Wednesday, October 20, 2021
Home Education Things to Keep in Mind Before Taking Student Education Loan

Things to Keep in Mind Before Taking Student Education Loan

It takes minimum 1crore in Indian Rupees for a student to pursue his undergraduate and postgraduate degree at the prestigious colleges of the United States of America and the United Kingdom. If you are considering completing your Engineering or Management degree course at IIT and IIM, then the expenses will be around 20 – 30 lakhs. A middle- class person is not able to shell out this huge amount of money. So, an education loan will save the probable student and his/her family. But taking an education loan is a challenging task since after your parents it up to you for paying off the education loan with EMI’s. Moreover, sometimes there is no guarantee that you will get a higher paying job once you complete your education.

Though taking a student is loan is quite helpful but you must keep certain things in your mind before taking a student education loan. Here are the few points which are necessary to be discussed. This includes:

  1. Is the desired education course is right for you?

You must consider and ask yourself if this course will be right for you. You must decide this while you keep in mind the scores of your competitive exams and CGPA. Moreover, you can talk to the previous students of the course and the Universities about the job opportunities and the placement record of the University or colleges .

  1. Job Opportunities

You must consider the type of the jobs you will get after pursuing this course. Just remember that not all Universities offer decent placement and not all students get decent jobs. Before you apply for the loan, you must figure out the minimum salary you will get after pursuing the course. This will be the sign if you are capable to pay off the EMIs or not. Moreover, if you are not able to pay off the loan in the initial phase of your career, then you must have a Plan B to execute or convince your parents to pay off the EMIs till the time you will be capable enough to pay off the loan.

  1. Calculate the rate of interest and monthly EMI’s.

Before you go for a loan you must compare all the available banks  offering education loans at what rate of interests, amount of monthly EMI’s, loan duration, etc. for that you can user any loan or emi calculators online. In the past few years, banks have started to hike the interest rates due to a large number of defaulters. You must evaluate the education loan offered by all the banks, and take up the cheapest education loan. You must also try to pay off the loan as soon as possible since you will be ending up paying double the amount you have taken as loan. The extra amount is for the interest. So, it is better to pay the loan faster to save more money.

Check out Best Home Loan Providers in India – 2020 List

So, here are the most important facts you need to reconsider before you opt for a loan. After you avail the loan, study hard and work smart to pay the loan before its duration.

Rajesh Jathttp://thewebend.com
"Be Human, Love Nature"
RELATED ARTICLES

When and How to start your Medical School Entrance Preparation – Here This year topper Explained

For the last 3 years, 60,000 college students from authorities and government-aided faculties throughout the State have been given free education organised...

The Value of Education Consultant in Child Career

Education is an important asset in a person’s life. With the right education and the right guidance, a personality can be shaped. However, the...

Get the Best Online Java Course at Coding Ninjas

Coding Ninjas is a platform that provides a plethora of educational opportunities. For people who require coding skills in their educational institutes or their...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

5 Reasons | Why you need a phone case

In this modern age also there is a stage to debate whether or not to use mobile phone cases. Some intellect does...

Jarvis Artificial Intelligence Content Writer

Jarvis AI is a copywriting tool that uses artificial intelligence to generate highly converting copies for your ads, emails, landing pages, product...

Contabo Web Hosting Review : Everything You need to Know

Contabo is a German web Hosting business created in 2003 under the name Giga International. In 2013, the founders...

4 Simple Tips For A Healthy Relationship

Meeting someone new and starting a relationship can be very exciting as you get to know one another and develop feelings. Butterflies...

Recent Comments