| Student Loan and It’s Role in Education |
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Many qualifications are imposed before sanctioning the
student loan. Government also frames rules and regulations with regard to the loan amount to be sanctioned. It depends on the level of income earned and the financial background of the student. It is relatively easier to repay the principal and the interest amount of these loans when compared to the other loans.
National and International Student loans are available in plenty to help the students pursue the education of their choice as they are unable to bear the hefty amount of fees charged by the educational institutes. Majority of these loans are sanctioned by the banks with lowest EMI and the interest. Federal Loans are hassle-free to be obtained and it is not sanctioned by the Government to all the students. Next option is to go for Private loans which are provided by the educational institutes or the Companies.
Consolidation Loans are also available wherein the rate of interest is determined by taking an average of all the interest rates of the student. This considerably reduces the overall rate of interest. In many Private loans offered by the Banks and other financial institutions, concessions are offered in the form of repaying the principal amount before time and getting waiver of the interest. Student Loan Default is the amount of loan which the students are not in a position to repay due to the excessive amount of borrowings beyond their strength. They are also handicapped in finding a good job after their education. This leads to default student loan and there are legal ways to get rid of this problem.
Sources available to obtain these student loans are plenty. They range from Government loans, bank loans and other private loans from the University/colleges. Loans can also be obtained in the form of scholarships, grants and bursaries. Bursaries are given to the students who are in the urgent need of finance by the alumini and other organizations. They encourage the students who experience the unexpected financial crunch.
There are also
continuing student loans available for the students already having a degree. These include loans to pursue diploma and other certificate courses. Loans are also provided to the students for their personal and professional career development. But unlike other loans these loans are not very easily sanctioned and most of these are school funded loans.
Majority of the students earn while they learn to reduce the burden of their loans. They also meet out their daily expenses, tuition fees, book fees from their part-time income. They work as tutors and coach the subjects in which they have an expertise knowledge and skill. Students also approach their school desk and work part time in the school office as clerk, library assistants etc. Outstanding students apply to the Government for Scholarships, Grants and Fellowships to meet their hefty college expenses. Tax relief is also available for certain student loan. This is specified by the Bankers at the time of obtaining the loan. Students can enjoy the rebate for eligible expenses towards education.
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As important as education is in today's cut-throat, global economy, many students do not pursue their cherished goal of a quality education due to lack of resources or a fear of the student loan application process.
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