• 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

1518 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.

Auckland Institute of Studies - St Helens Campus

Auckland, New Zealand • 12 Programmes

Tuition Fee : NZD 0-0 / year

Kaplan Business School - Sydney Campus

New South Wales, Australia • 35 Programmes

Tuition Fee : AUD 22000-24000 / year

Red River College Polytechnic - Notre Dame Campus

Manitoba, Canada • 49 Programmes

Tuition Fee : CAD 13500-22000 / year

International School of Management - Cologne Campus

North Rhine-Westphalia, Germany • 5 Programmes

Tuition Fee : EUR 11400-11400 / year

Navitas Group - Queens College, City University of New York

New York, USA • 70 Programmes

Tuition Fee : USD 18000-19000 / year

University of the West of England - Bristol - Frenchay Campus

England, UK • 154 Programmes

Tuition Fee : GBP 14000-16000 / year

Illinois Eastern Community Colleges - Olney Central College Campus

Illinois, USA • 14 Programmes

Tuition Fee : USD 19500-20000 / year

INTO Goup - City St Georges, University of London

England, UK • 232 Programmes

Tuition Fee : GBP 17495-26995 / 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, Dubai, Singapore, Germany, Ireland, France

New Delhi • 11:00AM

In-Person Event

University Visits - Murdoch University

Study in Dubai • University Visit

Chandigarh • 02:30PM

In-Person Event

Navitas - UK, Canada, Australia

Study in Canada, UK, Australia • University Visit

Bangalore • 12:00PM

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.

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

GMAT vs GRE : Key differences between the tests

The pursuit of a master's degree is an exciting journey, but this path comes with many other difficult choices to be made. One of those choices is sel...

Updated on • Apr 28,2025 12:40 PM IST • Education

Facts to Know Before Studying in Australia

When you decide to pursue your studies in Australia, there are so many things that you should know before actually moving to the country. Kn...

Updated on • Apr 28,2025 12:19 PM IST • Australia

Countries to study MBA abroad in 2024 : Eligibility, Fees, Exams for Indian Students

For ambitious Indian students, an MBA abroad isn't just a degree, it's a way to a global career. MBA is a popular course in the modern world as it ope...

Updated on • Apr 28,2025 12:16 PM IST • Study Abroad

Bachelor's Degrees in the UK- Universities, Courses, Eligibility, and Admission Process

Higher education in the UK is sought after not only by residents of the UK but people around the world. In the UK, the first degree is a bachelor’s ...

Updated on • Apr 28,2025 11:49 AM IST • study in the UK

A Guide to calculating CGPA to percentage to study abroad

Assessing one’s academic performance is essential for determining the future course of action. One of the primary reasons to measure this performanc...

Updated on • Apr 26,2025 03:47 PM IST • Study Abroad

SAT Exam 2025: Dates, Registration, Eligibility, and Preparation Tips

Are you dreaming of studying at the top universities in the USA? If yes, then you should definitely know about one important exam, which is the SAT. I...

Updated on • Apr 25,2025 10:39 AM IST • Education

Ireland Student Visa Process 2025 | Step-by-Step Guide & Requirements

Wondering why to study in Ireland?. We will give you numerous reasons to head in that direction. Apart from being one of the most preferred study dest...

Updated on • Apr 19,2025 03:30 PM IST • Ireland

ACT vs. SAT: Which One to Choose?

Many colleges and universities require students to submit scores from the SAT or ACT- both recognized standardized exams as part of the admission proc...

Updated on • Apr 14,2025 01:46 PM IST • Study Abroad

Five Types of IELTS Essays

Love giving opinions? Welcome to IELTS writing task 2. In this task, you get different types of essays, one of which is an opinion essay. There are fi...

Updated on • Apr 11,2025 05:53 PM IST • IELTS

Backlog Certificate: A Complete Guide

What is a backlog?In an academic context, a "backlog" refers to a course or subject that a student did not pass on their first attempt during their re...

Updated on • Apr 11,2025 01:47 PM IST • Study Abroad Guidance

PTE Score Chart 2025: PTE Exam Scoring System & Calculation

Most international institutions demand proof of strong English skills, making language proficiency tests a necessity to pursue higher education. While...

Updated on • Apr 09,2025 05:37 PM IST • PTE

Master's in Computer Science in the USA

Silicon Valley in the United States of America has been the global mecca of technology and invention. Every significant technological advancement has ...

Updated on • Apr 08,2025 05:59 PM IST • USA

MBA is one of the most sought-after courses worldwide and consistently tops the list of preferred study abroad courses for Indian students. Now, wheth...

Updated on • Apr 08,2025 04:47 PM IST • Study Abroad

Describe Your Hometown IELTS Speaking Part 1 Topic

The IELTS Speaking part 1 topic ‘Describe your Hometown’ is one of the most often asked and easiest topics to answer in an IELTS test. In this top...

Updated on • Apr 07,2025 05:50 PM IST • IELTS

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 • Apr 07,2025 03:19 PM IST • USA

Highest Paying Jobs in the World

With super-advanced technologies like AI entering every field, the assumptions are high that the job roles that exist today won't exist after some yea...

Updated on • Apr 01,2025 05:31 PM IST • Study Abroad

Student Life in Ireland in 2025

“World-Class Standards, Warmest of Welcomes”. The tagline highlights the ideal balance of a high-quality education and a tremendous, hospitable cu...

Updated on • Mar 29,2025 05:50 PM IST • Ireland

Top Public Universities in Germany

It’s a notion that studying abroad is expensive, but there is one country that is breaking this notion. Germany, also known as the land of ideas, of...

Updated on • Mar 26,2025 04:33 PM IST • Germany

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