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How to Get Education Loans for Community College?

Borrowing study abroad education loangoes the same path for all kinds of colleges, whether you choose a regular or traditional 4-year degree college or a 2-year community college. In order to secure aloan for study abroadin India, you must have two primary conditions-

1.       You must have an unconditional letter of acceptance to the community college of your choice.

2.       The college you’ve chosen, must be accredited, and must be listed with the bank from where you wish to borrow the loan amount.

Having said that, banks that offer study abroad education loan also have an all-inclusive list of colleges and universities in each nation, for which they are willing to provide the loan. In all possibilities, we take from here that your community college is accredited and listed on annexure of the bank.

Why community college?

Over 40% of the students who wish to pursue higher studies, tend to choose community colleges in the U.S. At some point, orthodox methods of education did not credit community colleges much. However, now the scenarios have changed and loan for study abroadhave become popular even for 2-year university or community college. Now, such colleges have risen in their stature and help students in establishing their career with much convenience.

Secondly, community colleges tend to offer a much more economical bridge between a student’s high school and college. It allows students to complete their preliminary education without having a need to transfer into a full-fledge and more expensive 4-year university or college. For many students, study abroad education loan for community college is more feasible and stands in line with their professional goals. Community colleges often help students in getting apt training so that they can transition well into a more conventional education system and university.

Getting a study abroad education loan from bank for a community college will have exactly the same process as any other university or college. The banks will check for the credibility and stature of the community college and whether or not it is listed with their annexure. Secondly, they will need all the same documents that are required for a regular education loan for studying abroad. Thirdly, you will have to submit a letter of acceptance to the community college, which must be unconditional.

If you suffice all conditions and requirements of a bank, you stand eligible for loan for study abroad. Community college education loan can offer substantial savings to the students. There is a considerable difference between the tuition fee of a 4-year university or college, and a community college. Yet, a lot of students still need financial aid, which is sufficed through a study abroad education loan.

Eduloans- helps you with community college education loan for abroad

Eduloans helps you clarify your doubts and queries for your study abroad education loan. Our loan experts enable you to take the right decision and help you with the entire process. You may reach out to us for loan for study abroad in community college or for any kinds of study abroad education loan.

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Can we take personal loan and education loan together?

If you have an education loan for study abroad for your child, and are now planning to take a personal loan you would definitely be a little bamboozled. Is it possible to take these two loans together? Now to make certain things clear, one must know that education loan for study abroad comes with a long moratorium period, which usually stretched from 10-15 years since the EMIs start after completion of course, or when a student starts working in a job, whichever is earlier. In such a duration, if you need a personal loan what are your options? This blog answers most of your questions regarding all queries.

Yes, you can take personal loan with education loan, subject to conditions

During the periods of education loan repayment, it is natural for people to be cash-crunched. In a scenario like this, it is best to take a personal loan. You can definitely take the two loans together on certain conditions. You do not need to make a choice out of these two. Education loan must have been repaid completely if you wish to apply for the personal loan.

The rate of interest for the personal loan, in such a situation, however would be extremely high than usual. The reason is simple. For lenders, education loan falls in theperilous category, even if it is a priority sector. The education loan for study abroad interest rate, which you have incurred and have already paid, will determine your credit score, which will be the basis of your personal loan. However, credit score can be managed easily by timely repayment of EMIs on education loan. A positive credit score brings down the rate of interest for personal loan.

Comparing education loan for study abroad with personal loan

If you have to choose between the two options or if you are still considering if taking a personal loan is better than education loan or not, here is your comparison chart for easy understanding.

Education loan and Personal loan comparison from SBI

State Bank of India is seen as one of the most credible banks for any kinds of loan. Apart from the ease of access and reachability, there is also a fair amount of reputation attached to SBI. If you are to compare between education loan and personal loan from the State Bank of India, this table will give you a good idea.

Table2: Comparison between education and personal loans offered by leading lenders*  

Note: All facts and figures in the tables and blog mentioned here are subject to periodic changes and are periodic.

If you need to make things further clear, please reach out to us at Eduloans. We help you with education loan study abroad and give you various options if you are tight on cash.

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#SBI Education Loan