Credila Financial Services, an HDFC Ltd. Venture, is a specialized education loan lender. Credila announces a unique benefit to the students who plans to pursue higher studies in the USA. Credila will, underwrite the education loan application file and problem education loan Approval letters to the credit- worthy students even prior to their admission to the US Universities.
?Credila?s education loan approval prior to admission to the USA is the first ever in India!?, said Prashant A. Bhonsle, Country Head of Credila Financial Services. He continued to say, ?Unless students demonstrate the sources of funds, the US Universities don?t give I-20 to the students. With Credila?s education loan approval letters, thousands of creditworthy students from India, now, will be able to fulfill their dreams of higher education in the USA?.
The Catch-22 Dilemma of US Bound Indian Students: There are severe restrictions that are based on The US Federal Immigration laws and policies on funds that an Indian student can receive at U.S. universities. Matter of reality, universities will not confirm admission unless students can demonstrate their capability to bear the price of an American Education.
American Education and the I20
An US University can conditionally admit the student for a specific course based on different parameters, ranging from Standardized Test Scores (GRE, GMAT, etc) to Leadership Qualities. However, it does not release the official document confirming a students? admission until and unless the student is able to demonstrate financial capability to pay for the 1st year of the course and continued funds to support the remaining years of education.
This official document of admission, also referred to as the Form I20, is in truth a legal document tied to US Immigration Services. The I20 is not only the only proof of secured admission but also forms the basis of that student?s US student visa claim and attempt to enter the US for education. In a nutshell, if you don?t have an I20, you don?t go to the US for education.
Obtaining the I20
Demonstrating financial capacity can be tricky, specially since only a couple of forms of documentary evidence are accepted by the US University. A typical Indian student has limited possibilities ? receive funding from the university in form of scholarships, waivers, etc that are very hard to secure OR document family funds OR obtain an education loan. ?Credila loan approval letter was 1 of the essential financial docs which I was holding to get I20?, said Suraj T., studying in SUNY at Buffalo, USA. Yet another student Ajin N. who obtained education loan from Credila and studying in University of Illinois at Chicago, USA said, ?Credila gave me the liquidity to go ahead with the fees payment.? So the embassy was happy with loan approval letter and the way of funding for my course?.
The Chicken-Egg Syndrome
Indian Students that plan on obtaining an education loan to fund their US studies face a typical ?Chicken-Egg? syndrome every single year: The US University requires proof of assured funds to confirm the admission and release the I20 Indian banks do not Approval or authorize education loans until the student has confirmed admission and received the I20. So what comes first?the I20 or the bank loan authorization? Chicken or Egg?
This limitation of Indian Banks put a severe damper on numerous qualified students that plan on obtaining the I20 and funding their American education via loans. Sadly some students, out of sheer desperation, resort to unethical measures to forge such documentation which makes things worse overall. Mr. Richard Yam, Foreign Student Advisor at the University of Massachusetts, Amherst notes ?We see a lot of loan approval letters that prospective students from all over the world send to us to document proof of funds. [But] I do not believe I have seen anything [similar] from India.? This is echoed by Mr. Hrayr Tamzarian, Asst. Dean of International Admissions at Smith College, a extremely selective private undergraduate college near Boston??We usually accept loan letters [for I20 sponsorship] as we are really high-priced and realize that the student and family might not have full funding proof and may possibly take student loans to pay the balance fee?if the family funds plus the loan add up to the required quantity, then we can problem the I20.?
Credila?s Special Solution for students applying for studies in the USA
1 of the objectives of a recent and exciting development relating to educational loans in India aims at solving this ?Catch-22? scenario jeopardizing the Indian student community.
Credila Financial Services, is presently India?s initial and only fully-dedicated education loan provider. Credila has entered into key partnerships with several organizations and educational institutes around the globe to better serve the Indian student community. Credila Financial Services is an HDFC Ltd. venture. HDFC Ltd. is a strategic investor in Credila. Over 40,000 students and parents have applied to Credila for education loan in the past couple of months. So far Credila has funded students for their studies in Universities such as Columbia Univ., Cornell Univ, Purdue Univ., Carnegie Mellon, Oxford etc.
Credila is offering Education Loan Approval letter to credit worthy students even before they get any confirmed admission from the USA. Credila does not mandate ?Confirmed Admission? to procedure or grant education loan offers and Approvals. So a student can apply and obtain a loan approval letter from Credila even before being admitted to the course of his/her option. This may well also support the student to secure admission to far better courses.
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