• Study Abroad

How Canam Consultants Helps in Availing Student Loan to Study Abroad

Q: What documents does a student typically need to submit with their student loan application?

Complete study loan application formAcademic transcripts and mark sheetsStandardized test scoresUniversity acceptance letterProof of income (for the student and co-signer)Identity and residence proof documents

1616 Reads
3 min Read

By:CANAM Group
Updated On:May 18,2024 03:20 PM IST

Student loans are here to help you bridge financial gaps, apply to your dream institution and experience the world.
With student loans, you can focus on your education without worrying about tuition, living expenses, study material, among other factors.
Study loans for abroad help you in investing for tomorrow’s success.
Get rewarded for your educational investment with tax benefits.

Study Abroad Education Loan.webp

Studying abroad provides students with a fresh academic environment to ignite their passion for learning. From academic growth to personal development, studying abroad has a profound impact on students. However, while studying abroad offers many networking and travel opportunities to immerse in a new culture, it can prove to be expensive for international students. Student loans for studying abroad can enable students from all backgrounds to pursue their study abroad aspirations at premier institutions across the globe.

Importance of Student Loans for Studying Abroad

Securing financial assistance is one crucial step a student takes to support their academic aspirations. The table below explains the importance of securing student loans for studying abroad.

Accessibility	Financial support provided by student loans makes prestigious degrees and diverse learning environments accessible to students across the globe. Students can choose from specialized programs, world-renowned universities and colleges, and many academic opportunities that would have otherwise been out of their reach.
Building Credit History	A student loan is often a student’s first opportunity to establish a credit history. Having a proper repayment plan will help them build positive credit and demonstrate financial responsibility.
Comprehensive Coverage	Education loans to study abroad encompass a broader range of expenses apart from tuition fees. They assist international students with their living and travel expenses and educational materials. Students can immerse themselves in the learning experience without worrying about expenses such as accommodation costs, airfare, textbooks, etc.
Financial Planning	A student loan for studying abroad, taken with appropriate financial planning, can help students create a realistic budget for their study abroad experience. Focusing on their studies can help them address unforeseen circumstances and invest in their future earning potential.
Tax Advantages	Under Section 80E of the Income Tax of India, 1961, study loan applicants are eligible for a deduction during repayment of interest on the education loan. Both the applicant and the co-signer are eligible to claim tax benefits.

How to Apply for a Student Loan for Studying Abroad?

Before exploring education loans to study abroads, students must carefully plan and prepare.

how to apply for student loan for studying abroad.webp

Research and Compare Loan Options	Students must explore government and private lenders. They should know the differences between private banks, public banks, and NBFCs in terms of interest rates and repayment terms. Additionally, they should compare these financial institutions with respect to their processing fees, and other unique features offered. Students should carefully review eligibility criteria, including academic records, educational institutions accreditation, etc.
Gather Required Documents	When applying for a study loan for abroad, it is imperative to complete the application form accurately. Students must verify all information before finally submitting their application. To support their student loan application, they must attach academic documents such as transcripts, mark sheets, standardized test scores; such as GRE, GMAT, IELTS, and TOEFL . Their loan application must also include a copy of the acceptance letter from their university. Additionally, the student must also provide proof of income of the co-borrower, copies of passport, address proof, and other relevant documents.
Prepare a Strong Application	The application to avail education loan to study abroad must be carefully prepared. The student must highlight their academic performance and present a clear financial plan through a realistic budget of living expenses and projected earnings after completing their higher education. Students must consider all factors that can impact their foreign education loan approval .
Submit Study Loan Application	After gathering all required documents and preparing a complete application, students must submit it to their chosen financial lender. They must ensure that all information provided is accurate and complete. This will help in lessening any delays in the processing time. Once all documents along with the education loan form is submitted, the financial lender will proceed with reviewing the application.
Evaluation of Loan Application	The evaluation of a study loan application to study abroad involves assessing aspects such as credit history, academic background, along with financial stability of the co-signer. The financial institution will also review feasibility of an applicant’s repayment plan based on their current financial situation and earning potential. This evaluation can take anywhere between 2-4 weeks, depending on the internal processes of a financial institution.

