The benefits of taking an education loan instead of self financing.
As college tuition has outpaced inflation, more and more students can’t afford to pay for college out of pocket. And even after applying for scholarships, grants and work-study, many need to take out student loans to cover the rest.
Not only preparing to get in top colleges is a cumbersome task but also funding the course is equally difficult. Securing the offer letter is not all that is required for admissions but also the resources to fund the fees. The fees charged by many of the private institutions is extremely high. But money shouldn’t hamper the aspirant’s dreams and therefore many institutions, through tie ups with banks offers education loans at nominal interest rates for which repayment structures is also different than other loans.
Inflation keeps us on edge in every phase of life. Inflation in the education sector is not a new thing. But the prices have touched the sky over time. Planning good education for kids is an uphill task for every parent. When it comes to providing higher education to ensure a bright future for kids, it’s a costly dream for most parents.
With growing inflation, many students and parents turn to education loans to fund higher education.
Having a college degree often means that you’ll have a higher expected income during your lifetime. In many cases, the benefits outweigh the costs, especially if the amount of money you expect to make with a degree exceeds the total student loans you’ve taken out. Higher education allows you the freedom to design a life of your dreams.
Education loans not only allows you to fund the course but also takes cares of all the other expenses related to it. Therefore, covering all the education expenses.
This cover includes:
- Tuition fees
- Hostel expenses
- Exam fees
- Library and lab fees
- Travelling expenses
- Books, uniform and other essential costs
