BENEFITS OF AVAILING AN EDUCATION LOAN

ADVANTAGES:

Access to Higher Education: One of the most significant student loan advantages is that it enables students to access education that might otherwise be unattainable due to financial constraints. 

Elasticity of payment: Overseas Education Loan comes with elasticity of repayment in comparison with other types of loans. Many lenders provide grace periods, where students do not have to make any payments while they are still in school or for a few months after graduation. 

enhanced Credit History: acquiring a student loan helps in enhancing  credit reputation. For international students, building a good credit score can be essential, especially if they plan to stay in the country where they study or want to apply for other loans in the future. 

Additional Support Beyond Tuition: Student loans often cover more than just tuition. Many international students struggle to meet the costs of living in a foreign country, which includes accommodation, textbooks, and daily expenses. This financial aid can be particularly important for students living in cities where the cost of living is high.

Favorable Interest Rates: Another significant advantage of student loan advantages is the relatively lower interest rates they offer compared to other types of loans, such as personal loans or credit cards. While interest rates on student loans may still be a financial burden, they are often more manageable and come with the added benefit of being designed with students’ specific needs in mind

DISADVANTAGES

International Student Debt Can Accumulate Quickly: One of the most significant loan drawbacks is the accumulation of debt. 

Complicated Loan Terms: The terms of loans for international students can be complicated, especially when dealing with private lenders. Interest rates may vary based on the student’s country of origin, the institution they attend, and other factors. 

Limited Financial Aid Options After Loans: Another loan drawback is that taking out a loan may reduce a student’s eligibility for other financial aid options. For example, many universities and countries offer need-based scholarships and grants to international students. However, once a student has secured a loan, they may be considered less in need of additional financial aid. 

protracted Financial Consequences: the major concern is the longest duration of the repayment. Many students underestimate how long it will take to repay their loans. High debt levels can delay important life milestones such as buying a house, starting a business, or saving for retirement. 

So, Dear students, why delay; contact us and get financial aid along with the application process.