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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SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

State Bank of India, country’s largest lender offers several types of educational loans for higher studies in India and abroad. The bank’s Student Loan Scheme, Scholar Loan Scheme, Loan Scheme For Vocational Education And Training and Central Scheme For Interest Subsidy are among the various loan schemes that are available for students. Education loans are tax effective as interest paid for an education loan qualify for tax deduction under section 80E of Income Tax Act. Here are all the details like eligibility, duration, security, repayment that you need to know…

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Here Is The Real Reason Why The Interest Rate On Education Loans Is Always So High

Here Is The Real Reason Why The Interest Rate On Education Loans Is Always So High

There are many reasons why the interest rate on education loans is so high as compared to a car or property loan. But, don’t worry, there are some privileges through which you can save a part of your hard earned money. But, before that, here are some calculations to keep in mind to get a better idea of the bigger picture. Know If You Are Eligible For Taking The Loan You should be a resident of India. You should have secured an admission at a reputed institution for a particular…

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Goodbye to low interest rates on student loans

Goodbye to low interest rates on student loans

Families have been benefiting from historic lows on student loan interest rates. But that will change this fall. As the result of the Treasury Department’s auction of 10-year notes on Wednesday, interest rates on federal student loans will rise by seven-tenths of a percentage point. The new rates will take effect July 1 and are only good for loans taken out to pay for the 2017-2018 academic year. Undergraduate students can expect to pay 4.45 percent in interest on new Stafford loans, instead of the current 3.76 percent. At that…

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Interest Free Student Loans to boost Higher Education in Bihar

Interest Free Student Loans to boost Higher Education in Bihar

Bihar government under Chief Minister Nitish Kumar has launched multiple programmes to boost higher education. Part of the Chief Minister’s key plans for upliftment of the state and improving the level of higher education in the state, the plans include initiatives like providing interest free student loans of upto Rs 4 lakh through student credit card for the aspirants to pursue higher education. Another major plan is to provide monthly allowance of Rs. 1000 to students who drop off in order to support their families. These sops are aimed towards…

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Did you know: Interest on education loans is tax deductible

Did you know: Interest on education loans is tax deductible

Getting educated in a premier institute is a costly affair. Course fees and other expenses can be in lakhs of rupees, and many parents or individuals may not have such amounts of money. For instance: it would cost about Rs20 lakh to complete a postgraduate programme from the Indian Institute of Management, Ahmedabad, one of the country’s best management schools. Those who don’t have ready cash to finance higher education, can opt for education loans. The advantage of these loans is that they can be repaid after the borrower, or…

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`Poor` students may get education loan at 4% interest

`Poor` students may get education loan at 4% interest

Government is planning to provide education loans at four percent interest rate to help students from weaker sections of society to pursue higher studies. Discussions are on between the HRD Ministry and the Planning Commission on this innovative concept, which is seen as a significant initiative of the UPA government. “It (education loan at four per cent proposal) is at a preliminary stage. We have discussed this idea with the Planning Commission and it is supportive,” HRD Minister Kapil Sibal told a news agency. This loan will be provided by…

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