As there is a hike in the tuition fees at many schools around the world, the parents have been facing financial difficulties to fulfill their children dream of pursuing higher studies. Most of the time the choices are made without expert guidance that can hamper the family’s financial future. As they might face problems while the repayment of the loan which will lead to the burdening of the study loans. According to a survey the number of students who have been applying for the educational loan for abroad studies has increased considerably since the last two decades. The education loans that are given to the students who aim at higher education particularly focus on the needs of the education and the related expenses. Hence, it is always better to take an education loan because there are available at affordable interest rate which can be as low as 12.75 %. Also processing fees and the admin charges over these loans are mere 1-2% of the loan amount. Educational loans for abroad studies are given by the various banking and non-banking institutions. They require long term commitment of around 10 -12 years. Hence, you take a student loan you should be well read about the term and the conditions of the lending institutions. Always you should plan your repayment strategy to avoid the burden of the loan. Here are the ways one can plan the repayment strategies to complete his/her course peacefully without feeling burdened about the loan he has taken. Learn the basics of the budgeting from experts or counseling: To fight with the high cost of the educational loans the students and the parents need to learn about the prolonged approach of budgeting the study loan. If they have planned accordingly well in advance and also have cut short their expenses then they won’t hamper their monthly budget. The lending institutions that give loans understand the bigger picture and the long term commitment that is needed. The experts will provide you the guidance about small savings can increase your financial flexibility. Take up a part time job: In other countries the standard of living is high, so the expenses are relatively high than India. So to manage with the expenses it is always better to take up a part time job for a side source of income. This will help you save a lot of money which can lessen the stress of the loan you have taken. So you can manage your expenses on your own. The lending institutions offer payment strategies that make payment for the college affordable and easier: The financial experts of these banking and the non-banking institutions tell about the various loan repayment solutions where the student and his family can work on. These solutions are cost effective and make the repayment easier. They can help you out with the following points:
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