Complete Guide to Flywire International Payments - Exchange Rates, Charges, Alternatives [2024]
Learn how Flywire works for international payments. This guide covers exchange rates, fees, security, and alternatives to sending money abroad.
Leap Finance Education Loan for MS in US Universities: A Complete Guide for Indian Students
Leap Finance offers Indian students education loans to pursue higher studies in the US. If you have been accepted into an American university and need help to finance the expenses, read on to learn if student loans from Leap Finance could be a solution for you.
Leap Finance Loans for Indian Students Pursuing MS in US
Leap Finance offers education loans to qualifying students pursuing Master’s at US universities.¹ Loan amounts range from USD 15,000 to USD 100,000, and the funds can cover up to 100% of the tuition and other expenses, such as living costs and travel. Depending on the borrower’s loan application, loans can be provided without requiring collateral or a guarantor.
To qualify for a Leap Finance loan, you must be accepted into one of the supported US universities.
Benefits and Highlights of Leap Finance Education Loans
Here are some of the benefits of using Leap Finance for Indian students:
- There is no collateral requirement with Leap Finance.
- There’s no prior US credit history requirement.
- Timely repayments allow borrowers to build a US credit history
- The application process is entirely online.
- You have the option of refinancing previous loans.
- Borrowers can take advantage of income tax benefits.²
Eligibility Criteria to Apply for Leap Finance Loans
Here are the prerequisites for Leap Finance Education Loan:³
- You must be an Indian citizen, above 18 years old.
- You may require an Indian co-signer on the loan application.
- You must have a solid academic record.
- You must be pursuing higher studies in a professional or technical field. Lenders tend to prefer giving loans to students pursuing STEM programs.
- You must be accepted or have applied for admission at a supported US university.
Leap Finance Supported Universities
Leap Finance Education Loan currently supports universities in 11 US states: Arizona, Florida, Georgia, Illinois, Massachusetts, North Carolina, New Jersey, New York, Utah, Virginia, and Wisconsin.
You can check your university’s eligibility on the Leap Finance website. 👉
Leap Finance Study Abroad Loan Interest Rates
The rate of interest on Leap Finance education loans range from 11.50% to 12%.⁴ The loan interest can depend on your profile, including your academic record, credit history, previous experience, and future job prospects based on your chosen program and the university’s reputation.
Leap Finance charges a processing fee of 3% of the loan amount.¹
If you have an active loan with higher interest rates for STEM Masters program in the US, you can consider refinancing your previous loan with Leap Finance.⁵
How to Apply for Leap Finance Student Loan
Leap Finance has a straightforward online application process for student loans.⁶
- Prepare the supporting documents outlined on the Leap Finance website.
- Start the application process on the Leap Finance website.
- Once you verify your mobile number, you’ll see the loan application form.
- Complete and submit the loan application to get the education loan offer.
- Accept the offer and select the education loan amount and tenure.
- Leap Finance arranges a video call for a personal assessment and then provides you with a provisional sanction letter.
- At this stage, you’ll need up upload all the supporting documents.
- Pay 1% of the loan amount as part of the processing fee.
- You’ll then receive the final sanction letter, which you’ll need for the US student visa application process.
- Once you get the I-20 form, upload it on the Leap Finance website and download the final loan agreement.
All the applicants must then sign the agreement at the appropriate places, which completes the loan application process. You will need to pay the remainder of the processing fee, 2%, when you request the loan funds from Leap Finance.
Getting the Money from Leap Finance
Once you have paid the balance of your processing fees, you can coordinate with Leap Finance to disburse the tuition and fees directly to the university or college.⁶
| 📞 Leap Finance Contact Details | |
|---|---|
To reach out to Leap Finance:
|
Start your international journey with Wise: the world’s most international account⁷
Opening an overseas account is one of the first things you will need to figure out when you arrive abroad for your studies. Check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
Sources used for this article:
- Leap Finance - Education Loans for MS in US
- Leap Finance - Education Loan Tax Benefits
- Leap Finance - Education Loan Eligibility
- Leap Finance - Education Loan Interest Rate
- Leap Finance - Student Loan Refinancing
- Leap Finance - Education Loan Application Process
- Wise and international account comparison
Sources verified on 19 June 2023.
Cover photo by fan yang on Unsplash
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
Education Loans for Study Abroad: Complete guide to your options, and a How-to for Indian Students
Complete guide to education loans available for Indian students pursuing higher studies abroad. Read on to go over the available options & general requirements.
Avanse Education Loan for Study Abroad: Your Complete Guide
Avanse provides loan to Indian student to help finance their higher studies abroad. Read on to learn more about how to apply and what you need to know before.
Juno’s Negotiated Student Loans for US Universities: A Complete Guide for International Students
Complete guide to Juno for international students: an online platform facilitating student loan deals for students pursuing higher studies in USA.
Prodigy Finance Education Loan for Study Abroad: A Complete Guide for International Students
Review of Prodigy Finance Collateral-Free Study Abroad Loans for International Students. Read on to learn how it works and what you need to know before applying
Revealed: poor money transfer rates cost international students in India ₹551 million each year
Studying abroad is a big financial investment for students. Research carried out by Wise, the global technology company building the best way to move money...
