What Happens If You Misuse Your Student Loans

What Happens If You Misuse Your Student Loans

Individuals can be legally prosecuted and face fines or imprisonment in financial aid fraud cases and instances of illegal borrowing. (Getty Images) Many college students make poor decisions with their student loan refunds – spending the money on noneducational purposes, such as spring break vacations and buying new clothes. Accounts of student loan misuse are easy to find – and usually don’t shock the Student Loan Ranger. However, we were surprised by one recently buzzed-about way to spend student loan funds: investing in cryptocurrencies. Such findings may be questionable, but many instances of student loan misuse…

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Education loan a boon, but interest rate a pinch: Students

Education loan a boon, but interest rate a pinch: Students

BENGALURU: While education loans help many students pursue higher education in the country, they are seen as a burden when it comes to higher interest rates. Rajesh Bhatt, who is pursuing M Tech in highway technology at the governmentrun Sri Krishnarajendra Silver Jubilee Technological Institute, is still haunted by the burden of an educational loan he’d availed from a nationalised bank while studying his engineering degree, though he has been managing to pay it off. “Without taking a loan it is not possible to study engineering even at a government college….

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Ministers under fire as student loan interest hits 6.3%

Ministers under fire as student loan interest hits 6.3%

The rate rise affects students who started after 2012. Photograph: Alamy Ministers are facing renewed criticism over university funding after an increase in student loan borrowing costs using a “flawed” measure of inflation. The interest rate on loans for students in England, Wales and Northern Ireland will rise by up to 6.3% from September, up from the current 6.1% for anyone who started studying after 2012. The change is a consequence of the increase in the retail price index (RPI) for last month to 3.3% from 3.1% in March a…

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How to Get Student Loans When Returning to School

How to Get Student Loans When Returning to School

  If you’re looking to advance your career or increase your earning potential, going back to school for a master’s degree or professional certification can be an important step. However, the cost of returning to school can be expensive. According to education resource Peterson’s, tuition at a public university totals nearly $30,000. A private university could cost you close to $40,000. If you don’t have that much money in the bank, and few people do, you’ll likely have to turn to student loans to cover the bill. How to get student…

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Are you paying education loan; here’s how you can avail tax benefit

Are you paying education loan; here’s how you can avail tax benefit

Among many categories of debt, education loan is one of them which helps students to accomplish their studies either in India or in foreign country. With this financial support, provided at low-interest rates, youngsters have been facilitated by the government to pursue their dreams. Here are key benefits of education loan, as per PolicyBazaar. Anyone can opt for Education loan to study in India for graduate, post-graduate, professional and/or doctoral courses/degrees.  Loan cannot be assigned to the student alone, the parent or guardian needs to be co-signor for the loan….

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7 Types of Student Loans Offered By the Department of Education

7 Types of Student Loans Offered By the Department of Education

Paying for school can feel like a huge burden, especially as the cost of college continues to increase. Even public universities — typically a much cheaper option than private schools — saw a 7.2 percent price hike during the 2015-2016 school year. With a higher education costing more than ever, finding affordable financing options is essential. One of the best places to start is the federal government. Department of Education student loans tend to have lower interest rates and more generous repayment terms than private loans, making them a smart way…

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India’s engineering graduates have loans to pay but no jobs – so who is clearing their debt?

India’s engineering graduates have loans to pay but no jobs – so who is clearing their debt?

  Four years after receiving his bachelor of technology degree in electronics and communication, B Jeyachandiran was forced to concede defeat. He had graduated in 2011 from the private Periyar Maniammai Institute of Science and Technology in Thanjavur, Tamil Nadu. He applied for engineering jobs but with no success. Between 2012 and 2013, he sold insurance in Chennai. The following year, he became a data-entry operator with a construction company in Thanjavur. But this job did not satisfy him and his salary was not enough to repay his education loan….

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Auxilo Finservice targets ₹50-crore education loans in 3 months

Auxilo Finservice targets ₹50-crore education loans in 3 months

HYDERABAD, DEC 22:   Mumbai-based Auxilo Finservice Private Ltd, a new NBFC on the block, is all set to begin disbursal of education loans. “We are now commencing loan disburals from Hyderabad and Mumbai. Before March 31, 2018, we will expand to Bengaluru, Chennai, Delhi and Pune,’’ Neeraj Saxena, Chief Executive Officer, told newspersons here. Target In the next three months, Auxilo hopes to disburse ₹50 crore and is targeting to lend ₹350 crore by the end of the next financial year. During the financial year 2016-17, eduction loans totalling ₹20,000…

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Rising NPAs in education loan add to banks stress

Rising NPAs in education loan add to banks stress

Education loans too have started bleeding the banking sector with the default in repayment rising to 7.67 per cent of the outstanding amount at March- end, 2017 from 5.7 per cent two years ago. As per the data compiled by the Indian Banks Association (IBA), the total outstanding education loan at end of the fiscal 2016-17 was Rs 67,678.5 crore, of which Rs 5,191.72 crore was NPA. The government is already struggling to deal with the problem of mounting NPA in the public sector banks and has drawn a mega…

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Rising NPAs in education loan add to banks stress

Rising NPAs in education loan add to banks stress

Education loans too have started bleeding the banking sector with the default in repayment rising to 7.67 per cent of the outstanding amount at March- end, 2017 from 5.7 per cent two years ago. As per the data compiled by the Indian Banks Association (IBA), the total outstanding education loan at end of the fiscal 2016-17 was Rs 67,678.5 crore, of which Rs 5,191.72 crore was NPA. The government is already struggling to deal with the problem of mounting NPA in the public sector banks and has drawn a mega…

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