Education plays a pivotal role in shaping individuals and empowering them to achieve their dreams. However, the cost of pursuing higher education abroad can be a significant obstacle for many. To bridge this financial gap, education loans have emerged as a lifeline for students. While this financial aid offers a promising solution, it is essential to understand the do’s and don’ts of education loan to study abroad to ensure a successful and safe borrowing experience.
The initial step is to calculate the cost of studying and the cost of living abroad. Now, start with research. During the research, always opt for education loans by Indian government first and know about government subsidy schemes. Furthermore, it is important to protect oneself from fraudulent consultancies and private lenders. It is advised to consult registered consultancies like Fly Finance to avail of study abroad loans successfully.
Simultaneously, be aware of the don’ts of student loans for abroad studies. It is essential to not borrow more money than required. Moreover, it is also important to not miss repayments and ignore the terms and conditions of the loan.
Do’s and Don’ts of Education Loan
Education loans can be a stepping stone towards achieving academic aspirations, but responsible borrowing is crucial. By adhering to the do’s and don’ts of education loans, students can make informed decisions, alleviate financial stress, and focus on their studies with a sense of purpose and determination.
Do’s of Education Loan
- Research various lenders, their interest rates, repayment terms, and additional fees
- Calculate the total cost of education, including tuition fees, living expenses, books, and other miscellaneous charges
- Explore government-backed education loans as these are available at lower interest rates and have flexible repayment options
- Opt for lenders that provide a grace period after completing the course before starting repayment
- Choose a co-signer that can help secure better loan terms
Don’ts of Education Loan
Students and parents must avoid the following while applying for an education loan to study abroad:
- Do not borrow more than required
- Do not overlook interest rates
- Do not ignore the terms and conditions of loans
- Do not miss repayments\
- Do not fall into the trap of fraud lenders and consultancies
Stay in tune with Fly Finance News Desk to get regular updates on study abroad loans and international money transfers.
