Are you planning to study abroad? Is the fee payment your biggest concern? If yes, then consider taking an education loan. Nowadays, many banks and financial institutions have started offering tailor-made student loans to help candidates pursue higher studies in their homeland or foreign destinations. These loans are available for any graduation and postgraduation level courses or professional programs recognized by government or university. You can apply for direct loans or seek help of colleges or universities which have ties-up with banks or any other financial institutions.
Sources for Student Loans
Today, aspiring students can go ahead with their future plans for higher studies without much tension because of loan system. In India, you can seek financial aid from banks or education trusts. You can also depend on fellowships to fund your education expenses. However, as per foreign destinations are concerned, the main sources for loans are scholarship programs or university fundings and banks.
A large number of students and their parents prefer taking student loans for overseas education from banks. These financial institutions are considered the most reliable and dependable sources. In foreign destinations, there are some agenices or non-profit organizations which work towards smoothening the process of student loans. One such fine example would be Great Lakes Higher Education Corporation and Affiliates.
Benefits of Student Loans
One of the most basic advantages of student loans or for that matter any financial aid is that you can fulfill your dreams of pursuing higher studies with ease. It releases the pressure of tight budget from your mind and helps you focus on your education.
Student or pupil loans can be obtained at low interest rates compared to personal loans. Unlike personal loans, you can repay student loans after your graduation. In certain cases, students are allowed a grace period after graduation to clear their payment. Hence, it can be said that payment schemes are student friendly, as they don't create unnecessary burden on them.
Another advantage is that you can postpone loan repayment, if you don't have a steady source of income or you are facing any financial hardship in your career. In case you have taken a federal college loan and facing any of the aforementioned circumstances, you will not be subjected to any kind of penalties for defering the payment.
Lastly, by taking a college loan, you get the chance to add to your credit score. To say it so, when you take a loan and repay it on regular basis, other lending institutions also show confidence in you and can readily offer you loans for your personal ventures.
Tips for getting Student Loans
Student loans are the best possible means to fulfill higher education dreams. With the right kind of scheme, you can achieve all your goals with ease. But, there are few points that you need to keep in mind while you take loans. These are:
Check the status of your loan including loan amount, repayment and balance, etc
Confirm about the grace period for repayment
Update lender on your current contact details
Choose your repayment option with care
Look for payment forgiveness schemes