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In today’s world, quality education is essential in order to succeed in life. But many people may encounter a shortage of funds, while wanting to provide their children with quality education, in both conventional as well as unconventional fields. Thus, for them, a Student loan is the best and the most viable option.

The students who have availed this option do not need to pay it back until they have acquired a job in their field of study, and are capable of paying. Due to the rising cost of education in all the fields as a whole, most students turn to a student loan to assist in paying for their studies.

Why is a student loan important?

A student loan is important because it falls on families and students to pursue pathways such a scholarship and financial aid. Loans are offered for both conventional fields of mainstream education line, and also for unconventional courses like photography, catering courses, etc.

To who is the loan offered?

The loan is offered to the students, and there is no restriction for them in terms of age. If a student is too young, then she/he must have a joint applicant, whose age should be a minimum of 21 years and maximum, 70 years.

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How to pay back a student’s loan?

 Mostly, student loans have a grace period of 6 months. This period is given to students so that they can find a job and begin earning an income in their field of work. The students are suggested to set up a system of automatic payments to avoid late fees. Paying off the student loan must always be a priority, and people should pay them first before other bills start piling up. It is also very important to know the exact date of paying off the loan.

In some cases there is also an option for student loan repayment, which is also a highly feasible option for some people. There are a few Student Loans Company also offer a provision for starting with low payments, and then slowly increase it as the income rises. In many cases, payments can also be terminated in cases of extreme troubles like medical issues, or transition between jobs. There are often provisions for the extension of the dates, under many circumstances.

Can loans be forgiven?

There are many loan forgiveness programs for which one needs to be eligible, in order to qualify for it.

Can Student loans be cancelled?

There are very few circumstances under which this can be cancelled. One of the rare conditions under which this can happen is bankruptcy. People, who have applied for the cancellation of the loan, need to meet specific criteria in order to be eligible for it. One cannot get cancellations automatically; they need to apply for it. If someone is a military official or a public servant, or someone has disabilities or a borrower has died, then, under these circumstances, they can apply for cancellation or ‘discharge’.