Loan Approval letter to credit worthy students even before they get any confirmed admission from the USA. Credila does not mandate “Confirmed Admission” to process or grant education loan offers and Approvals. So a student can apply and receive a loan approval letter from Credila even before being admitted to the course of his/her choice. This may also help the student to secure admission to better courses.

Credila offers Study Abroad Opportunities by Abroad Education Loans. Credila offers education loans to Indian students already in USA, Indian students going overseas and Indian students attending colleges in India.


Article from articlesbase.com

Taming Debts With School Loan Consolidation

Posted by admin | Posted on 05-03-2011

Category : Region V

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Taming Debts With School Loan Consolidation

Before inflation wreaked havoc in national economies, going to school was the hard part. Now graduating had become the easy part, while paying off the loans have become the most difficult part of life. School loan consolidation and “OPM” options (other people’s money) have become popular means to pay off debt.

Reviewing one’s student loan documents may be one of the hardest things to do. Take the case of Virgil Hilliard, a graduate of University of Southern California. The slew of documents, no thicker than the regular bunch of Yellow Pages in a telephone directory told him that he owed ,000. Medical school was no walk in the park- and the loans he owed were no laughing matter either. Hilliard shares:

”The day of my exit interview with a financial aid counselor, it seemed I’d spent every week going through those papers and fretting over just how my life was going to change.”

Diplomas and Debts

According to the Education Resources Institute (Boston) and the Institute for Higher Education (Washington):

”Undergraduates today leave campus with an average ,594 debt from public four-year campuses, ,000 if they opt for private schools. That figure is increasing rapidly since tuition rises on average about 7% annually. Graduate students have it worse, particularly those who enrolled in professional programs.”

The figures continue their meteoric rise:

”On average, law students graduate owing over ,000–a monthly bill close to 0, assuming a 10-year payback period and an 8% interest rate. Doctors and dentists, meanwhile, finish school owing an average ,100 and ,800, respectively, in debt. That makes for monthly payments of 7 and 2.”

Solution: School Loan Consolidation

With the staggering amount of debt of American graduates, it seems that school loan consolidation becomes a clear way out. There’s no way to sugarcoat the situation- any attempts to do so would just be pointless. The only way to tame the beast so to speak is to struggle against it head on. The struggle can be tiresome, but repaying all those debts is never impossible.

Computing for Comfortable Repayment

The general misconception is that the repayment of a hefty debt can be painful on one’s life. Given, you can’t bee too luxurious but it doesn’t mean you have to be a hermit and live on waffles for the next ten years.

Take what the USA Group, a loan consolidating company from Indianapolis, has to say about school loan consolidation and repayment:

”Most people can foot 8% of their annual salary in student loan payments comfortably. Translated into raw numbers, if you make ,000 a year, ,920 annually or 0 a month should be affordable with a minimum of financial pain.”

Get a good job too. Because of the volatility of the market, there are many disappointments but bright opportunities still exist. If you have to move to the next city or the next state to get that extra ,000 in take home bonuses, do it. You’re doing it for your sake (or your family’s sake) and it’s not going to be a permanent arrangement. View it as a way to gain more financial freedom in the future.

The author is an online researcher and webmaster of Consolidate Debt Loan. Visit site for: – Be Stress Free, Get a Credit Consolidation Loan, Gauging the Efficiency of Credit Debt Consolidation


Article from articlesbase.com

Related University Of Southern California Articles

Use The South Carolina Student Loan Corporation To Fund Your Education

Posted by admin | Posted on 18-06-2010

Category : Region II

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Use The South Carolina Student Loan Corporation To Fund Your Education

Hand in hand with a college educations importance, it should also be acknowledged that the funds necessary to get a college degree is also very important. There is a significant amount of money involved in financing a university student who wants to earn a college degree. Fortunately there are a lot of institutions and corporations who are willing to lend money to students who have the drive to attend college but lack the necessary funding. One such institution is the South Carolina Student Loan Corporation that is a dedicated to extending help to students and their parents alike. They provide an affordable alternative to financing many students college education.

