BENGALURU: India is always known for its knowledge and education. Thousands of college students and their parents who are not fortunate enough to have sufficient savings to pay for their college must apply for student loans every year. Statistics show that about two-thirds of all college graduates enter the working world with some level of student loan debt. Some are eligible for much more aid than others, but there are certain things that you need to know before you start filling out your loan applications. However, students need to keep in mind certain factors before deciding which educational loan package should they pick up, according to the worldblaze.in.

The following is a list of key facts that should be clearly understood before the application process.

Know What Type of Loan You are Applying for:

In many cases, students can qualify for more than one type of loan. It is very important to know the major characteristics of each type before you apply for a loan. PLUS loans, Stafford Loans and Perkins loans each have unique rules and features. Knowing which type of debt you are eligible for will streamline and simplify the application process.

Knowing Approximate Terms and Amount of Your Loan Payment:

If you expect to start earning 1,50,000 a year after you graduate, a 2,500 month loan payment may be pretty hard to pay after all you also have to pay for your other bills too. Some critics say that government has made it too easy to acquire student loan debt, and many graduates face an enormous struggle to pay off their loans with their credit cards and other cash payments.

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