With over three decades of experience in international education, Canam Consultants guides students to secure study loans for studying abroad. A team of experts helps students strengthen their applications and secure desired scores in English language proficiency tests. Their dedicated and personalized coaching helps the students increase their chances of qualifying for education loans. study abroad Consultants at Canam connect students with financial institutions to find the best education loan option based on their individual needs and profile. Students are encouraged to get in touch with Canam to avail an education loan for studying abroad and set out on a successful global education journey.

FAQ

What expenses does a student loan typically cover?

Beyond covering tuition fees of an educational institution, student loans often cover expenses such as accommodation, food, and utilities. Some education loans may also cover travel costs, textbooks, and other study material.

How can a student build a strong application to increase their chances of education loan approval?

The student should maintain a good academic record, receive acceptance letter from their chosen educational institution, and demonstrate a realistic financial plan, including projected future earnings. Consulting experts at Canam Consultants can also help them with building a strong education loan application to study abroad.

What happens if a student can’t afford monthly loan payments after graduating from their college or university?

Many financial lenders offer income-driven repayment plans that can be adjusted based on a student’s income after graduation. Such plans can be helpful for managing finances in-case a student faces difficulty finding a high-paying job.

Should a student take a large student loan to cover all their living expenses when studying abroad?

Study loans for abroad do help by covering living expenses, it is crucial that the student borrows responsibly. They must create a budget and explore cost-saving options.

What documents does a student typically need to submit with their student loan application?

Complete study loan application form

Academic transcripts and mark sheets
Standardized test scores
University acceptance letter
Proof of income (for the student and co-signer)
Identity and residence proof documents

Get great articles direct to your inbox

The latest news, articles, and resources, sent straight to your inbox every month.

Popular Universities to Study Abroad

World class education waiting for you.

Navitas Group - University of Canberra College

Australian Capital Territory, Australia • 67 Programmes

Tuition Fee : AUD 25500-30500 / year

Le Cordon Bleu - Sydney Campus

New South Wales, Australia • 10 Programmes

Tuition Fee : AUD 19500-23500 / year

Assiniboine Community College - Parkland Campus (Dauphin)

Manitoba, Canada • 5 Programmes

Tuition Fee : CAD 15000-19000 / year

Houston Christian University

Texas, USA • 45 Programmes

Tuition Fee : USD 36500-37000 / year

CBS University of Applied Sciences - Cologne Campus

North Rhine-Westphalia, Germany • 15 Programmes

Tuition Fee : EUR 14580-14580 / year

Study Group - Royal Holloway University of London International Study Centre

England, UK • 203 Programmes

Tuition Fee : GBP 18000-19000 / year

Hermes Colleges Network - Salem University

Indiana, USA • 3 Programmes

Tuition Fee : USD 16000-16500 / year

University of New Haven

Connecticut, USA • 190 Programmes

Tuition Fee : USD 43400-43500 / year

View All Universities

Latest at CANAM

Events, webinar, college / university visits and more.

The International Education Fair

Study in Canada, UK, USA, Australia, New Zealand, Singapore, Germany, Ireland, France, UAE

New Delhi • 11:00AM

In-Person Event

Study Abroad Application Fair

Study in Canada, UK, USA, Australia, New Zealand, Germany, Ireland, France

Patti • 11:00AM

In-Person Event

University Visit - UWE Bristol, UK

Study in UK • University Visit

kochi2 • 10:00AM

In-Person Event

Top countries destinations

Popular university and colleges for Studying abroad.

