American studies or American civilization is an interdisciplinary field of scholarship that examines American literature, history, society, and culture. It traditionally incorporates literary criticism, historiography, and critical theory. Scholarship in American studies focuses on the United States.
The US education system consists of 12 years of elementary and secondary education before students can advance to post-secondary education. In the US, the school calendar begins in August or September and continues through to May or June. The majority of students begin school in autumn.
Student culture at American universities can be described as a “work hard, play hard” culture. Classes tend to be academically challenging with lots of homework, and many students work part-time jobs to help pay for their studies. Many universities in the USA have amazing facilities, both for sports and for academics.
The US boasts of some of the finest universities, a lot of which consistently rank in the world university rankings. American institutions are also known to have high academic standards, follow rigorous practices to maintain quality, and are well-supported to be able to offer an excellent education to their students.
Studies in the USA
- HDFC Credila has funded thousands of students to pursue MS and MBA in various USA Universities
- HDFC Credila’s customized products help you to avail loan approval even before your confirmed admission. This helps you to show proof of funds to Universities
- No upper limit on approved loan amount
- Every year, thousands of students go to study in the USA after getting Education Loan from HDFC Credila
- HDFC Credila provides unsecured (collateral free) educational loans to selected courses
- HDFC Credila helps you to transfer your money to your college/university account in American dollars.
- Apply Now
Planning for funds for your Education in the USA is a critical part. HDFC Credila recommends all USA education aspirants plan their finances at the time of shortlisting your Universities.
The application for the USA Universities for the Fall intake starts usually in the month of October. This is when HDFC Credila can start helping you – from loan evaluation, providing loan sanctions and Solvency letters too to show ‘proof of funds to the Universities.
Yes, with HDFC Credila the loan evaluation can be done ‘even before the admission is confirmed. This helps you understand how much of a loan you can get basis your past academic records, test scores, etc. so you are completely prepared with your financial documents – which is a critical part of your application review. This 2-in-1 process also helps cut down on processing time at the time of final disbursement of the loan to your University.
The interest
The interest is charged only after the admission is confirmed & the loan is taken from HDFC Credila. HDFC Credila does not charge any interest before the loan is disbursed. Now you know why HDFC Credila is the preferred Education Loan provider of thousands of students, studying in some of the top Universities across the USA.
- To get admission to the US Universities & to get I-20 for a US visa, “Availability of Liquid Funds” to complete the course needs to be demonstrated.
- HDFC Credila’s “Education Loan Sanction Letter” before admission can help you show the availability of liquid funds.
As per the new guidelines that came in effect from May 10, 2016, students enrolled under F-1 visa at accredited educational institutions in STEM (Science, Technology, Engineering, Math) fields are now allowed to work in the USA for as long as 3 years under the Optional Practical Training (OPT).
While on OPT, students can apply for jobs and H-1B visa (Work Permit). There is a special yearly quota of 20,000 H-1B visas only for graduates from US Universities.
Product Details
- Who can apply for a loan?
- Indians, planning for higher education in the USA.
- What if I am applying to other countries too?
- The product given under is for USA. We have specialized products for other countries too. You may apply to us even before finalizing your country of education. However, the final loan product shall be as per the Country finalized by you for your higher education.
- In what currency do I get/repay the loan?
This is an Indian Rupee denominated education loan for the following students
- Indian students attending colleges in USA.
- The loan will be disbursed in India in Indian Rupees wherever required by student.
- Repayments of the loan to be made by the borrower in Indian Rupees only.
Eligibility
- Borrower must be an Indian citizen
- Co‐applicants(s) must be an Indian citizen
- Co‐borrower(s) must have a bank account in any bank in India with cheque writing facilities
- Confirmed admission in the colleges before disbursement
- Borrower and Co‐applicant(s) to meet HDFC Credila’s credit and underwriting norms as applicable from time to time
Co‐applicant Requirements
- It is mandatory to bring in an earning co‐applicant(s) based in India to support the Education Loan application.
- Co‐applicant(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-applicant(s) income would be considered in determining the loan eligibility per HDFC Credila’s credit and underwriting norms;
- Co-applicant(s) liability is coextensive with the Student;
- Co-applicant(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of HDFC Credila;
- In case the collateral to be provided is not provided by one of the above relatives, then the collateral could be provided by one of the following relatives provided they are brought into the arrangement as Co‐applicant(s) viz: Father-in-law; Mother‐in‐law; Sister‐in‐law; Brother‐in‐law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins.
