Studying abroad can be a dream for many students, but most of them are held back by the financial burden that comes with it. With education loans, students can get the financial assistance they need to fulfil their dreams. Whether one wants to study in Canada or any other part of the world, this loan can be of great help. Check out the popular myths about abroad education loan getting debunked:
Self-Financing is a Better Option
Many people come with the perspective that taking an education loan to study abroad will get them stuck in a vicious debt trap. However, this is far from the reality. Education loans are far better than self-financing as they provide financial flexibility that one may not get by putting in all of their savings.
The Loan Will Only Cover Tuition Fees
Education loans do not just cover the tuition fees but also many other expenses. A reputable loan provider often provides financial assistance for expenses like travel, rent, and other education-related expenses. By evaluating the terms of the loan provider, one can find an education loan that caters to their needs.
EMIs Quickly Begin After Taking the Loan
It is not true that EMIs begin right after taking the loan. Contrary to popular belief, the EMIs do not start until the moratorium period is over. Lenders offer a grace period which ends when the borrower finds a job or after graduation. This allows students to focus on their studies and repay the loan amount at their own pace.
Study Abroad Loans Do Not Allow for Scholarships
Scholarships are a great way to reduce the financial burden on the students. However, many students think that scholarships and education loans cannot go hand in hand. Instead, both of these complement each other. Students can utilize education loans to pay for the remaining expenses.
These were some of the most common myths about education loans for abroad debunked. One should not believe these myths and let them hinder their education journey.
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