Education Loan Options for Indian Students Studying in the U.S.
Although Woolf is not currently able to provide direct referrals to loan providers, below is a list of well-regarded education loan providers commonly used by Indian students, along with practical tips to help you prepare in advance and accelerate the loan application process.
🌐 International Education Loan Providers
Provider | Max Loan Amount | Collateral/Co-signer | How to Apply | Turnaround Time | Link |
MPOWER Financing | $100,000 USD | No collateral/co-signer | Online | 3–5 working days | |
Prodigy Finance | $220,000 USD | No collateral/co-signer | Online | 5–10 working days | |
GyanDhan | Based on lender | Varies | Online via GyanDhan | 2–3 working days | |
EduLoans | Based on lender | Varies | Online via EduLoans | 2–4 working days |
In addition to above, students can apply for their US education loans with their local banks, who may require some form of collateral against which the loan can be disbursed.
✅ How much money to request?
Although you can begin researching and contacting lenders as soon as you apply, most providers will require your official I-20 letter to determine the exact loan amount needed. Here’s how to be fully prepared:
✅ How much money to request?
To help with the visa application it is recommended to request at least 1.5 times the amount stated on your I20. The I20 will be provided to you by the institution when you get admitted into the program.
✅ How to Prepare for a Smooth and Fast Loan Application
To improve your chances of a quick approval and reduce back-and-forth with the lender, prepare the following in advance:
1. Admission Proof
- Offer letter from your U.S. university (mandatory for nearly all loans)
2. Financial Documents
- IT returns of co-applicant (last 2 years)
- Bank statements (last 6 months)
- Income proof (salary slips or business income)
3. Academic Records
- Marksheets and certificates (10th, 12th, undergraduate)
- Standardized test scores (GRE, TOEFL, IELTS, etc.) if applicable
4. Identification & KYC
- Passport, PAN, Aadhaar, and address proof of student and co-applicant
5. Collateral Documents (if applicable)
- Fixed Deposits, Property papers, valuation report, Share certificates, etc.
6. University Cost Breakdown (I20)
- Tuition fee structure, living expenses, and any scholarship details
By having these documents organized ahead of time, you signal to lenders that you are ready and serious—which can lead to faster processing and better terms.