A student loan is probably the most important step for a vast majority of students just like me, aspiring to fulfill the dreams of pursuing studies abroad. Though financing education has been a stepping-stone for many students who deserve to accomplish their dreams. Over the year common doubts and ambiguities still remain. Especially this is relating to processes, repayment, a course of choice processing fees, and subsequent financing.
Here I am discussing some useful tips to get student loans easily.
Some of the common hurdles:
Not sure about the rising cost of education and limitations on maximum loan amount.
Education loan is made available in specific branches only. Therefore, the applicant may not be able to get the loan from branches that are outside of hometown. So it is difficult for us to relocate for studies and may have to travel multiple times for processing.
For all the student loans for studying in the college, there is a margin amount that needs to be arranged by the student.
Easy Student loan process
I want to discuss the easy process of getting student loans
1. Before going for an education loan, the first thing to do is to assess funds that are available. Funding through scholarship would reduce the upfront loan burden considerably.
2. This is an important question that the eligibility of getting a student loan. With the eligibility calculator available with most education loan providers on their websites it can be easily checked. The eligibility calculator will help to determine the approximate eligibility value.
3. Must sure about the Institute that are chosen have any association or affiliation with banks or non-banking finance companies for education loans to expedite loan processing?
4. Look up for information on your institution. Those are its placement history, average remuneration for campus placements and earning potential after completion of your course. As starting salaries greatly influence the loan repayment period so don’t just concentrate on the school’s overall ranking or graduation rate
5. Identify a loan provider who would not only meet your requirements in terms of the loan amount but also agree to fund your choice of a programme after deciding on the actual amount of loan required. There are lenders who can provide you the loan amount without any margin money.
6. It is important to know whether one’s parental income will sufficient to meet the eligibility criteria or an additional co-borrower would be required.
7. Compare not only the rate of interest on the loan but also the benefits in terms of easy repayment options
8. To ensure expedition of the process obtain a checklist from the lender beforehand and prepare all the necessary papers and documents.
9. Consult with parents about the repayment option
10. Know about the interest rate, the repayment period, and beginning time of payments.
One Point to Keep in Mind:
There are lots of options in our hand as student loan is more popular and essential nowadays. But we have to choose the right one that meets our requirements. So doing research is more important.
How to Search:
Sit in front of your computer and do the search. Compare all the needs thoroughly. Compare their terms and conditions also to get the right choice.