Scholarships or Education Loans

It is a true fact that financial assistance plays an important role in acquiring education. With less or no financial aid, education becomes a difficult task. Financing education is not a burden for those parents who belong to high income groups. But the same financing of education becomes a big concern for those who belong to lower income groups. Here, student has two options; either he/she can go for scholarships or student’s education loans.

Now choosing between scholarships and student’s education loan becomes a confusing task for students and for parents as well. In this blog, I have tried to clear this confusion and for that purpose below you would be reading:

1.    The benefits of scholarships 

2.    The benefits of student loans

The Benefits of Scholarships                                                                                                        Scholarships are beneficial for students as they are like rewards for increasing their own knowledge. That means a student is getting assistance for exercising his/her brain. It is observed that most of the students in India get into debt of enormous education loans or they compromise with the quality of the institution or at the extreme case they are seen compromising with the quality of education. If a student tries a little hard in his/her studies and appears in a scholarship exam then they can get free money in reward for showing their talent in the competition. This is also beneficial for the students as they can use this money and opt for nonprofessional courses for which they are not going to get student loans like for many Post-graduation degrees and studies related to law etc. Scholarships could also be helpful in keeping a student’s mind free from the tension of repayment of the loan and they can completely focus on their studies. Education with the help of scholarships could also reduce the number of dropouts from schools as well as from colleges. Therefore, if a student is ready to increase his/her knowledge then there are organizations and institutions which are ready to pay for the display of their knowledge.

The Benefits of Education loan

The quality of education could influence the entire life of a student. Right education could make a student financially independent and lead him/her towards a successful life. To get a life-changing right education one would need financial aid which could be fulfilled through education loans. These loans enable a student to study the professional courses as using these a student can access the resources to be consumed during the course. The most positive thing with these education loans is that one can repay the loan after the completion of the study and after becoming financially independent. One can get education loans by directly contacting banks or by applying through websites. The major drawback of these education loans is the aggressive marketing strategies done by a majority of the banks who are offering these loans. Students with less knowledge of credit market can easily get into the trap and put their securities at risk. Also, there are some dire consequences from which a student would be dealing if he/she fails to repay the loan due to some unavoidable reasons.

Now after reading the content in the above section you have the knowledge of both scholarships and education loans and can decide which one could play a beneficial role in fulfilling your educational requirements.

Hope you all will do great and lead a successful life ahead.

Written By: Shoryabh Srivastava