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Why Should You Opt For A Scholarship Over An Education Loan?
We take help of scholarships for higher education as it is higher education is so very expensive. Lakhs of students passing out with undergrads degrees have brought down the value of the same quite low and they end up with the unwanted job profiles and unappealing packages. That’s why we take to the scholarships which come as a great option when we can’t avail education loans having high interest rates.
Sky high education loam interest
The present scenario of the education system in our country is such that students who belong to the minority groups manage only till the undergraduate level and stumble when willing to get higher education as it is so expensive. They back out from taking education loans due to their sky high education loam interest. Scholarship acts as an interest free education loan to such students.
Hurdles with higher education loans
With the present scenario which isn’t favourable for education loans for all, students take help of scholarships in order to avoid the high education loan interest. Most of the banks offer education loan interests too high to be afforded by the ...
... not so economically well off yet meritorious students.
The predominant disadvantage of an education loan is its interest rate which is often too high. Any form of loan needs to be paid back with an additional amount which is calculated by adding certain percentage of the original principal. In addition to this, the tenure of repayment can remain between 5 to 10 years. Thus the repay formalities complicate the matter and you get stuck in it for a period more than the period of your higher education’s academic session. A scholarship oran interest free education loan gets appreciated more in such a scenario.
An interest free education loan is a seamless process to get your higher education financed. Interest free education loan, involves various scholarships available for the meritorious students. Getting a scholarship granted is easier than getting a higher education loan being sanctioned. All you need to make sure is that you have consistent high grades all throughout your academic sessions. You need to keep copies of the certificates and mark sheets handy when asked to produce document evidence against your academic excellence.
No pay back policies
The best part of scholarships is that you never really need to pay back the scholarship amount. A student earns a scholarship in lieu of years of hard work for academic excellence. A scholarship is granted to you considering your academic merit and without any further conditions of repayment.
Adding a feather to your hat
Earning a scholarship itself is like adding a feather to your hat as it is a scholarship reflects ones academic excellence. Thus they are great add-ons to ones curriculum vitae. A scholarship not helps you to get through some of the premier educational institutes but also earn some sort of weightage to your career.
Author Bio :- Dr. Amit Dhakar, Ph.D. in education, is an expert in the education sector. But, he is driven to help students from all classes accomplish their fullest potential. It is no wonder that, in spite of his busy schedule, he writes useful articles about interest free education loans, higher education strategies and more.
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