Even as the number of students opting for higher education overseas grows annually, their abroad spending is set to rise from the current annual $28 billion to $80 billion by 2024, the latest 'Higher Education Abroad' report by consulting firm RedSeer estimates.
Here comes education loan into the picture, here are some reasons why people hate education loans, but they should not.
1. Employment insecurity - Undoubtedly, students and their parents might not see any point in taking huge sums as education loans for studies abroad when there is no guarantee of employment. But, quality education is a must and you should not have any second thoughts about pursuing it or not, for the sake of your bright future.
2. Higher rate of interest - Most people fear the fact that they will have to repay twice the amount of the education loan taken back to the banks over the years, but it is not true at all because, with an education loan, they get tax exemptions and other benefits as well.
3. Short repayment duration - The shorter the repayment duration, the EMI will be. But, look at the brighter side, you can quickly get rid of the education loan by repaying the loan faster. And, mathematically, you save more money when you quickly repay your loan.
4. Time-Taking Sanction Process - No doubt the process of education loan sanctioning is challenging and time taking, but, don’t you think, good things take time?
5. Banks don't sanction loans for all courses and universities - The ultimate purpose of obtaining high-class quality education abroad is to gain knowledge and exposure to speed up the process from academic growth to professional growth. So in some way, banks save you from pursuing unproductive higher education.
What are your opinions on this?
Submitted September 15, 2022 at 02:35AM by run_thetalk https://ift.tt/A8vwFcr
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