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Parents' income, child's record count in getting education loan: Experts

Students joining a professional course at a top-notch college will find it easier to get approval

Topics
education loan | study abroad | student loans

Sanjay Kumar Singh 



Should you take an education loan or use retirement kitty to pay the fees?
An education loan is easier to get if you are headed abroad to pursue a professional degree (a STEM course, MBA, etc.) that improves your chances of finding a well-paid job

If you are headed to the (US) for an undergraduate degree, you could well be looking at an annual tuition fee of $ 50,000-60,000 per annum. Throw in another $10,000-15,000 for living expenses. Multiply the annual expense of $60,000-75,000 by four for the entire course period and you are staring at an outlay of $240,000-300,000 (Rs 1.94-2.39 crore). A two-year Master’s programme could set you back by about half as much. Most students will have to take recourse to an education loan to meet expenses of this magnitude.

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First Published: Tue, August 09 2022. 19:38 IST

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