tudents often take education loans to study abroad. It helps to pay the tuition fees and takes care of major expenses like living. However, many people often drop the plan of studying abroad because of a few popular myths about student loans. On the contrary, it is one of the best-suited options to fulfil one’s dream of pursuing their career. 

Here is a guide to clear every doubt regarding myths about student loans,

  1. Worry too much or do not worry at all about paying the loan – Depending on the interest rate one has secured, a student can pay the loan in instalments. Usually, there is a six-month grace period after completing the studies. Many people secure the job first and start paying off their loans. However, others choose to get a part-time job and start repaying to the bank. Hence, this is one of the myths about student loans that people do not have to worry about.

  2. Takes a lifetime to repay the loan – One of the most common myths about student loans is that the process of repaying it takes a lifetime. However, many want to believe this hoax, it is not the truth. Students can divide the amount into instalments and pay according to their salary and convenience. It does not take a lifetime and prevents pressure build-up.

  3. Interest rates are not fixed – Among popular myths about student loans, this one prevents many students from following their dream. Several people do not know that the loan interest rate includes fluctuating interests too. When a student takes out a loan, it allows them to fix an interest rate, depending on the past debt, that would continue until the person repays every penny.

  4. Borrow the maximum amount while securing the loan – This is one of the biggest myths about student loans. A lot of people go into the idea of securing as much amount as they can and forget the fact that one has to repay it. It might seem to lure at first; however, it can feel like a burden later. It is also not a sound financial decision. Experts suggest taking into account factors like future salary and assets while considering a loan for education.

  5. Only well-off or wealthy people should consider education loans – Despite this being among the famous myths about student loans, anyone can apply for an education loan to fulfil their dreams. If a student is not that well-off, they can simply apply for scholarships and grants and take an education loan for the remaining amount. In such a case, the borrowed amount is less, making it easier for the student to repay.

  6. Putting bling faith in the advice offered by executives providing loan services – Many executives at the bank do not have an in-depth idea about the requirements of a student and their family background. Therefore, one must be cautious while considering an education loan. Students must gather all the information and take advice but choose what fits right in the present and future. 

Why choose Sharda University?

Sharda University in Greater Noida is one of the prominent institutions in India where students from abroad like to apply for the course of their preference. While you are fussing over the myths about student loans, you can check out the fee structure of the course of your dreams. The institution is renowned for quality education and good career opportunities without charging a hefty amount. Make your dream come true at Sharda University. 

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