3 misconceptions about education loan for abroad studies demystified

1. 3 misconceptions about education loan for abroad studies demystified Higher education has helped a lot of students learn a course of their picking. But many students have no means to fund their higher education even when they possess the calibre to study those courses. In such a case, they can use an education loan for abroad studies to fund their higher education. And then they can earn a job or start a business in their field of expertise and be contributing parts of the society. To help improve the reach of education loans among students, this article will tell them 3 misconceptions about education loans and will also clear them: 1. Students can’t get education loans before being admitted in a university Many students believe that they cannot get education loans until they secure a seat for themselves in a recognised university. This is not true. In fact, many universities do not give seats to students in their courses until the students submit the proof that they have funds to pay the fees of their education. They also wait to give seats to students who do not own a visa, even if the student shows the merit to be part of that university. In such cases, lenders provide services like proof of funds, pre-visa loans, pre- admission loans and so on. In short, students can get an education loan for abroad studies before they are enrolled in an academic institution. 2. Education loans cover tuition fee of the course only Many students believe that education loans will cover only the tuition fee of their courses. This is a misconception as well. Education loans cover the tuition fees of students’ education. But if students need to travel to a foreign city for their education

2. and stay there for the total duration of their course, education loans will finance that as well. Apart from that, education loans cover costs like the exam fee, the library fee, the stationery expenses and laptop or study materials. In short, education loans cover the higher education expenses holistically. 3. Students have to start repaying the education loan as soon as they finish studies Many students believe that as soon as they earn their tertiary degrees, they are supposed to begin paying back their education loans. This is not true. Education loan lenders offer a grace period to the student borrowers. It is called the moratorium period. It lasts until 1 year from the time the student completes his or her education or 6 months from the time the student gets his or her first job, whichever comes earlier. This grace period is a breather for students who are fresh out of college. They can use this period to get a job and start saving money to pay off the first few EMIs of their education loan for abroad studies. They can even save the money to pay off the EMIs when they do not have a stable income. So, these are 3 misconceptions about education loan for abroad studies demystified. We hope that after reading this article, you are better informed about education loans in general. Please consult a financial advisor before you plan your higher education finances. We wish you all the best!