Basics of Education Loan and What to Do When You Canít Repay It
Posted by sunny on June 9th, 2021
We have always been told that education is everything. No matter what your definition of success is; whether it is getting a high-paying corporate job or a low-key life of living in the mountains with animals, education is inevitable for survival. That said, availing of education is a privilege that is not enjoyed by all. It is expensive particularly if you want to pursue it from a revered institute. Enter education loan!
What is an education loan?
Just as the name states, an education loan is money borrowed by a student or a parent from a financial institution for pursuing education. Education loans are available for a variety of courses including under graduation, post-graduation, overseas studies, vocational courses etc. For getting an education loan, not only must the applicant fulfill eligibility criteria but might also be required to keep an asset as collateral.
Why opt for an education loan?
What can you do if you cannot repay your education loan?
Before you apply for education loan, it is very important to know what happens if you default or are unable to pay your dues on time. Your future depends on education, education depends on the loan, and thus knowing about all the outcomes is a no-brainer.
If under any circumstance, you are not in a position to repay your debt, contact your provider and work on a feasible solution.
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Joined: April 30th, 2021
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