Table of Contents
- Why STEM Courses in the USA?
- Who Can Apply for an Education Loan for STEM Courses in the USA?
- Top Education Loan Lenders to Study STEM Courses in the USA
- Documents Required for a STEM Education Loan USA
- Step-by-Step Process to Apply for a STEM Education Loan USA
- Frequently Asked Questions
The US is an unchallenged champion of STEM and tech studies. International students shape their careers in US universities with scholarships. After course completion, students of US academia enter the workforce of the top global companies.
STEM education loan USA simplifies education funding for international students. The loan terms and conditions are tailored to suit students’ needs. All loan options may not be eligible for all – the terms and conditions differ with the lender you choose for a STEM education loan USA.
Why STEM Courses in the USA?
STEM courses in the USA offer multifaceted benefits to international students. They are exposed to the best-in-class world opportunities for learning in an advanced setting. Many US universities offer scholarships and internship opportunities for STEM learners based on their academic merit.
- Top universities, expert faculty, and post-study work opportunities (OPT)
- Land a high-paying job after graduation (around 70,000 USD – 120,000 USD)
- Learn in best-in-class labs
- US degrees are globally recognized
- Strong alumni and industry networks across the globe
Who Can Apply for an Education Loan for STEM Courses in the USA?
Indian students applying for a recognized undergraduate or postgraduate STEM program in the U.S. can apply for an education loan. Here are the basic eligibility criteria:
- Indian citizenship
- Admission to a full-time STEM program at a recognized U.S. university
- Strong academic record
- Co-applicant (parent, sibling, or guardian) with a steady income
- Collateral (for secured loans, if needed)
Some NBFCs and international lenders also offer loans to students with provisional admission or without collateral, especially for top-ranked universities.
Top Education Loan Lenders to Study STEM Courses in the USA
Indian and international lenders can offer your STEM education loan in the USA. Indian banks, NBFCs, international lenders, and US banks are the top lenders who provide foreign education loans for the USA. The terms and conditions of each lender, such as the loan amount, interest rates, repayment, and collateral or cosigner requirements, change.
| Lender Type | Sample Lenders | Maximum Loan Amount | Collateral/ Cosigner Requirement | Interest Rate | Repayment Period |
| Public Banks in India | SBI, UBI, BoB, Canara bank | INR 1.5 Cr | Collateral required for above INR 7.5 Lakhs | 9.00% – 11.00% | 15 years |
| Private Banks in India | Axis, ICICI, IDFC FIRST | INR 50 Lakhs | Collateral required for above INR 7.5 Lakhs | 10.00% – 12.00% | 15 years |
| Indian NBFCs | Credila, Auxilo, Avanse, InCred | INR 40 Lakhs | Cosigner required | 11.00% – 14.00% | 10 years |
| International Lenders | MPOWER Financing, Prodigy Finance | USD 100,000 – USD 200,000 | No collateral or cosigner required | 8.99% APR onwards | 7 – 20 years |
| US Banks | Sallie Mae, Earnest, Union Federal, Abe | USD 100,000 | A US cosigner is required | 3.47% onwards | 7 – 20 years |
Documents Required for a STEM Education Loan USA
Documentation is the most important part of your education loan application process. The lender has to assess your eligibility and credibility before granting you an education loan. For STEM education loan USA, the list of documents required includes the following:
Student Documents:
| Passport | Academic records (10th, 12th, UG marksheets) |
| GRE, GMAT, TOEFL, or IELTS scorecards | Admission letter from the university |
| Cost of attendance | PAN Card |
| Photographs |
Co-applicant Documents:
| ID and address proof | Income proof (salary slips, ITRs, Form 16) |
| Bank statements (last 6–8 months) | PAN card and passport-size photos |
| Collateral Documents (if applicable):Property title deed | Approved building plan |
| Encumbrance certificate | Recent property valuation report |
Step-by-Step Process to Apply for a STEM Education Loan USA
- Research your STEM loan options: Look for lenders who offer education loans for STEM courses in the USA. Since STEM courses have a high potential for future jobs, most lenders offer education loans.
- Calculate the loan amount required: Add your tuition fee, living expenses, travelling costs, and other expenses to determine your loan amount. Estimate how much the lender provides and the contribution required.
- Check your loan eligibility: Each lender sets eligibility requirements for STEM education loans in the USA. Review the criteria once to shortlist your eligible options.
- Gather your loan documents: Prepare a checklist and collect your loan application documents in advance. You may be required to submit the documents online or offline, as per the lender’s instructions.
Read the blog carefully to understand your top STEM education loan USA options, interest rates, and key terms and conditions. After analyzing your requirements, eligibility, and loan terms and conditions, prepare your application. A well-planned approach is mandatory to succeed in your STEM education loan application to study in the USA.
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Frequently Asked Questions
Can Indian students get a STEM education loan for the USA?
Indian students can apply for an education loan to study STEM in the USA. These loans are offered by Indian banks and NBFCs, international lenders, and US banks. It depends on your eligibility to get an education loan from your chosen lender.
Can you get a 100% education loan to study STEM in the USA?
Usually, lenders offer up to 70% – 100% of the total cost of attendance to study STEM in the USA.
Do MPOWER offer STEM education loans to study in the USA?
MPOWER Financing offers education loans to study STEM in the USA. The course must culminate in a full-time postgraduate degree.
Do US universities offer STEM education loans?
Many US universities offer scholarships and private sponsorship opportunities to study STEM courses. However, US universities do not generally offer education loan options.
How to apply for a STEM education loan USA from India?
Research your lenders and check your eligibility. Apply to lenders with whom you have the best chances of getting a loan approval.
