Education Loan
is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. This article highlights the differences of the student loan system in several major countries.
Types of Education Loan
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Domestic Education Loan:
For educational courses within the geographical limits of the country.The borrowers have to meet various eligibility criteria and the lenders will approve the loan if the student has got a secured seat in an institute that meet the requirements of the lenders.
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Study Abroad Education Loan :
For educational courses outside the geographical boundaries of the country.Like domestic education loan, the borrower should get a secured seat in a college or university among the list of the eligible educational institutions to approve the loan.
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On the basis of course of education:
The financial institutions also provide loans on the basis of course type the borrower selects. The following are the types of course based education loans:
Graduate Student Loans:
Undergraduate Education Loans:
Professional Education Loans:
