What If You Get Interest Free Education Loan?

By Author: Amit Dhakar
Total Articles: 45
Comment this article

As more and more students are moving out with their undergraduate degrees every year, the value of such under grad degrees is getting low. These day, under grad pass out students are failing to grab their desired profiles and packages. In such a scenario, people usually opt for education loans and succumb to their high interest rates for an age old time. But what if you get an interest free education loan? A scholarship pose as an interest free education loan- the absolute solution for students, saving them from education loans having high interest rates.

Forget about high interest rates

Considering the kind of education system prevailing in our country, only a handful of students via some reservation quota system somehow manage to get a post-graduation degree. Not so well-off students from the minority groups manage only till the undergraduate level and then resign from going ahead with higher studies. Education loans can never be their solution due to their sky high rate of interest. A scholarship becomes an interest free education loan for such students and they can easily escape the high education loan interests.

Hurdles ...
... in getting education loan

Of course you have several banks offering you education loans, at any point of time. But at what cost? You get indebted to a loan with a rate of interest as high as minimum of 10% and that too for some a decade long time. The scenario is same with almost all the banks offering education loan with too high interest rate no matter how meritorious a student is. The tenure of repayment is usually between 5 to 10 years, which makes the repay formalities complicate and tiresome. Students get stuck with the tension of loan repayment and are unable to concentrate on studies. A scholarship pose as an interest free education loan and becomes more favorable in such circumstances.

Nothing easier than getting a scholarship

Nothing is easier than getting a scholarship sanctioned. 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 or have achieved high in any particular set of skills. Just for academic grades, you get scholarships on sports and art skills as well. Make sure that you have copies of certificates when asked to produce documental evidence against your academic, art or sports excellence.

No pay back policy

There is no payback policy for any scholarships. You never really need to pay back the scholarship amount sanctioned to you. A scholarship is credited to a student to acknowledge his or her years of hard work for academic, art of sports excellence. A scholarship is granted to you considering your merit exempting you from any king of repayment thus you escape the education loan interests in the best possible way.

Bonus point on your resume

Getting a scholarship sanctioned itself is like a bonus point to your profile. It’s like adding a feather to your hat that confirms your excellence in a particular field of academics, art or sports. It not helps you to get through some of the top educational institutes in the world but also earn some high 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.