Getting through your education with a study loan

Students face many difficulties while entering college, which include physical, social and psychological changes. Apart from these changes, there are a lot of other things that they need to consider like sources for funding their college fees. Most of the students who do not have a strong economic back up, either back out from their studies or show poor academic performance due to financial pressure. During such circumstances, the best option left with students is to go for a study loan and complete their higher studies without any worries. Education loans have a very low interest rate as they are a way of encouraging aspiring students to complete/continue their studies. Both government as well as non-government firms offer student loans. But inexperienced people may find it difficult to choose the right alternative. There are various types of student loans. And it is needless to say that if you want to end up with the best alternative, you will have to explore all the available options.

Obtaining a study loan isn’t difficult at all. If you have a co-applicant, you can easily get the loan. It is generally advisable to opt for an education loan than seeking any other financial aid because it has low interest rates as compared to other type of loans and can be repaid easily after completing your graduation. With so many facilities offered to students, they neither have to worry about the repayment during their course, nor they have to worry about the mounting interest rate on the principle amount. To avail an education loan, with ease and transparency, the applicant will have to follow certain rules and regulations.

Due to the emergence of online tools, the borrower does not have to meet the lender in person. He/She must have a secure admission in a reputed organization. Without having an admission, you cannot obtain a loan. Try to check the scholarship courses available with the college/university. If you can get your hands on a scholarship, then there will be no need to apply for a loan. Also, make sure to check your credit score beforehand. If it is in bad shape, you are not getting a study loan. Along with all these things, keep a focus on your studies.

When it comes to eligibility, the borrowers nationality is the first and foremost criteria considered by lender. Other factors include, the annual income of the borrower’s parents, his/her credit score, and a trustworthy co-applicant, especially in case of availing from a private/non-government firm. There are various loan schemes, that offer discounts and reduced interest rates which are some of the few things that you will have to scrutinize. Take the help of the internet to find out suitable loan programs. While calculating your EMIs, make it a point that your monthly repayment value should not exceed 10 % of your expected salary. Availing for an Education loans is an investment of a lifetime, so utilize all the available resources as much as you can. 

Source: https://medium.com/@rahulsingh20115/getting-through-your-education-with-a-study-loan-6-48363f568e2#.70noivwgh

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