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Education loans aims at providing financial support to deserving/meritorious students for pursuing higher education in India and abroad.
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Now there is some good news. There are many more types of financial aid available today to both students and parents than there has ever been. As the name implies, financial assistance is money that parents and students receive from grants, loans and scholarships granted by both Federal and private lenders to help students to pay for their college education.
Once upon a time, students were dependent almost totally on Stafford loans and Pell grants to finance the cost of their education and college living expenses.
Nowadays Pell grants are still issued although they\'re needs based and meet a small proportion of the education loan cost today. Stafford loans are similarly needs based but can range from 25% to 40% of the average cost of school these days.
Fortunately, loans are also available now and these loans were not around a few years ago. These are loans given to parents and not students to assist parents to pay for their child\'s college education. Interest rates on loans are average and there are certain restrictions and fees charged but they often form an important part of the student\'s overall package of college funding.
A quick note about fees. Many loans are for a specified sum such as $6,000 per year disbursed in several payments (normally one payment per semester). But it\'s not uncommon for fees of up to 4% to be deducted from the loan amount before the funds are disbursed. This 4% fee on a $6,000 equates to $240 that you will not see but that you must repay. When you are searching for a loan ensure that you do your homework and try to find a low-fee or no-fee loan.
Although Federal loan programs like the subsidized Stafford loan program carry low fees and interest is paid by the government, they are not the only source of financial assistance nowadays and are not necessarily the best choice.
Meeting the cost of college nowadays is a complex operation and the majority of students will have to put together a funding package that includes scholarships, grants, Federal loans and private borrowing.
Happily, there are now many more sources of finance available than ever before and market competition from private lenders especially means that it is possible to find funds at a price that will not necessarily run you into unmanageable debt.