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Education loan resolution refers to the process of negotiating with a lender to reach an agreement on the repayment terms of an education loan. When borrowers encounter financial difficulties and become unable to fulfil their loan obligations, they may explore options to amicably resolve their debt.
The intensified competition and elevated cutoffs have rendered it arduous for certain students to pursue their higher studies. Even if they excel academically, obtaining a seat is often hindered by a lack of adequate financial support.
Thus, an education loan has become an imperative for those aspiring for advanced studies in India or abroad. Banks assume some level of risk when disbursing education loans to students, considering the absence of a regular income at the time of loan sanction, with repayment contingent upon the student's future earnings.
Let us invision a scenario wherein you are unable to secure employment immediately after completing your studies and hence unable to repay your loan. In such an eventuality, the co-applicant shall be liable to fulfil the loan obligations.
However, it is important to remain assured that eventually, you will secure suitable employment, facilitating the repayment of the loan.
Another critical aspect to bear in mind is that if you remain out of school for a continuous period of 6 months, irrespective of the reason, your loan will transition into a repayment phase until you resume your studies. Should unforeseen circumstances, such as health or family issues, lead to an extended hiatus from school, after the initial 6-month period, loan repayment shall commence, irrespective of your income situation.
Although income-based repayment plans exist, it is essential to recognize their potential adverse implications, particularly in terms of capitalizing on the interest, leading to a substantial impact on the loan balance.
In conclusion, we strongly advise exercising prudence and restraint when borrowing funds for your education. Endeavor to acquire the smallest loan amount feasible, making well-informed borrowing decisions. Evaluate your projected future income upon graduation diligently and assess the demand for your chosen academic path, considering that while several career trajectories are experiencing rapid growth, others may be declining.
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