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Financial food for thought
Education loans allow easy access to higher education without disturbing your finances. An education loan is generally taken by students (or parents) to meet expenses such as tuition fees, hostel expenses, and other related costs while pursuing a higher educational course.
Everyone wishes for a financially successful career. The first step in achieving this dream is – graduating from a reputed higher education institute with good scores. But, sadly, achieving this dream requires more than hard work, dedication, and commitment.
An education loan is a huge boon for students looking to pursue higher education in prestigious institutions in India or overseas. With the cost of higher education increasing year-on-year, it's becoming challenging for parents to fund their child's higher education using their savings.
A loan taken to meet tuition fees, hostel fees, and other related expenses for pursuing a specified educational course in an institution is called Education Loan. Many banks offer student loans for pursuing pre-specified courses in India and abroad from certain institutions.
Parents strive to provide quality education to their children as it is deemed essential for a successful life.
Being in debt is common and there is no shame attached to it. Anyone can go into debt at some point in life, including the rich. Not all debts are bad; some debts can be taken for your investments such as a home or plot, and some can be unavoidable such as medical emergency or mandatory financial obligations. Whatever they may be, it requires a meticulous financial strategy to pay them off without any hassle.
Students are part of a dynamic community of millennials. They are not only involved into studies; we can see many of them founding start-ups, volunteering at NGOs, interning and partaking in thousand different activities. Moreover, students often have to stay away from homes for education.
India, the second most populated country, has 50% of its population below the age of 25 which makes it the youngest nation in the world. If the power of youth is properly channelized, the nation will see unprecedented growth in the economic sector. Education is the basic requirement for the masses that can drive splendid growth across all sectors. Realising this, the Government of India has launched several schemes to provide education for all.
A good education is a great asset to have. More often than not, it forms the stepping stone to a great career. Many individuals look to obtain a higher education abroad or at a premier institute in India. These degrees do not come cheap. And to add to it the living expenses during the education. The cost comes up to a tidy sum; hence the need for education loans. These loans also go on to teach a sense of responsibility to the youngsters, as the loan is in their name.
Radhika passed her graduation with flying colors. She had always dreamt of doing her master’s in international business from a prestigious university abroad. She did her spadework and realized that the course fee and the living expenses could easily cost her around 40 lakhs for the 2-year course. It was a huge amount for her parents to fund on their own. That’s when they learned that loans are available for higher studies.
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