How to get an education loan after receiving your I-20 (USA, UK and Canada)

Receiving your I-20 for the USA, or your official offer letter for the UK or Canada, is a major milestone in your study abroad journey. 🎓

Once the excitement settles, a practical question quickly follows:

How do I pay for my education abroad?

If you’re planning to study in the USA, UK, or Canada, this guide explains how to get an education loan after receiving your I-20 or offer letter, what lenders look for, and how to move forward with confidence.

Why your I-20 or offer letter matters for an education loan

Lenders need official confirmation that you’ve been admitted to a recognised university before they can assess your application.

Depending on your destination, this usually means:

• USA: I-20 form

• UK and Canada: unconditional offer letter or CAS-related documents

These documents help lenders understand:

• Your university and programme,

• The total cost of attendance, and

• The duration of your course.

Without them, most international education loan applications cannot move forward.

Step 1: Understand your total cost of education

Your I-20 or offer letter outlines estimated costs such as:

• tuition fees,

• living expenses,

• health insurance, and

• books, supplies, and travel.

Before applying for a loan, calculate how much funding you actually need after factoring in:

• scholarships,

• personal or family savings, and

• sponsorships.

Borrowing only what you need can help keep repayments manageable later.

Step 2: Choose the right international student loan

After receiving your admission documents, you’ll typically see two main options.

Education loans without a co-signer

This is a popular choice for international students.

These loans:

• do not require a local co-signer,

• are assessed based on future earning potential, and

• are commonly used for programmes in the USA, UK, and Canada.

Prodigy Finance specialises in education loans for international master’s students without requiring a co-signer.

Short co-signer loans for Indian resident students only. T&Cs apply.

Education loans with a co-signer

If you have a suitable co-signer, usually based in your study destination, you may access:

• a wider range of lenders, and

• different pricing structures.

However, many international students prefer no-co-signer options for flexibility and independence.

Step 3: Check your eligibility

International education loan providers usually review:

• your university and programme,

• career outcomes linked to your course,

• your academic background, and

• your country of study, whether the USA, UK, or Canada.

For many no-co-signer loans, local credit history is not required.

Step 4: Prepare your documents

Once you have your I-20 or offer letter, keep these documents ready:

• passport,

• admission letter or I-20,

• academic transcripts, and

• a resume, if requested.

Having everything prepared can speed up the approval process.

Step 5: Apply for the education loan online

Most international student loans can be applied for fully online.

After you apply:

• your profile is reviewed,

• you may receive a provisional offer, and

• final approval follows document verification.

Many students receive decisions quickly, depending on their profile and documentation.

Step 6: Use your loan for visa proof of funds

This step is critical for your visa application.

• USA: A loan approval letter can be used for your F-1 visa interview.

• UK and Canada: Loan sanction or approval letters help meet financial proof requirements.

Make sure the approved loan amount aligns with the funding shown on your I-20 or visa documents.

Step 7: Loan disbursement

Once everything is finalised:

• Funds are sent when we send the funds to your school, and

• Disbursements usually follow the university’s payment schedule.

Any approved living-cost portion is handled in line with your university’s cost of attendance.

Common mistakes international students should avoid

Some common pitfalls include:

• applying before receiving the I-20 or offer letter,

• borrowing more than required,

• overlooking repayment terms, and

• ignoring currency or variable-rate considerations.

Planning early helps you avoid unnecessary stress.

Final thoughts: your I-20 is just the beginning

Receiving your I-20 or offer letter isn’t the final step. It’s the starting point.

With the right education loan, you can:

• Secure your visa,

• Focus on your studies, and

• Build your global career with confidence.

Prodigy Finance is designed to support international students studying in the USA, UK, and Canada, making funding accessible without collateral and, in many cases, without a co-signer.

The purpose of this guide is to provide prospective students with an overview of the application process for a US student visa and should not be regarded as legal or immigration advice or as a substitute for the official information published by the U.S. Citizenship and Immigration Services (USCIS). Whilst we have carefully compiled the guide in accordance with the information published by USCIS, Prodigy Finance Limited does not accept liability for any inaccuracies, mistakes, omissions or outdated information in the guide and we encourage prospective students and other readers to consult the USCIS website. Prodigy Finance Limited is not authorised by the Department of Justice (DOJ)’s Executive Office for Immigration Review (EOIR) to provide immigration services.