5 costs that educational loans can help you cover with ease!

Educational loans are a student’s best friend! They provide invaluable financial assistance and help aspirants pursue their dreams without worrying about the cost. However, there are quite a few students who are sceptical about these loans and doubt their usefulness.

Keeping this in mind, the following article will highlight 5 major costs that education loans can help you cover. Hopefully, this will shed light on the amazing utility these finance solutions provide to students.

1.    Course fees: This is one of the first and most obvious education-related expenses that you can cover with a students loan. Once your admission has been confirmed and your educational loan is approved, the lender will directly transfer the course fee amount to the university or college you have applied to.

2.    Travel & living expense: In case you apply for an overseas course, then you also need to cover travel & living expenses too. This can be quite difficult considering the fact that currency exchange rates are usually not in your favour. Fortunately, the best educational loans will cover up to 75% of your travel & living expenses. This ensures you can stop worrying about funds and start focusing on your education.

3.    Visa expenses: Again, this is only applicable to students who are pursuing an overseas education. They will have to cover their visa expenses and in some cases, also provide proof of funds to secure the visa. In some countries, the visa fees and the proof of funds required can add-up to a sizeable amount of money – take for instance the I20 visa for studies in the USA. Fortunately, the best education loans will cover the cost of your visa and also offer proof of funds.

4.    Pre-admission financing: You might also need cash before you attempt the admission process. This could be to cover things like examination preparation classes, SAT/GMAT/GRE entrance exam fees, the cost of applications for admission to universities abroad, etc.

5.    Other education-related expense: Education loans can also help you cover the tons of miscellaneous expenses you will encounter while pursuing your further education. This will include things like the cost of study material, maybe the purchase of a laptop, security deposits, examination fees, etc.  Individually, these education-related expenses might seem small and easy to handle. However, when you add them up, you will be looking a sizeable amount of money required.

Fortunately, educational loans will help you cover all these expenses with ease. Most lenders will offer 100% finance for your course fees and other education-related expenses. They might not even have any upper limit on the loan amount. As long as you satisfy the eligibility criteria, you will get the financing you need.

Just remember to compare all educational loans available in the market thoroughly before applying for one. You can ask for quotes from the different lenders – this will help you decide which loan offering is best suited for your needs & requirements.

We hope this has been helpful, good luck and all the best!

Comments

Post a Comment

Popular posts from this blog

Here are 5 features to look for when comparing study loans for abroad.

Image
Opting to study abroad is one of the best decisions you’ll ever make. It will help you pole-vault your way into better paying jobs and a higher standard of living. The only hurdle you need to overcome is the cost of an overseas education. Well, this is where study loans for abroad can lend a financial helping hand. They will plug your financial gaps and ensure you can pursue your dreams without any monetary worries. However, there are several options available to you as far as lenders and loan options are concerned. While a wide spread of choices is always good, choosing one loan from all available options can be trickier than you expect. Keeping this in mind, the following article will list 4 important features to watch out for when looking for a good overseas education loan. 100% finance for course fees. This is one of the most important features you should look for when comparing study loans for abroad. Course fees in foreign universities can be extremely costly. They are also
Read more

3 tips to help you get a lower education loan interest rate

Image
Have you always dreamed of studying at one of the best universities in India or abroad? If yes, then what is stopping you from learning at those institutions? In most cases, money or to be more precise, the lack of it is what stops students like you from learning at those institutions. To solve this, there is one solution: education loan. And they come with interest rates just like any other type of loan. In this article, you will learn 3 tips to bag a lower education loan interest rate. Calculate the potential expenses carefully - The general rule in education loan: Higher the loan amount, higher the interest rate. Understand this and you can find ways to lower your education loan interest rate. Calculate the funds you would need to study at your choice of college—from the college tuition fees to travel expenses, accommodation expenses, library fees, canteen expenses, and stationery expenses. Once you have calculated all the necessary expenses to the last penny, you will be
Read more

5 terms of an education loan that you should know about

Image
Education loans help aspirants to learn the trades of their choice in good institutions in India or abroad, and thus, build an exemplary professional career. These loans have been helping students for quite a few decades now. Also, they are becoming accessible and fast due to the widespread acceptance of streamlined loan process practices. Today, all you need to do is simply go online and search for “education loans India”, and you are bound to get a huge list of financial institutions that offer loans. But before you go ahead and apply for an education loan, here are 5 terms that you should be familiar with:- 1.  Unsecured loan A lot of students wish to pursue their further education, but many do not wish to provide collateral to get an education loan. Now, banks mandatorily require collateral from students if the loan amount crosses Rs.7.5 lakhs. This is an amount that is quite likely to cross, especially if we are talking about pursuing an education abroad. This is why many stud
Read more