Top 7 Education Loan Options for STEM Students in the USA
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In this article
- Overview: STEM in the USA Education Loan Options
- Top 7 Education Loan Options for STEM in the USA
- Interest Rates for STEM Education Loan USA
- Top Indian Bank Education Loan Options for STEM in the USA
- Education Loan Options for STEM in the USA from NBFCs
- Education Loan Options from International Lenders for STEM in the USA
- US Cosigner Loan Options for STEM in the USA
- Conclusion
- Frequently Asked Questions
STEM degrees are future-oriented in the USA. They are designed with an advanced curriculum involving the latest research to help modern problems. That’s precisely why US STEM degrees are globally valued and have the potential for a high-paying job.
With savings alone, the cost of studying STEM in the USA can be high for the average middle-class student. STEM education loans in the USA help by covering academic and living costs until graduation. The loan repayment commences after 6 – 12 months of graduation, the period within which the student may secure a job offer in the USA or abroad.
Overview: STEM in the USA Education Loan Options
STEM courses have a better job market and future earning potential. Lenders consider these, which is why it is easier to get an education loan for STEM courses in the USA.
| Lender Type | Sample Lenders | Maximum Amount | Interest Rate | Collateral Requirement |
| Public Banks | SBI, UBI, BoB, Canara, PNB | INR 1.5 Cr – INR 3 Cr | 9.65% for girls, 10.15% for boys | Yes |
| Private Banks | Axis Bank, ICICI Bank. IDBI Bank, IDFC FIRST Bank, Yes Bank | INR 50 Lakhs – INR 1.25 Cr | 10% – 13.5% | Optional |
| NBFCs | Credila, Avanse, InCred, Auxilo | INR 50 Lakhs | 12% – 13.5% | Optional |
| International Lenders | MPOWER Financing, Prodigy Finance | USD 100,00 – USD 220,000 | 8.35% – 14.00% APR | No |
| US Lenders | Earnest, Sallie Mae, Abe, Union Federal | USD 100,000 | 3.39% – 15.00% APR | No |
Top 7 Education Loan Options for STEM in the USA
In their search for an education loan for a STEM degree in the USA, students often overlook the patience required to find the right option after carefully evaluating their profile. Many also consider a study loan in the USA with a co-signer, as academic and financial information impacts the interest rates, loan amount, repayment conditions, and other loan terms.
Ask a few questions – what type of education loan do you need? Which is the perfect lender? How much is required? When you get answers, consider the following loan options:
- Education loan with collateral from Indian public banks
- Education loan without collateral from Indian public banks
- Education loan with collateral from Indian private banks
- Education loan without collateral from Indian private banks
- NBFC education loans for STEM in the USA
- Education loan options by international lenders
- US lenders’ education loan options for STEM in the USA
Interest Rates for STEM Education Loan USA
Education loan terms, including the interest rates, are case-specific. Your financial profile, academic details, and collateral or cosigner influence the interest rates.
From a general perspective, given below are the rates of interest you can expect for your STEM education loan USA from different lenders:
- Indian public banks – 9.65% for girls, 10.15% for boys
- Indian private banks – 10% – 13.5%
- NBFCs – 12% – 13.5%
- International lenders – 8.35% – 14.00% APR
- US lenders – 3.39% – 15.00% APR
Top Indian Bank Education Loan Options for STEM in the USA
Indian banks offer education loan products to support students aspiring to study abroad. Most Indian banks prioritize the USA, home to the world’s top universities.
Public Banks STEM Education Loans
Public banks offer the lowest interest rates for abroad education loans. Since a high amount is required for STEM education in the USA, you might need collateral to pledge for a loan from most public banks. 70% – 100% of your collateral value is available as the loan amount.
| Bank | Maximum Amount | Interest Rate | Margin Money | Processing Charge | Repayment Tenure |
| SBI | INR 3 CrINR 50 Lakhs without collateral | 9.65% | 15% | INR 10,000 | 15 years |
| UBI | INR 1.5 CrINR 40 Lakhs without collateral | 9.25% – 9.75% | 15% | INR 5,000 | 15 years |
| BoB | INR 1.5 Cr | 9.20% – 10.65% | 10% – 15% | 1% of the loan amount (max. INR 10,000) | 15 years |
| PNB | No cap | 9.85% – 12.35% | 15% | 0.35% of the loan amount (max. INR 15,000) | 15 years |
| Canara Bank | INR 1 Cr | 10.00% – 10.85% | 10% | 0.50% of the loan amount | 15 years |
Private Banks STEM Education Loans
Private banks offer education loans for STEM study in the USA with or without collateral. In the absence of collateral, you need a cosigner whose income must be in line with your STEM education loan EMI.
