Why Education Loan is important for Higher Studies in India?

India is a major hub for education, both mainstream as well as new age careers. The career opportunities available today are many.

The ever-rising inflation has affected every industry in India and educational institutions offering higher education are also at the receiving end. The result is fees have risen significantly and majority of the parents feel helpless when it comes to funding higher education of their children. Majority of the students are not able to pursue their dream of higher education just because their parents cannot afford it. The only solution to this problem is student loan.The Government of India directives to banks and financial institutions has worked in favor of students with higher education aspirations. India is a developing country and education play an important part in the country’s development process. Today, almost every private and public sector bank and financial institutions offer a warm welcome to students and parents who approach them for an education loan. There are several reasons that make education loan the best finance for higher studies in India.Benefits of education loan:

Education loans in India have simpler terms in comparison to other loans offered by the banks. You do not have to offer any security or collateral if the education loan is below 7.5 lacs. This means if you have all the necessary papers in order then you will not find it difficult to get an education loan.
One unique benefit of education loan in India is the student or his parents do not have to worry about education loan repaymentuntil he/she completes their higher education. The student can concentrate fully on his studies as the loan repayment is deferred until he/she completes the course she has enrolled for. Students can get around 15 lacs for higher studies in a foreign university. Students taking education loan are also eligible for a tax rebate for the interest they pay for the education loan under Section 80-E of the Income Tax Act 1961.
The interest charges for an education loan in India are far less compared to other bank loans. The reason is banks and financial institution don’t like to burden students with higher interest. The bank levies only simple interest at month rest (remaining balance) during the moratorium period and course of study. Compound interest is levied on the monthly rest only after education loan repayment begins.

The repayment period of student loan is around 84 months and the education loan repayment starts only after 3 months after completion of the course or after getting a job, whichever is earlier.
The education loan in India covers tuition fees, accommodation expenses, cost of books and any other expenses during the course of study.
Some banks do not levy processing charges on student loans while some banks and financial institutions charge a nominal fee that is adjusted in the loan amount.
Education loan is the easiest and fastest way of getting finance for higher education. Besides, lower interest rate, moratorium period, there are several other benefits that makes student loan the best finance available for any student who has higher education aspirations.
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Online College Degrees

Getting an online education college degree is the wave of the future! The increase in adults going back to school has jumped from 28% in 1970 to 39% in 2006. In 2001, 92 million (46%) adults participated in educational ventures. (Statistics may be found at eLearners.com) But, the largest group of online education participants is the

The wave of the future is an online college education! There has been a steady increase in adults returning to school – from 28% in 1970 to 39% in 2006

(Statistics may be found at eLearners.com). Online education participants are the largest group earning online degrees. Below is a summary of degree types, degree levels, and majors, along with “10 Predictions for Online Education in 2007.”

Four Levels of Online Education College Degrees:

Associate Degrees.

Bachelor’s Degrees.

Master’s Degrees.

Doctoral Degrees.

Types of Online Education College Degrees & Majors:

Arts & Humanities Degrees: Liberal Arts, Humanities, Design, Writing, Communications, English

Business & MBA Degrees: MBA, Management, Human Resources, Marketing, Finance, Accounting

Computers & I.T. Degrees: Information Technology, Web Design, Networks, Technology Management

Education & Teaching Degrees: K-12, Early Childhood, Administration, Special Education, Curriculum/Instruction

Health & Nursing Degrees: Nursing, Psychology, Counseling, Health Administration, Human Services

Science & Engineering Degrees: Engineering, Technology, Mathematics, Aviation

Social Science Degrees: Criminal Justice, Paralegal, Law, Psychology, Public Administration, Political Science

Some careers require only associate degrees (equivalent to the first two years of a college education). These include: physical therapist assistants, dental hygienists, forensic technicians, veterinary technologists and technicians, diagnostic medical sonographers, occupational therapist assistants, cardiovascular technologists and technicians, paralegals and legal assistants. Considering that only a two year degree is required for these jobs, they are well-paid and respected.

10 Predictions About Online Education in 2007

1. Online education programs will continue to grow and expand. More programs will be offered online to earn online degrees and those programs currently offered will grow to include additional areas of study.

2. Technology will advance. Technology is continually improving and replacing older technologies. More options will gradually become available to students as online education access speeds up – such as online access to evaluations of their homework, etc.

3. Costs will decrease. As more online education programs evolve, competition will increase, and costs to students will decrease.

4. New degree programs will develop. New degree programs, related to online education will develop. Such programs might include: online student counseling, online education site debate/discussion host, etc.

5. More students will enroll in online education programs. Each year the enrollment in programs continues to increase and will continue to do so. More than 1.6 million students took at least one online course in 2002. In 2003, 1.9 million students took online courses. In 2004, more than 2.3 million students enrolled. In 2005, the number of online learners increased to almost 3.2 million students. (Source: Making the Grade: Online Education in the United States, 2006, Sloan Consortium)

6. Specialized programs will begin to emerge. Special online programs for students with learning disabilities will begin to emerge to encourage these students to attend online education programs.

7. Attitudes toward higher education will begin to change. The general public will soon see degree programs as accessible to the average person, rather than just the highly intelligent.

8. The time to obtain a degree will shorten. It will take less time to obtain a degree as students will be able to work year-round, at any time of the day or night, transfer courses from other programs, and earn course credit by challenge exams. Two years is generally the minimum amount of time in which degree programs can be completed, although this varies, based on any time off between courses and previous classroom work. Many students complete a degree in two to three years, but it can take four or five years or more, depending on the pace. The more credits transferred, the faster the degree will be completed. You can earn credits from professional training, the College Level Examination Program (CLEP), or previous college courses. (Source: www.uopxworld.edu., “Frequently Asked Questions”)

9. Most online colleges will begin to offer course credit for life experience. More credit will be given for life experiences, especially to older students.

10. New programs will begin that are hybrids. New programs will be developed that combine traditional on-campus education with online education or work/online study programs.

Getting an online education college degree is the wave of the future! Use the 10 predictions about online education in this article to begin your search for the online education college degree that is best for you.