Banks and financial institutions do give education loans half-way through the degree course or in between semesters. Though the procedure, eligibility and education loan interest rate would be largely the same as in an ordinary education loan, you may have to check with your bank for specifics. You may have to submit extra documents proving that your expenses have increased owing to a hike in tuition fee or living expenses, though, to get the education loan sanctioned. However, you must always try to follow certain guidelines to protect yourself from such unexpected scenarios. Prevention is always better than cure.
Students Should Choose Their Course Wisely to Avoid Mid-Way Changes
Students need to be very clear in their mind about what exactly they wish to study. As there are a plethora of courses being offered by various universities and colleges, it can be very confusing. So, the students should discuss this with parents or education counsellors before applying for an education loan. Dropping out of the course mid-way can prove to be expensive, especially if you have taken an education loan. Even changing a course mid-way can have adverse effects on your education loan. However, if you have not taken a loan in the beginning and find out after joining that you will be unable to afford the expenses, you always have an option to take an education loan in India, or even for studies abroad, as most banks do consider such requests positively. Though education loan interest rates are lower compared to personal loans or other loans, you still have to pay an interest on the loan, and dropping out of the course mid-way could mean that you lose the entire interest. Remember that you usually have to start repayment of the education loan interest immediately after the disbursement of the loan, and you get no moratorium on the interest portion.
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Students Should Be Clear About Adjusting with Local Weather and Social Conditions
This is an important aspect to consider, as it has been seen that many students take loans to study abroad, but return mid-way because they were unable to adjust to the inclement weather conditions or the social culture. Consult education loan providers or professional education counsellors to get a better picture about the locational conditions of the place where you wish to pursue your higher education. This is important because a substantial chunk of your loan may be going towards living expenses, and if you can’t adjust later on, you will stand to lose a lot.
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