Name: Education Loan Pitfalls: Key Mistakes Students Make And How To Avoid Them
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Education Loan Pitfalls: Key Mistakes Students Make And How To Avoid Them

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While taking education loans, many students inadvertently make mistakes, which can impact their financial future. Rising educational costs in India (inflation rate of 11-12 per cent), have made education loans a crucial financial instrument for many families. However, mistakes in loan acquisition can lead to long-term financial stress.In short, students should do proper research, carefully go through loan terms, avoid over-borrowing, and plan repayments meticulously, and consider early interest payments before entering the moratorium period.Rohit Gajbhiye, founder of edu-fintech startup LEO1, emphasises the importance of starting the loan application process early contrary to the popular belief that student education loans are easily accessible after admission. He says: “It can help reduce undue stress as fee deadlines draw nearer. Providing accurate and complete information during the application process is an absolute prerequisite. Neglecting necessary documentation not only leads to delay in the loan process, but also increases the likelihood of rejection by lenders.”

While taking education loans, many students inadvertently make mistakes, which can impact their financial future. Rising educational costs in India (inflation rate of 11-12 per cent), have made education loans a crucial financial instrument for many families. However, mistakes in loan acquisition can lead to long-term financial stress.In short, students should do proper research, carefully go through loan terms, avoid over-borrowing, and plan repayments meticulously, and consider early interest payments before entering the moratorium period.Rohit Gajbhiye, founder of edu-fintech startup...

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Education Loan Pitfalls: Key Mistakes Students Make And How To Avoid Them

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