What Costs Are Covered?
Meanwhile, Up to 100% of other expenses including living and hostel expenses, traveling expenses, examination fees, library/laboratory fees; purchase of books / equipment’s/instruments/uniforms; passage money for studies into India; purchase of computers/laptops considered necessary for the completion of the course as decided by HDFC Credila. Moreover, travel fare restricted to one economy class return ticket between India and the USA(study location).
Loan Amount
- Minimum Loan Amount Indian Rupees 1,00,000
- Lifetime Maximum Loan Amount: HDFC Credila does not have an upper limit on the loan. We process loans exceeding Indian Rupees 25,00,000 also, subject to the case meeting HDFC Credila’s credit and underwriting norms as applicable from time to time.
Rate Of Interest
- Rate of interest will be the floating rate of interest linked to HDFC Credila’s Benchmark Lending Rate (CBLR)
- The interest will be calculated using Simple Interest Rate
- Floating rate of interest to be (HDFC Credila’s CBLR + Spread)% per annum
- For HDFC Credila’s current CBLR Click Here
- A Spread is determined on the risk profile of the case which varies on account of a number of factors such as student’s academic background, employability of the selected course from a selected college and country of study, the financial strength of the co‐borrower, loan repayment capability, credit history, collateral offered or not, serviceability of the loan through HDFC Credila’s branch network, cost/s associated with underwriting and servicing the loan, etc.
Loan Issuance
- The loan amount will be disbursed in Indian Rupees
- HDFC Credila will disburse the tuition fee to the educational institute either directly or through an authorized service
- The tuition fee will be disbursed in installment as per the requirement of the specific educational institute
- The loan amount related to other expenses will be disbursed in installments spread over the duration of the study as per HDFC Credila’s underwriting norms as applicable from time to time
Loan Repayment Duration
- Loan interest re‐payment will start immediately after disbursement of the first installment of the loan
- Tenure of an education loan consists of Duration of Study + Grace Period after the Study + Repayment Period
- HDFC Credila offers maximum tenure of 12 years
- The loan tenure is, however, subject to the factors such as the repayment capacity of the customer/s, future prospects of the course, age of the co‐applicant, etc., and further subject to HDFC Credila’s credit and underwriting norms as applicable from time to time. However, HDFC Credila would endeavor to determine the repayment period to suit your convenience.
- The monthly repayment amount will be deducted from the bank account of the borrower/co‐borrower using Electronic Clearing System (ECS)
Collateral
The subsequent kinds of collateral are assumed
- Residential Flat
- Residential House
- Non‐Agricultural Land
- A Fixed Deposit, assigned in favor of HDFC Credila
Planning Education in the USA
We understand that planning your higher education in another country is not an easy task. It requires an immense amount of research to choose the appropriate University, course, understand the country, its visa norms, job prospects, etc. Also, getting your SOP and documents right, finances put together in time, and finally getting your Visa in place to fly to your dream University.
This process and research can take months together. To make this an easier task for you, HDFC Credila has spoken to many University representatives, education experts, students studying in the USA and captured their advice in the form of crisp–sharp–valuable videos and also put together relevant articles and statistics to make this critical decision and planning an easier and less stressful experience for you.
What’s more, you can also get Free invitations for our exclusive webinars with Experts from across the globe, use the Profile Evaluation Tool, and do the University Search for the University of your choice with these unique tools.
Meanwhile, get access to rich content on education in the USA by University representatives, Expert Education Consultants, Students studying in the USA, and our Finance experts too.
In Conclusion
Education in the United States is provided in public, private, and home schools. State governments set overall educational standards, often mandate standardized tests for K–12 public school systems and supervise, usually through a board of regents, state colleges, and universities.
The bulk of the $1.3 trillion in funding comes from state and local governments, with federal funding accounts for only about $200 billion. However, private schools are free to determine their own curriculum and staffing policies, with voluntary accreditation available through independent regional accreditation authorities, although some state regulations can apply.
However, if there is anything you think we are missing. Don’t hesitate to inform us by dropping your advice in the comment section.
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