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Education loans are a boon for students who wish to pursue their post-graduation but do not have money to pay their higher education costs. In recent years, education loans have succeeded in helping millions of middle-class and higher middle-class students in their quest to pursue their higher education dreams.
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4 tips to get an attractive education loan for MBA education
Education loans are a boon for students who wish to pursue their post-graduation but do not have money to pay their higher education costs. In recent years, education loans have succeeded in helping millions of middle-class and higher middle-class students in their quest to pursue their higher education dreams. This is because education loans have become more accessible. For instance, a student who intends to become a business executive relies on an education loan to cover their MBA education costs as it is more convenient than other methods. To help such students, we have come up with an article on 4 tips to get an attractive education loan for MBA education.
Estimate your higher education expenses to the last penny A student should calculate their higher education expenses thoroughly. They should calculate the total tuition fee of their MBA course. If they have to relocate to a different city from their hometown then they should calculate the costs of traveling to that city and live there for the duration of their course. They also need to calculate the mess expenses, the books, and stationery expenses. Apart from that, the costs of appearing for course exams, the library fee, the costs incurred in developing the capstone projects, and so on. A student should adjust these costs according to the inflation changes, and if they are planning for overseas education then adjust the same for volatile FOREX rates.
Check the different education loan schemes of different lenders Lenders often offer two types of education loans to students. The first type is for students who get admitted into prestigious MBA institutes. They get education loans of higher principal amounts and lower interest rates. While the students who get admitted into regular MBA colleges—the second type—get education loans of average principal amounts and regular interest rates. A student should compare these different schemes of different lenders, and decide on the one that offers the best education loan for MBA education with attractive benefits to accompany it.
Compare the interest levied on the education loan during the course period itself Not every lender would charge the same interest rate on the education loans that they offer you for your further studies. Since there is no rule stating that every financial institution has to follow a fixed interest rate, this could vary from lender to lender. This is why it is very important for you to be comparing the interest rates that lenders are offering you before you choose a loan plan for yourself.
Negotiate for a shorter repayment tenure Lenders do not expect a student to repay the education loan in a lump sum amount. They offer the student a choice to repay the education loan through easy EMIs in a certain number of years. This period is called the repayment tenure. Negotiate the repayment tenure such that you clear off the loan as fast as possible. The shorter the repayment tenure, the more you save money. But let the EMI of the loan be within your financial reach every month. To help with EMI calculation, use an education loan EMI calculator.