Bond University Queensland
Central Queensland University - Rockhampton, North Campus Queensland
Charles Sturt University - Wagga Wagga Campus New South Wales
Deakin University - Geelong Waurn Ponds Campus Victoria
Engineering Institute of Technology - Perth campus Western Australia
Griffith University - Nathan Campus Queensland
La Trobe University - Bendigo Campus Victoria
LCI Melbourne - Art & Design School Victoria

Ara Institute of Canterbury - City Campus Southland
Aspire 2 International - Auckland Campus Auckland
Auckland University of Technology - City Campus Auckland
Eastern Institute of Technology - Hawke Bay Campus Hawke's Bay
Manukau Institute of Technology -Manukau Campus Auckland
Massey University - Auckland Campus Auckland
Nelson Marlborough Institute of Technology (NMIT) - Nelson Campus Southland
New Zealand Institute of Business & Technology (NZIBT) Auckland
The University of Waikato - Hamilton Campus Hamilton

Kent state university Ohio
San Jose State University California
Wright State University Ohio
Clark University Massachusetts
Rowan University New Jersey
Arkansas State University Arkansas
University of Wisconsin Milwaukee Wisconsin
Southern Illinois University Edwardsville Illinois
University of Findlay Ohio

Popular English Language Proficiency Exams

Blogs and Articles

Curated content to keep you updated on the latest education trends, news and more.

France Student Visa 2025 – Requirements, Fees, Checklist & Application Process

Imagine this: Today is the day you will sit for your dream job interview. You practised all possible questions, wore formal attire, and collected all ...

Updated on • May 23,2025 03:36 PM IST • France

MBA in France for Indian Students in 2025

MBA is one of the most sought-after master’s programs worldwide. France is increasingly becoming popular as an overseas education destination. The r...

Updated on • May 22,2025 05:35 PM IST • France

PTE Accepted Universities in Australia

In recent years, PTE has emerged as one of the alternatives to IELTS to study abroad. Many top study-abroad destinations like USA, UK and New Zealand ...

Updated on • May 22,2025 05:31 PM IST • PTE

PTE Accepting Universities In USA

PTE stands among the most popular English language proficiency exams accepted by various institutions worldwide. Students applying to study in the USA...

Updated on • May 22,2025 05:24 PM IST • USA

MBBS in UK: Colleges, Fees, Eligibility and Scholarships

Starting a medical journey is a great choice, and pursuing a Bachelor of Medicine or Bachelor of Surgery (MBBS) in the United Kingdom adds an extra la...

Updated on • May 22,2025 05:13 PM IST • UK

MBBS in Australia: Top Universities, Syllabus, Cost of Study, Eligibility, Scholarships & Jobs

Medical studies have taken the world by storm with its increasing popularity. The majority of international students prefer to study this course in Au...

Updated on • May 22,2025 04:53 PM IST • Australia

MBBS in Germany

Studying an MBBS in Germany offers a pathway to a world-class education in medicine, attracting thousands of aspiring doctors from around the globe ev...

Updated on • May 22,2025 04:36 PM IST • Study in Germany

Best Medical Colleges in USA

You looking for medical colleges in the USA is clear evidence that it is the best country to pursue medical courses. One of the most sought-after medi...

Updated on • May 22,2025 04:20 PM IST • USA

Highest Paying Jobs in New Zealand for International Students

Many students aspire to live and work in a country like New Zealand. And why not? Alongside its stunning scenery and vibrant culture, New Zealand is a...

Updated on • May 22,2025 01:03 PM IST • New Zealand

High Paying Jobs in Germany

Germany, a powerhouse of innovation and industry, offers a fantastic job market with excellent salaries and a strong work-life balance. Whether you're...

Updated on • May 22,2025 11:11 AM IST • Study in Canada

Fastest Growing Job Sectors in Germany in 2025

Thousands of job opportunities in Germany are waiting for Indians. Fill them before someone else grabs these. But how? Do you know which sector these ...

Updated on • May 20,2025 05:25 PM IST • Germany

Job Opportunities in Canada for Indians: Salaries, Best Job Sites & More

Canada has always been a highly sought-after destination for international students, thanks to its exceptional education, abundant job prospects, and ...

