Education is sometimes hindered by the non-availability of finance, then taking an education loan might help.
Before you decide to take an education loan to help finance your or your child’s higher education.
Take a look at some of the do’s and dont’s on Education loan:
Your loan is your responsibility. Don’t take a loan just for the sake of a degree. This loan should contribute to your overall development; for this, you need to choose your course wisely. Instead of any course, concentrate on courses with good job potential. Moreover, don’t opt for a course just because a loan is available as the institute may have tied up with some financial institutions that make easy availability of loan.
Don’t take top-up loans i.e., taking an education loan for graduation and then avail the top-up facility to complete their post-graduation. They should never do it as it increases further liability.
Taking the maximum loan available, irrespective of the repayment capacity is a mistake. You should only take loans that can be repaid by you or your child’s future salary.
Always keep in mind that only you have to pay back this loan.