Education is the key to secure a fruitful and bright future for yourself and your family. The essence of education is known and understood to all. However, many of us are not able to support the finances at a one go that are associated with the education course or degree.
At this point time, it is always advised to have a monetary assistance that could help in lessening the burden on your shoulders. Keeping all the facts in mind, many of the banking as well as finance sectors have offered the instant and easy monetary assistance for those who thrives to study but are not financially sound enough to support the expenses.
In more broader term, the financial assistance given to support the education is termed as Education loan. It is widely opted by many of the students so that their expenses of education can be met easily.
There are several ways through which education loan could be dispersed to the students. Depending upon the requirement of the loan, amount and tenure, the mode of disperse of education loan is decided.
These loans need to be repay the lender with a certain amount of rate of interest. Thus, it is always recommended to take loan of an amount that is actually needed by the student as there will be an additional rate of interest added to the principal amount.
However, the rate of interest on education loan is comparatively low as compared to other available loans in the market. This also makes education loans, a favorable choice for all. Usually a decided time frame is granted to a student, after which he or she has to start the repayments.
Hence, depending upon the requirements of an individual, the loan amount could be taken. There are a variety of types of education loan available in the market.
In this article, we will discuss about the top 5 beneficial education loans that are available to the students. Before opting for a particular type of loan, one has to study all the parameters of these various types of loans.
To begin with, we will start with Undergraduate Student Loans
Undergraduate Student Loans
As the name suggests,these type of education loans are available for the students who are pursuing or are in a plan to pursue undergraduate course or degree. This loan is an appropriate choice for those who wish to extend their academics to graduate level.
For students, who are keen to continue their studies till graduation level, these loans are an added asset to them. It helps in giving them financial assistance to the maximum, whenever required.
The eligibility criteria to apply for the loan is to complete the studies till high secondary level. Once, the certificates supporting high level secondary education are received by the student, he or she can easily apply for undergraduate student loan.
Also known as graduate student loan, this type of loan is mainly preferred by those aspirants who wish to continue their studies to study advance degree courses.
These courses help in seeking more prosperous job opportunities to the students as soon as their duration is completed. The loan supports the higher education study expenses across the country.
If one wishes to apply for the professional loan, he should have completed an undergraduate course from an affiliated university. This is one of the main eligibility criteria to take professional loan.
Career education loan
This category of loan could be availed by the students who are looking to pursue the undergraduate career- oriented degrees in the country.
Nowadays, the students interest have shifted more towards the technical courses that offers immediate job placements. Unlike in graduation courses, one has to take extra steps to make himself fit for the job opportunities.
On the other side, these technical courses are designed and customized to make an individual a perfect fit for the industry as soon as he passed the exams. Hence, loan applied and taken for the support of career- oriented courses is known as career education or professional loan.
Loan for Parents
Up till now, we have discussed about the types of loans that are given to students on the account of the expense of their studies. Similar to these, there are few of the education loans, that are available for parents also.
Not only the parents, the guardians of the students can also avail these loans. The amount dispersed for education loan of a student could be further used for the tuition fee, transportation fee, accommodation fee and other related expenses with student education.
Subsidized direct loans
This is a different type of education loan that is available to the students. Unlike the above discussed type of loans, this federal loan has a fixed amount of interest that has to be paid by the borrower.
By showing the financial need to support the education, one can avail this loan. The installments of this loan are paid by Government until the education of the student is not completed.
Once the student has successfully completed his education, the remaining amount and the interest has to be paid by the student itself.
To avail this type of education loan, a student must have supportive documents that shows his inability to support the expenses that are likely to be happened while pursuing the particular degree or course.
Once, the documents are approved and verified by the government, the subsidized direct loan is given to the student.
Above discussed are the most 5 beneficial education loans that are currently available. Many of the students have successfully completed their desired education with the help of the monetary assistance offered as education loan while many are still pursuing their dream of good education.
If you too wish to get your dream education in a college of your choice, feel free to opt for any of the discussed education loan. Before applying for any of these, you should check your eligibility criteria as well as all the terms and conditions properly so that you can make a prompt decision.
It is always recommended to check for all the parameters, long term privileges and many more before opting for a education loan.