How to Prepare For an Education Loan

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How to Prepare For an Education Loan
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• Education is currently extremely expensive,
  especially for those who wish to study abroad.
  There are also a number of prestigious colleges
  in India one can opt for. However, the fees
  charged are high. In such cases the best option a
  student can opt for is an education loan.

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• Education loans are ideally for those students
  who could not get a scholarship to study in the
  University of their Choice. If opting for an
  education loan, there are a few tips one can
  follow to make the entire process simple.

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• The most important thing a student must do is
  plan out the repayment process. The biggest
  advantage of an education loan is that it allows
  the individual to repay the loan once they get a
  job after finishing their studies.

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• When a student is applying for an education loan
  they should try to get the repayment of the loan
  start a few months after they finish their
  education. This allows the student the time to
  search for a job with ease without the pressure
  of defaulting on payments.

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• There are a number of institutions which provide
  interest free Education loans in India. This
  means that the student will only have to repay
  the loan amount with no added interest. Any
  student planning on applying for an education
  loan must try to get a loan without the education
  loan interest. Since the student will be expected
  to get a job to repay the loan, the lack of
  interest reduce their burden and the EMI they
  will be required to pay each month.

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• Even with the benefit of interest free education
  loan, a student must not take such a loan
  lightly. Any defaults in payment can seriously
  affect a student's credit score. One needs to
  plan their finances in advance and try to find
  ways to avoid spending too much money.

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• A student can also get a part time job during
  their studies to start saving up in advance. This
  will help one if they take longer to find a job
  after finishing their studies. Also, the added
  experience can improve one's chances of landing a
  job immediately after college.

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• One can also start repaying the education loan
  interest during their study period. This
  repayment eases the financial pressure in the
  future as the monthly EMI charge gets reduced for
  the borrower.

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• Opting for an education loan can be extremely
  beneficial for the student. Not only does it help
  them afford their education but also helps them
  slowly build their credit score for the future.
  One must read up about education loans and the
  types available before applying to ensure they
  get the most out of their loan.

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ticles/how-prepare-education-loan-1459408.html
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