Is it a good idea to take loan to study abroad?

Taking a loan for study abroad will allow you to guard your savings like MFs, FDs, ULIPs, retirement savings, etc. and use them to satisfy other expenses. The Interest for a study abroad loan for nationalized banks is generally around 9\% to 11\%. So in terms of absolute interest differential the same is around 1\% to 3\%.

What’s one reason you should think carefully about whether you want to take out student loans?

The number you’re left with is not only direct school cost (tuition & housing) but cost needed to live while you’re in school. If you have a job, factor in how much of the above cost it will cover. You should have a final number on cost at this point. That final number is the amount needed for school loans.

Is it a good idea to take a student loan?

With student loans, you get a college education, which increases your lifetime earning potential. This is why these two types of debt are good debt, rather than bad debt. Bad debt includes things like credit cards, personal loans, and even auto loans.

Is studying abroad cheaper?

The cost to study abroad can actually be cheaper than what you’re already paying for school. This is especially the case when studying in a country with a cheaper cost of living. And sometimes, your study abroad tuition is comparable to what you pay at home.

What are the advantages and disadvantages of study loans?

Pros and Cons of Student Loans

What are the disadvantages of student loans?

Cons of Student Loans

• Student loans can be expensive.
• Student loans mean you start out life with debt.
• Paying off student loans means putting off other life goals.
• It’s almost impossible to get rid of student loans if you can’t pay.
• Defaulting on your student loans can tank your credit score.