| Bank | Maximum Amount | Interest Rate | Margin Money | Processing Charge | Repayment Tenure |
| Axis Bank | INR 75 Lakhs – INR 1 Cr | 10.70% – 14.35% | 15% | 2% of the loan amount | 15 years |
| ICICI Bank | INR 3 CrINR 1 Cr without collateral | 11.32% – 14.25% | 0% – 15% | 2% of the loan amount | 15 years |
| IDBI Bank | INR 75 Lakhs | 11.10% – 13.5% | 20% | 1% of the loan amount (max. INR 5,000) | 15 years |
| IDFC FIRST Bank | INR 1.5 Cr INR 75 Lakhs without collateral | 11.00% – 13.00% | 0% | 1.5% of the loan amount | 15 years |
| Yes Bank | INR 1.25 Cr | 11.25% – 12.75% | 15% | 2% of the loan amount | 15 years |
Education Loan Options for STEM in the USA from NBFCs
Banks often do not offer flexible education loan eligibility criteria. NBFCs are highly flexible loan options for STEM education loans in the USA. They offer an education loan that covers 70%—80% of your expenses without collateral.
| NBFC | Maximum Amount | Interest Rate | Margin Money | Processing Charge | Repayment Tenure |
| Credila | INR 50 Lakhs | 11% – 14% | 0% | 1% – 1.25% of the loan amount | 10 years |
| Avanse | INR 40 Lakhs | 11% – 14% | 0% | 1% – 2% of the loan amount | 10 years |
| InCred | INR 40 Lakhs | 11% – 14% | 0% | 1% – 2% of the loan amount | 10 years |
| Auxilo | INR 40 Lakhs | 11% – 14% | 0% | 2% of the loan amount | 10 years |
Education Loan Options from International Lenders for STEM in the USA
International lenders like MPOWER Financing and Prodigy Finance have a strong presence in the USA. STEM education loans are comparatively easier if you meet the eligibility requirements set by the lenders, that is, admission to a university and a course listed by the lenders.
| International Lender | Maximum Amount | Interest Rate | Margin Money | Origin Fee | Repayment Tenure |
| MPOWER Financing | USD 100,000 | 9.99% onwards | 0% | 4% – 5% | 7 – 20 years |
| Prodigy Finance | USD 220,000 | 8.35% onwards | 0% | 4% – 5% | 10 – 20 years |
US Cosigner Loan Options for STEM in the USA
Did you know that when you take an education loan from lenders outside the USA, the FOREX conversion takes away 4%—5% of it? With a US cosigner loan, you save this! Applying for an education loan from US lenders is easy and convenient, but you must have a US citizen or a permanent resident to co-sign your loan.
| Student Loan Lender | Maximum Loan Amount | Interest Rates | Margin Money | Processing Charges | Repayment Tenure |
| Earnest | Up to USD 100,000 | 10.99% APR onwards | 0% | 0% | 7 – 20 years |
| Sallie Mae | 100% of the cost of attendance | 3.49% – 15.49% APR (fixed)4.54% – 14.71% APR (variable) | 0% | 0% | 7 – 20 years |
| Abe | 100% of the cost of attendance | 3.39% – 15.00% APR | 0% | 0% | 7 – 20 years |
| Union Federal | 100% of the cost of attendance | 4.24% – 14.04% APR (fixed)4.46% – 14.10% APR (variable) | 0% | 0% | 7 – 20 years |
Conclusion
Indian banks, NBFCs, international lenders, and US lenders offer education loan options for international students to study STEM in the USA. The loan terms vary with the lender you choose and with the type of education loan you are applying for. Each education loan offer for STEM in the USA is influenced by your academic and financial profiles.
Find your personalized education loan options for STEM in the USA with Nomad Credit. We offer customized suggestions based on your profile and end-to-end guidance tailored to you for free. Thousands of students have already made their decision. Now it’s your turn – join us today.
Frequently Asked Questions
What types of education loans are available for STEM students in the USA?
Education loan options with collateral, without collateral, and collateral or a cosigner are available for students to study a STEM course in the USA. These are offered by banks, NBFCs, and international lenders. In addition, federal loans are offered by US universities and non-profit organizations.
Can international students get an education loan for STEM in the USA?
International students can apply for various education loan options offered by US universities and the government, banks, NBFCs, and international lenders. Getting an education loan depends on your STEM degree, its future earning potential, your cosigner’s income, collateral value, and other factors.
What are the interest rates for education loans in the USA?
US lenders offer education loans guaranteed by a US cosigner. The interest rates for these loan options typically start at 3.47%.
Can you get an education loan to study STEM in the USA without a cosigner?
International lenders like MPOWER Financing and Prodigy Finance offer education loan options without collateral or a cosigner to study STEM courses in the USA. Your university of admission, course, and financial profile are examined to determine your eligibility.
What expenses are covered by a STEM education loan in the USA?
STEM education loans USA cover your academic and living expenses. It includes your tuition fee, academic charges, student health cover, travel costs, rent, food, internet bills, etc.
Adwaidh Updated on August 18, 2025
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