Why you should apply for an education loan for USA institutes

 

The USA has always been the topmost destination for students from all over the world to pursue their higher studies from. As one of the most highly developed countries in the world, the USA has a higher standard of living that many aspire for, vast job opportunities that could help build a better future, and prestigious universities and educational institutions that provide world-class education.

If you plan on pursuing your further studies, and you want to do it from the USA, then it would be a wise decision to apply for an education loan for USA institutes. We have listed a few benefits of why you should apply for an education loan to help you understand better:



1.      Personal savings remain safe

Going abroad for higher studies costs a lot especially when the cost of education has increased substantially over the last few years. If you apply to a university in the USA without the help of an education loan, then you would require a huge amount of savings to help you bear all of the necessary costs that are involved in it. This could be a disadvantage if you do not have substantial savings to cover those costs. However, when you go for a study abroad loan, then you will not have to spend your entire savings. This is beneficial especially during the time of family emergencies.

2.      Your expenses get covered

There are many expenses that have to be borne by you when you go to the USA for further education. These expenses include travel cost, cost of accommodation, cost of study material, exam fees, tuition fees, and so on. When you apply for an education loan for USA institutes, then the loan amount that you get can be used to cover all of the expenses involved. The amount also comes in handy during an emergency.

 

3.      It creates a good credit score for you

One of the criteria of student loan eligibility is the ability of repaying the loan amount. When you apply for an education loan, the creditor will accept your application only after verifying your financial status. If you repay your loan with timely installments, then it would help in creating a good credit score for you. This is especially beneficial if you want to apply for a different kind of loan in the future. A good credit would mean quick sanction of your loan application.

4.      You can avail tax benefits on the loan

The interest that is levied on your education loan for USA universities does not get taxed as total income under Section 80E of the Income Tax Act. This could prove as a huge relief for you as you will not have to pay extra tax for your loan amount, which means you would be saving money on it.

These are some of the benefits that you can enjoy when you apply for a study abroad loan for your higher studies in the USA. We hope that this article helps you in understanding how helpful an education loan can be.



Original source - Why you should apply for an education loan for USA institutes

Comments

Post a Comment

Popular posts from this blog

How to calculate your MBA education loan EMI value?

Image
  Do you want to earn an MBA degree? If yes, then study hard in your undergraduate years and clear the MBA entrance exam with flying colours. Along with that, find different ways to fund your MBA education. Many students confirm their seat at B-schools by taking an education loan for MBA studies to pay its fees because pursuing an MBA degree is an expensive affair. To help you estimate your total MBA education costs and help you estimate the EMI values to repay it, we have written this blog. Let us look at the costs you would want your education loan to cover. First, you will need money to pay your course tuition fees every year of the course. If your MBA college is not in your hometown then you will have to relocate to a hostel near your college. You will need money to travel to the city where your college is based. You will need money to sustain a good lifestyle in that city for the duration of your MBA course. If you need to relocate to a foreign city for your MBA educati...
Read more

3 features of education loans for the wards of defence forces

Image
  The defence forces of India spend tiresome sleepless nights defending the borders of our country against all kinds of external threats. They look after the safety of the Indian land, the Indian nautical borders, and the Indian airspace. And most of all, they are there to guard Indian interests—be it in the Indian mainland or away from its shores. At times, these men and women sacrifice their lives in the line of duty. The men and women in the defence forces have families and they are not able to be there with them all the time. To help make the future of the wards of these men and women bright, lenders offer education loans. These education loans are aimed at helping those wards achieve their higher education aspirations with flying colours. In this article, we will tell you the features of these overseas education loans—even known as privilege loans. Zero processing fees To keep the cost of the debt in control for those wards, some lenders offer the education loan for stu...
Read more

5 Features to look for in education loans

Image
  Education loans have helped many deserving students get the opportunity to study the course of their dreams. But you need to know what to look for in an education loan to ensure that you get the right funding. In this article, we will tell you the 5 features to look for in an education loans .   Covering all education expenses Education loans should not leave students jumbled about how to manage the finances of their education. They should cover up all the expenses of students’ education. From the students’ course tuition fee to their travel expenses, the lodging and boarding expenses, the exam fee, the library fee, the stationery and laptop expenses and so on.   So, look for an education loan that pays all your education expenses and hence, allows you to focus on your studies.   Lower interest rate The interest rate levied on the students’ education loans in India is generally between 9-14%. The interest rate directly affects the amount of ...
Read more