Education should be a right to all. However in many cases students are deprived from opportunities of higher studies because of inability to pay for the tuition fees. So in developed countries and even in developing countries there have been initiatives from different sectors to provide the students with study loans or educational loans. Education loans enable the student to pursue his higher studies.
This process has a long visionary benefit for the future. When a student goes for higher education, in reality that is national resource building. The student after studies not only pays back the study loan, but also is helpful in building the nations in several ways.
However there are certain terms and conditions to which the government or the financial authorities resort to before the loan is sanctioned. The student's previous educational and academic records are checked. If the student has taken any previous loans then it is scrutinized. The students who have good credit history easily get the student loan.
The school of entry also plays a role. If the student has enrolled to a professional course which has good employment opportunities after completion of the course then student loan grant becomes easy. Many a time the government also waives off the student loan or buys the loan from the financial authorities to provide the students some amount of relaxation.
There are millions of students worldwide who have made their career because they were able to get a student loan. The student loan often has a moratorium period and the loan interest rates are lower also. The pay back usually starts from the date of employment or the completion of the course which ever is earlier. However depending on cases and places these conditions may vary. There are financial agencies which provide only educational loan.
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