Giving their child the best education is something every parent aspires to. But, with rising education costs, more parents are turning to education or student loans to fulfil this aspiration, which, according to the BankBazaar Aspiration Index® 2022, is amongst the most important goals for Indians.
Like other loans, servicing an education loan too demands robust financial planning on the borrower’s part. Defaulting on one can have a multi-fold effect on your present and future finances, something which this article will discuss in brief. But, let’s begin by understanding a bit more about how education loans work.
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