{"id":6016,"date":"2022-06-30T12:23:48","date_gmt":"2022-06-30T12:23:48","guid":{"rendered":"https:\/\/varthana.com\/student\/?p=6016"},"modified":"2024-07-15T07:46:25","modified_gmt":"2024-07-15T07:46:25","slug":"a-guide-to-applying-for-a-loan-for-higher-education","status":"publish","type":"post","link":"https:\/\/varthana.com\/student\/a-guide-to-applying-for-a-loan-for-higher-education\/","title":{"rendered":"A Guide to Applying for a Loan For Higher Education"},"content":{"rendered":"

Educational Loan – An Overview<\/span><\/h2>\n

Education loans, also known as loans for higher education, are financial aids provided by the lenders (Banks, NBFCs, or other financial institutions) to help the needy but otherwise eligible students to pursue higher education at reputed professional institutes. It is designed to help students in covering the costs of college tuition, books, and living expenses. <\/span><\/p>\n

There are a variety of educational loans available today to integrate various budgets and students from different strata. More than 3.74 crore students across 993 universities, 39,931 colleges, and 10,725 stand-alone institutions enrolled for higher studies in 2019, and all of them are not from affluent backgrounds, according to the <\/span>paper<\/span><\/a> published in \u2018<\/span>Economic and Political Weekly<\/span><\/i>\u2019.<\/span><\/p>\n

Also, that degree from a reputed university may be your ticket to a dream job as well as the financial ability to repay the loan. A loan for higher education, unlike other forms of financial aid such as scholarships, grants, and stipends, must be repaid by the co-borrower, although with some ease than the other loans. Most of these loans are to be repaid over the course of a student’s education.<\/span><\/p>\n

Current Scenario<\/span><\/h2>\n

Some two decades ago, the question of how to fund higher education for their otherwise intelligent and desiring children was a major concern for middle-class families. There were a few government aids, such as scholarships, but they were insufficient. Gone are the days when a student had to go from pillar to post to borrow money to pay for his or her education. Today, we have the facility of taking out a loan for higher education, enabling deserving candidates to further their higher education.<\/span><\/p>\n

How does an education loan help?<\/span><\/h2>\n

In recent decades, education costs, particularly for higher education, have skyrocketed to the point where it is difficult for not only the middle class but also the upper-middle class to cover their educational expenses on their own. Thus, education loans are extremely beneficial to people who are financially strapped. A loan for higher education has made the distant dream of quality education a practical reality.<\/span><\/p>\n

These are the purposes for which a student can apply for education loan are:<\/span><\/h2>\n