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4 Myths Of Education Loans Debunked
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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.
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