An education loan for students is becoming one of the most preferred ways for aspirants to cover the cost of further studies. Unfortunately, there is a misconception that these loans only cover the course fees leaving a long list expenses to be covered by the students.
To debunk this myth, the following article will highlight 5 of the bigger costs, besides the course, that most student loans will cover.
1. Entrance exam fees Most higher education courses will require you to appear for an entrance exam. Most of these entrance exams will have a fee and sometimes you might have to take the entrance exam multiple times. The fee might not be much but it helps to have a lender that covers these costs if need be.
2. Travel & visa expenses If you’re looking to pursue a course overseas, you will need to book flight tickets and get your visa done. The price of international flight tickets has come down but they are still very expensive. Keeping this in mind, most of the better lenders will offer an education loan for students that will cover this cost for you. Besides for the flight tickets, some lenders will also cover the visa fees and proof of funds for the same. You might think these won’t cost you much, but in some countries the proof of funds can easily go into lakhs!
3. Living expenses If you’re moving away to study, be it in India or abroad, you will need to find a place to stay. Keeping in mind that the cost of renting a place is becoming expensive, paying this amount every month can become very taxing. This is why an education loan for students from one of the better lenders will offer to cover your living expenses too! This can be very helpful if you’re on an especially tight budget when it comes to financing your further education or if you find it hard to find a well-paying part time job.
4. Projects, thesis & educational tours During the course of your education, you might have to submit projects or theses. These might require you to spend some money. If your part-time job does pay enough to cover these costs, you could turn to your education loan to take care of them. Then there are educational tours which are bound to cost you money, if in India, this is still easy to cover. However, if you’re abroad the cost of an educational trip or industrial trip will be harder to cover.
5. Cost of books or a laptop You might be required to purchase a laptop or books or study material to pursue your course. You can cover these costs of these purchases with an education loan for students. Most lenders will offer to cover this cost. If you think that any of these costs will be an obstacle in your further education journey, remember to look for a lender and loan that offers to cover them for you. We hope this article has been helpful, good luck and all the best. Study hard!