Here’s how you can ease the burden of higher education loans


Higher education – especially vocational courses – is not only expensive, but the higher than normal rate of inflation will also cause your ability to pay to be lost by the time you or your child is admitted. So, many aspirants have to borrow to fulfill the dream of higher education in the desired courses of the best institutions.

The devaluation of the rupee makes higher education in foreign universities even more expensive, which requires more funds.

However, besides student loans, there are also other ways to finance your higher education, which would eliminate or reduce the need to borrow.

“These days, higher education is expensive. Students often have to rely on loans to finance their studies. It is therefore imperative that they learn how to plan and manage their finances so that they can repay these loans without it being overwhelming for them and be Atmanirbhar in the truest sense,” said Prashant A Bhonsle, Founder of Kuhoo Fintech .

Bhonsle lists some steps students can take to make their planning effective and move closer to financial independence:

Assess your financing needs and future income potential

The 3 important sources to finance your higher education:

  1. Savings/ Investments
  2. Scholarships
  3. Loans

It is important to have a rough estimate of your financial needs which may include tuition and other expenses such as accommodation and supplies. The gap between available funds and your needs can be bridged with a loan. You should consider a realistic approximation of your future earning potential after completing said course, to ensure that you are able to pay the EMI on your student loan.

Be on the lookout for work opportunities to supplement your income

Whether or not you can afford your monthly loan repayments, it’s always better to make money in the present than to rely on your future potential. Therefore, one should take advantage of the multitude of internship/project/part-time teaching job/research assistant job opportunities not only to earn money, but also to improve your expertise in the field of your choice. Many masters/post-graduate programs around the world offer these options to help ensure that ambitious students are not hampered by financial constraints.

Make sure you choose the right loan perspective

Choosing the right financial product requires research. In making this choice, you may want to consider parameters such as interest rate, moratorium period, consolidation options, and repayment plans. The best option would be sources that offer the lowest annual fees per lake of loan amount disbursed, have the longest moratorium periods, and have shorter but more spread out repayment plans.

New era Edu Fintech companies like Kuhoo enable students to take out loans without collateral or co-borrowers through simple, fast and end-to-end online processes.

Out of 100 eligible students in our country, only 27 enroll in higher education. Compare that number to 77 in Russia and 84 in the United States. Since the cost of education is one of the main reasons for this drop, Kuhoo has created Atmanirbhar loan products for students who choose to study in India.

At the end of the line

In conclusion, being prepared in advance can save you a lot of emotional and financial turmoil. Conventional wisdom says don’t take loans, but some loans are good.

There are three distinct advantages to taking out student loans, even if your parents/family can afford the education costs:

  • Take own responsibility
  • Saving your parents’ retirement money
  • Build a positive credit history and score while studying, which helps in getting cheaper loans in the future

“Therefore, be judicious in your planning and diligent in your execution to build yourself a successful and financially independent life,” Bhonsle said.


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