Congratulations ! You finally got into a professional college. After months of waiting, months of Preperation for your Entrance Tests and general anxiety, you got through. Now that you have got admission into a Professional Course all you have to do is figure out how to pay for it. If you’re like most people, the idea of paying for Professional college Education out-of-pocket isn’t even close to reality. The cost of education rises every year – much faster, most likely, than money accumulates in your bank account. Today, hefty student loans are an unfortunate fact of life.However, you need not worry. There are lots of Student Loan Options and Student Loan Schemes being offered by various Banks and Institutions. Here are a few Student Loan Resourses which may be of help to you. We have Listed down the Banks offering Student Loans, Various Student Loan Schemes being offered by them, Eligibility for Student Loan, Documentation required for applying for a Student Loan and related information. This Service is being offered free.Education loan portfolio of banks, which saw a growth of about 30-40 per cent in 2007-08, is set to witness a growth of about 40 per cent in 2008-09, according to senior bank officials.
Abroad Education Loan
International education is booming! Last year more than 720,000 international students came to the USA to study in US universities and colleges, a record number; and more than 270,000 US students studied abroad, also an all-time high. However, studying abroad often requires financial assistance for extra expenses such as travel, accommodations and materials, which can make it a greater financial commitment. International Student Loan is here to help, by offering access to a range of international student loans, foreign-enrolled loans and study abroad loans to international students and Canadian students in the USA and for US students studying abroad around the world. Now, finding a loan is easier than ever! Simply use the comparison tool above to find the appropriate international student loans, study abroad loans or foreign-enrolled loans. Students can now evaluate their options side-by-side and begin financing their education overseas.
Thousands of Indian students dream of studying abroad in the world highly ranked universities. One of the most prominent hurdle in doing so is huge tuition fee in foreign universities and colleges. Students in India can overcome this hurdle by applying for the education loans in the Indian banks. Indian banks offer education loans for studying abroad which include travel, tuition fee and other related expenses on easy terms. Below is the list of banks in India which offer education loans for studying abroad.
Axis Bank's Study Power aims to provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
We believe, given the right tools and aid every child has the potential to be successful. Our education loans aim to be the very tool that will enable them to reach their goals in life. No more would a deserving student have to give away their pursuit of dreams due to lack of money. Our student loans will ensure that worthy students are empowered to take their destiny in to their own hands. Our endeavour is to help the future of our nation in education and prosperity.
While scholarships and grants are gifts, study abroad loans must be repaid with interest. Nevertheless, you may want to consider taking out a loan if necessary. Remember, just like your education at your home school is an investment, your study abroad experience is an investment in your future with many benefits.
Loans can be federal or private. Some federal loans, but not all, are need-based. Federal loans are either subsidized or unsubsidized. If you are interested in using federal loans to finance your semester or summer abroad, visit your school’s financial aid department as soon as possible.You and your parents can also apply for a private loan for study abroad through banks and other organizations. Benefits of private loans include:
· Funds can pay for things like your airfare, the cost of living, and cultural excursions abroad.
· Interest from student loans is tax deductible.
With low interest rates and often no loan fees, private loans can be a good alternative to using high interest rate credit cards or home equity to pay for the cost of study abroad. Shop around for the best student loan deals.
Search for Study Abroad Loans
Must Ask Questions
· Is the loan private or federal? If it is federal, is it subsidized or unsubsidized?
· What is the interest rate?
· What are the eligibility requirements?
· Do I need a cosigner?
· Are there any restrictions on the funds? Can I use them for things like airfare?
· When do I start repaying my loans?
· Is there anything I need to do to defer payment of past loans while I’m abroad?
Tips for searching for loans
· Start your search early, at least six months in advance if possible.
· Shop around to get the best rates.
· While not all loans require a cosigner, it is a good idea to have one ready.
As the world continues to bridge distance with technology, students are increasingly aware of the need to gain an international education. Many employers are now looking for students with an international background—an advantage students gain when they study abroad.
Bankers attribute the healthy growth in the portfolio to the ever-increasing demand among the younger generation and the lower number of non-performing assets.
Banks have adopted various schemes to facilitate the growth of the education loan portfolio. Apart from tying up with several institutes and offering interest rate discounts, they also accord online sanctions and ensure speedy disbursal of the loan.
State Bank of India, a major player in this field, recorded a growth of 35 per cent in educational loans and grew by Rs 1,000 crore in 2007-08, Mr P. Nandakumaran, Chief General Manager, Personal Banking, SBI, said. “We plan to sustain the growth at 35 per cent this year,” he said.
Andhra Bank has set a target to grow by 20-25 per cent this year. The current exposure is at Rs 1,800 crore. “We have tied up with a number of universities such as ICFAI, IIBM and some universities in Pune. We offer some discount on interest rate for students in these universities,” said a senior bank official