Students from all walks of life can use a student loan for

studying abroad or back at home. But, few are financially

equipped to understand education loan and its

consequences as new graduates. Every student needs to

access certain financial resources to understand these

loans, repayments and personal finance management. This

will empower students to make well-informed decisions in

this field.

Even an interest-free education loan can have a vast

impact on your personal finances. A student loan can not

only influence your monthly cash flow but also your credit

score. Thus, it affects your ability to borrow for home and

car. So, explore the financial resources stated in this

article to make smart decisions.

Some students get an instant interest-free education loan

on scholarship. Others have to borrow on high interest

rate. Either way, documentation is a vital part of financial

education. Because it outlines all the possibilities and

risks. For example; what is a prepayment rate for your

education loan?

What will happen to your education loan interest if youdefault your loan? What can be done if your currenteducation loan interest is too high for your salary? All thedetails of your loan are clearly mentioned in your termsand conditions. However, some details may change over acourse of time. So, ensure you are reading a rightdocument, though.

Several public and private lending organizations have a

huge wealth of information. Be it a magazine, a website or

an email newsletter, you can access several education

loan details online. So, find the necessary resources.

Financial blogs, newspapers, magazines and journals are

great resources.

You can understand everything through these articles.

Some may render it unnecessary if they have an interest-

free education loan. But, that can become a challenge for

an unprepared borrower. So, take caution. Stay prepared.

All borrowers must remember a small detail. All online

information may not be applicable to you. These details

are influenced by organization, government, time, and

opinions. So, read recent and useful information from

authoritative resources. You can learn about savings and

budgeting. You can plan leisure getaways while paying

education loan EMI. You can find ways to repay interest-

free education loans quickly. You can understand how

different factors influence education loan interest and so

much more.

If you understand the basics of personal finance, you can

save better. Understand your loan documents and contact

relationship officer at a right time. You can pay off your

education loan in easy and timely manner, befitting a

professional. That will put you miles ahead of other

professionals when it comes to making big decisions of life

confidently. It is the best start of your financial education

indeed. All the best!

https://www.facebook.com/AvanseEducationLoan

https://www.linkedin.com/company/avanse-financial-services

https://twitter.com/avanseeduloan

https://plus.google.com/+AvanseFinancialServicesLtdMumbai

https://www.youtube.com/channel/UCcsuUx1EH1C08XmX2embpug

Source: http://www.sooperarticles.com/education-

articles/financial-education-resources-education-loan-

borrowers-1424906.html