Are Education Loans Helpful in Pursuing Higher Education?

No individual or society progresses sans education. This belief has always stressed on the need to provide education to our children and encourage them to pursue and compete their higher education. Talking about modern times, the school or college fees are increasing at a significant rate. The rates of books, stationery, tuition fees and other educational expenses often seem to be going out of the pocket of students’ families.

Lack of finances is considered as the major factor that causes students to quit schooling or restricts choosing a course of their choice. It is important to understand that it is not necessary that such situations may arise in any family irrespective of their economic backward. While lower income group families obviously suffer when it comes to finances for education, even many well-to-do families have their own limitations about arranging funds for their children’s higher education. That is why many families in India are opting for educational loans so that they can pay for education related finances. These loans aid students in completing their higher or specialized education which would not have been possible otherwise. Here are some of the evident benefits of educational loans that are the right solutions for financial needs for higher studies of Indian students.

1. Allows You to Pursue Higher Education – With no support to pay for their higher studies, Indian students in India often consider quitting their education in the middle. That is the reason why many students do not study beyond class 12. But the rising number of education loan schemes in India have encouraged the students to continue their education. Students can apply for education loans by different banks and institutions.

2. Keeps You Away from the Stress – Education Loans may not qualify in the league of scholarships but they definitely ease out the excessive pressure mounting on parents. In case of Scholarships, either full-fledged ones or micro scholarships, the amount spent on students’ education and other related needs is not paid back. But in case of education loans, the applicant needs to return the amount with interest. Yet, we must admit that education loans do succeed to a great extent in keeping the stress away from the parents. We all understand how stressful it could be if your ward is unable to get admission due to dearth of finances.

3. Suitable for All Students – Unlike scholarships that is awarded to students based on merit, means or talent, education loans can be applied and availed by each and every student. Though, there are some online scholarships in India that are suitable for all the students irrespective of their academic excellence. Like Auro Micro Scholarship Programme by Sri Aurobindo Society that promotes incentivized learning. This micro scholarship allows each and every student of the class to successfully attempt the quizzes and become eligible for the Micro Scholarship amount. Students attempt quizzes on mobile-app and win a maximum of INR 1000 per month.

Education loans is meant to cater to the financial needs of the students and is not limited to any talent or merit. Students who want to achieve their career goal and study abroad or within the country can apply for the loans. Thus, education loans are suitable for all students irrespective of the fact whether the child is academically excellent or not. Obviously, the bank ensures that the loan amount is issued on the basis of financial background of the student and the ability to repay.

4. Customized Loans – Many banks in India offer customized loans to the students. Banks understand that different students have different education loan requirements depending upon their choice of institution or the foreign university where they want to pursue their education.

5. Doorstep Services – We often hear families running from pillar to post to arrange funds to support their child’s education. In case of education loans, many banks understand parents’ problems and keeping customers’ comfort as their priority, banks offer doorstep services. Banks also ensure quick disbursal of funds to avoid any kind of unpleasant circumstances and to make their customer’s experience further smooth. Hassle free access to education loans help students to pursue their higher education