With time the cost of education has gone up. Every student is not lucky to come from a financially well off family. There are many students who do well in academics but belong to poor family or a family where it is difficult to get one day meal. Hence these students have to take up job prematurely and this leads to end of promising talents.
Lending institutions want to support youth in higher education and make student loans more easily accessible than other loans such as mortgage loans or business loans. Of course in the end they make plenty of money off the loans as they are paid back. The pay back is made palatable and a student can have an extension once as, often the first year out of school, jobs can be difficult to find in the particular field studied.
Many nationalized banks have various education loan schemes for students. Education loan is given for pursuing higher education in India or abroad where admission has been secured. Loan covers fees payable to college/school/hostel, examination/Library/ laboratory fees, for purchasing of books/equipment/instruments, caution deposit/building fund/refundable deposit (maximum 10% of tuition fees for the entire course), travel expenses/passage money for studies abroad, purchase of computers considered necessary for completion of course and any other expenses required to complete the course like study tours, project work etc.
Tags: loan
August 5th, 2008 at 10:08 pm
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