South Carolina Student Loan Corporation is the only lender based in South Carolina. It has been of great assistance to a lot of people in its service of more than 30 years. This financial institution offers several federal loan programs. Stafford Loans are federal loans that are and have funded the education for many college students. One unique feature of the Stafford loan is that you do not have to have a long and perfect credit history to be approved for this loan. Parents of students can also apply for a PLUS loan to cover some of their children’s education. In general these loans are easy to apply for and approval rates are fairly high. Both loan programs have relatively low interest rates and a good degree of flexibility.

For graduate and professional students, there is an available GRAD PLUS Loans from the South Carolina Student Loan Corporation. Payments for this type of loan are not required while the student is still enrolled. This is also the only source for loans under the S.C Teacher Loan Program. The goal of this program is for those who are academically superior to enter the teaching profession. If a recipient teaches after graduation, that recipient is eligible to have some of their debt canceled.

Due to the high cost of an education, it is very common these days for students to have to apply for more than one loan. This usually happens when one loan cannot suffice or fund their living expenses and their college education at the same time. Multiple repayments each month may cause a lot of problems for someone with a lot of debt with different lenders. It is easy to miss a payment under these circumstances. This could cause a student to miss a payment and become in default of their loans. In addition carrying multiple loans will mostly likely lower your credit scores.

There are also consolidation programs being offered by the corporation so that several loans can be combined. When this happens, only one payment must be made each month by the borrower. This will make the budget of the borrower easier to manage. In general your overall loan payment will be lower with a consolidated student loan as well. You might be glad to know that aside from the fact that the South Carolina Student Loan Corporation continues to help students to finance their college education, they also educate these students on how to manage their debt through counseling.

James Kesel, MS, is the publisher of the Student Loan Consolidation Advicewebsite at http://www.student-loan-consolidation-advice.com. Providing important information on Student loans and student loan consolidation including how to apply for a student loan through the South Carolina Student Loan Corporation.

Student Loans And Student Loan Consolidation – How To Borrow Less

Posted by admin | Posted on 06-04-2009

Category : Pharmacy Students

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Student Loans And Student Loan Consolidation – How To Borrow Less

Getting a student loan is not an easy task. Soon you find yourself in a position where you have debt. As you get more federal student loans, you may even have to go for student loan consolidation to reduce the burden. Is there any other way, where you can borrow less? In this article, you will discover some tips that can do just that.


You don’t have to get into debt, just to have a good education. Though it will be hard to have no student loans through college, you still can do it in a way, where it doesn’t have to be so large or cause so much of a burden in the future.


To begin, it is important to anticipate the student loans that you need. How much do you need to borrow? The point of this exercise is not to tell you how much you are allowed to borrow, but how much you need to get through your education. Don’t worry; you don’t have to show this to anyone else!


A great way to reduce the need to get student loans or consolidate student loans is by first looking at ways to reduce the necessities. For example you may find a cheaper place to leave, rather than on campus.


More and more students are using credit cards today; everyone is. But, this is the first way to cause all the money problems. Credit cards come with such high rates of interest. So, that meal you just decided to put on the credit card could cost you double or even several times more, with all the interest added, till you pay.


A great way to circumvent this and not have to use up your student loan or student loan consolidation money is to use cash when you can, and when you can’t, wait till you can! It may seem mundane at first, but it will save potentially thousands in interest, every year.


Another way to save on having to take up as big student loan consolidation loan is by looking at your savings. Some people have savings, and some don’t. Sometimes we may not know we have savings held in a bank, possibly stocks and bonds, etc.


These can be a great way to not have to borrow so much in student loans. Another way is by getting a part time job through college. This can be a great way to live a student lifestyle to the full, without compromising your student loans.


The above point can not be stressed enough. And though many students go and get a part time job, it does not give them the full benefits they could have. For example, if you were studying medicine, a part time job at McDonald’s may give money, but be useless for the future. Whereas a part time job in a pharmacy could help you more, when you decide to get a job in that field, after graduating.