123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

4 Myths Of Education Loans Debunked

By Expert Author: Neha Sharma

If you are planning to study whether in a local college, university or a university abroad, you may need to apply for an education loan. If you are applying for a loan for Indian education or a loan for foreign education, there are certain doubts you will have. In this article, we would like to debunk the some common myths that normally surround the education loan.

Myth 1: My grades aren’t great, so I won’t get an educational loan.

Everyone has dreams of studying abroad but there is always academic restraint or two in most cases. This seems to be the common myth applicable to an education loan. While the primary risk will be not getting the admission itself, but, if an Indian or an International university accepts your academic application, a loan for foreign education and even a loan for Indian education can be easily available.

Myth 2: Loan EMIs last a lifetime.

Any debts can really affect your credit score as well as savings if the repayments continue for 10 to 20 years. But, the government has made it easier for students to pay back the student loan as they ban begin the repayments as early as 6 months in a job. Normally a loan for Indian education and loan for foreign education does not take more than 15 years. But, if students take up other debts while still repaying the loan, it does extend the process. So, if you manage your repayments well, the repayments can be replenished soon enough.

Myth 3: Education loan affects credit score negatively.

As a student taking an educational loan, it is the first marker on your credit history. But, it does not dampen the credit history if you make the repayments on time. In fact, if you repay your student loan well on time, it is a great start to your credit history and will be your strength for any loan you seek in the near future. Though, it will be part of your liabilities, if you repay a major part of your education loan before taking up any new liabilities, your credit score will be fine.

Myth 4: I got admission in foreign university, now I can get the student loan very easily.

While as admission into the selected university is vital, it is one of the criteria for education loan eligibility. There are other criteria based on your economic background, personal and academic information as well. So, consider it seriously and try to fulfill as many criteria for the student loan early on.

Author Bio :- Neha Sharma is a finance student who loves writing about education loan and more. She is delighted to share her knowledge of loan for Indian education and loan for foreign education to the students who are interest in applying for a loan.

Total Views: 89Word Count: 470See All articles From Author

Business Articles

1. How To Choose The Best Granite Countertop For Your Kitchen & Bathroom
Author: Cory Frank

2. What Size Of Fire Extinguisher Do I Need?
Author: Ken mar fire Extinguisher company

3. How To Choose A Fire Extinguisher
Author: Ken mar fire Extinguisher company

4. Know The Role Of Marketing Consultancy Uae For Any Organization
Author: kari events

5. Why Do Transmission Line Projects In India Get Delayed?
Author: Sterlite Power

6. The Purpose Of Installing Wheel Stops On A Car Park
Author: Tony

7. Methods Marketing Companies Use To Lead The Industry
Author: Emilie Nicolas

8. 5 Facts Of Ebook Publishing You Need To Know Before Publishing
Author: Rohan gupta

9. Easy Publicity Through Lean Wastes Posters
Author: william

10. Marketing Company Info And Suggestions
Author: Emilie Nicolas

11. Buy From Pawn Shops But Safely
Author: FishPawnBroker

12. The World Of Translation Agency And Its Benefits In The Society
Author: davudobuya55

13. The World Of Translation And Its Benefits
Author: davudobuya55

14. Drive Growth In Your Business With Employee Engagement Ideas
Author: Aashna Aneja

15. How To Open A Pawn Shop Legally
Author: FishPawnBroker


Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: