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Education is an essential process that you can get anywhere globally, but let’s face it, the best educational institutes are in the US. Institutions like MIT, Stanford, and Harvard are perennially in the Top 5 of the QS World University Rankings.
However, this comes at a price as fees can go as high as $60,000. Since US universities have the highest ratings, they also happen to be the most sought-after, so colleges charge a premium.
Personal Loans can help you achieve the dream of studying in America. Since there’s a good chance you will snap up a job or career soon after, this article examines the best student loans you could take to secure an education in the US.
Why choose the United States to study?
It exposes you to the highest-quality education and a unique curriculum. In addition, there are plenty of life-changing opportunities to explore while there.
Crucially, degrees earned in university in the United States tend to have an excellent reputation. According to a 2017 study by the National Center for Education Statistics, 86% of students aged 25-34 secured a conventional job.
Best Student loans you can apply to start this path
Applying for student personal loans might be your best hope of securing a US education. These are some of the best student loans you can get to tread down this path.
1. College Ave
It is a loan designed for private students who can’t cover the financial requirements of learning in a college in the USA. It applies to both undergraduates and graduates. College Ave will inform you about repayments plans and their rates at the outset.
The best time to apply for this loan is when you have a funding gap and have no way to plug that hole.
Another great alternative is Ernest loans which you apply on various grounds. For instance, it’s applicable for a student’s debt refinance, as a personal loan, or a cosigned student loan. This loan comes with the lowest repayment rates. To get a loan from Ernest requires having a cosigner.
3. Education Loan Finance
The aftermath of getting this loan is the most intriguing part. It has low fixed and variable rates, which could be an advantage. Student Loan Advisors will guide you through the online application process. There are no application, origination fees, or prepayments penalties.
4. Sallie Mae
The good thing about applying for a Sallie Mae loan is that they have a 96% approval rate. Look into the interest repayment option which is available for creditworthy applicants. The loans here offer 100% coverage for the entire education process.
5. Ascent Funding
Ascent funding is another great place to look for personal loans to finance your education, as you don’t even need a cosigner. It is an affordable loan that allows you to build your creditworthiness.
Other financing options for students in the USA
Not everyone who applies for a personal loan to study in the US will secure it, but that doesn’t mean it’s the end of the journey for them. There are other funding options, including:
a) Free Application for Federal Students Aid (FAFSA)
Every applicant has to fill in the application form for FAFSA on enrolment. It helps verify the eligible students for financial aid in addition to federal student loans. Your eligibility depends on meeting the criteria defined by the facilitators.
b) Financial Aid
There are various types of financial aid worth exploring. Federal, private schools, and states avail these funds. You can find out what kind of financial aid your institution offers.
c) Educational grants
When looking for educational grants, explore various types, such as private educational grants and adult education grants. The upside of applying for grants is that there is no need to repay them unless under exceptional circumstances.
d) ITIN Loans
If you are an immigrant, you can secure an ITIN number if you don’t qualify for a Social Security number. That way, you can leverage a good credit score and secure a personal ITIN loan to fund US education.
Student loans are an excellent way to finance your education in America. Although education is costly, it is worth it since it is highly marketable. Even an immigrant can secure funding to land the American dream education.
Follow the link in the introduction section for more information on securing loans to finance your studies in the US.