Updated on • May 20,2025 05:21 PM IST • Study in Canada

How to Get a Job in USA in 2025

USA is not just a great destination for studying abroad, but also for pursuing a full-time job. That’s why the internet is filled with queries like ...

Updated on • May 20,2025 05:20 PM IST • USA

Reasons to study Engineering Masters in Germany

When you think about Germany, the thing that instantly comes to mind is its safe roads, modern technology, the best cars in the world, and t...

Updated on • May 17,2025 01:22 PM IST • Study in Germany

Study in the USA after 12th

For countless Indian students, the dream to study in the USA after 12th is more than just an academic milestone- it’s a gateway to global exposure, ...

Updated on • May 15,2025 05:23 PM IST • USA

France Intakes in 2025

France is one of Europe's most popular study destinations, with 35 universities ranking in the QS World University Rankings 2025. French universities ...

Updated on • May 13,2025 03:54 PM IST • France

UK Scholarships for Indian Students 2025

Studying abroad is becoming a growing trend among Indian students as the opportunity not only allows them to explore modern and advanced education opt...

Updated on • May 03,2025 05:39 PM IST • UK • study in the UK

What is GPA? A Complete Guide for Students and Parents

Do you ever get overwhelmed by the number of grading systems in India and wonder why they can’t simply tell marks? Well, you are not alone. Each one...

Updated on • May 01,2025 01:56 PM IST • Study Abroad Guidance

Top scholarships for Indian students to study in the Canada

Beginning the journey of higher education, many bright minds from India set their sights on Canada—a land of academic promise and cultural diversity...

Updated on • Apr 28,2025 12:50 PM IST • Scholarships

MBA Finance in Australia: Universities, Eligibility, Scholarships and Job Opportunities

MBA in Finance in Australia is a 1.5 to 2-year long program offered at multiple institutes across the states of Australia. The program takes the stude...

Updated on • Apr 28,2025 12:46 PM IST • Australia

How Canam Consultants Helps in Availing Student Loan to Study Abroad

Table of Contents

Importance of Student Loans for Studying Abroad

How to Apply for a Student Loan for Studying Abroad?

FAQ

Events, webinar, college / university visits and more.

Popular university and colleges for Studying abroad.

Bond University Queensland

Central Queensland University - Rockhampton, North Campus Queensland

Charles Sturt University - Wagga Wagga Campus New South Wales

Deakin University - Geelong Waurn Ponds Campus Victoria

Engineering Institute of Technology - Perth campus Western Australia

Griffith University - Nathan Campus Queensland

La Trobe University - Bendigo Campus Victoria

LCI Melbourne - Art & Design School Victoria

University Canada West British Columbia

University of Windsor Ontario

Dalhousie University Nova Scotia

Carleton University Ontario

Cape Breton University Nova Scotia

University of ottawa Ontario

University of saskatchewan Saskatchewan

University of regina Saskatchewan

University of guelph Ontario

Ara Institute of Canterbury - City Campus Southland

Aspire 2 International - Auckland Campus Auckland

Auckland University of Technology - City Campus Auckland

Eastern Institute of Technology - Hawke Bay Campus Hawke's Bay

Manukau Institute of Technology -Manukau Campus Auckland

Massey University - Auckland Campus Auckland

Nelson Marlborough Institute of Technology (NMIT) - Nelson Campus Southland

New Zealand Institute of Business & Technology (NZIBT) Auckland

The University of Waikato - Hamilton Campus Hamilton

University of Warwick England

De Montfort University England

University of West London England

University of Strathclyde Scotland

Aston University England

University of Bath England

University of Liverpool England

Durham University England

Newcastle University England

Kent state university Ohio

San Jose State University California

Wright State University Ohio

Clark University Massachusetts

Rowan University New Jersey

Arkansas State University Arkansas

University of Wisconsin Milwaukee Wisconsin

Southern Illinois University Edwardsville Illinois

University of Findlay Ohio

Popular English Language Proficiency Exams