Can you handle an education loan? Choose institution and course carefully

It cuts both ways - you can build your credit score and get tax benefit, but defaulting will make life difficult

With the cost of education rising, many students are likely to start their first jobs with an equated monthly instalment (EMI). A two-year programme at a leading Indian management institute can cost above Rs 25 lakh. A similar course at a good foreign university today costs Rs 1 crore or more. Such high costs leave the student, or her family, with no option but to avail of an education loan. 

Lenders are willing to fund only select courses and may ask for a guarantor and even collateral to cover the amount. If you are one of those who have been able