Education is increasingly becoming an expensive concept, even for those born with the proverbial "silver spoon"!
Education is seen as a fundamental birthright of children according to the Constitution or Charter of several nations and while free education is accessible in certain regions of the world up to a basic level, higher education is not within easy reach to millions of students around the world.
Student funding or loans for student offered by banking and financial institutions have hitherto provided the means for many students from developed countries to pursue their dreams of a coveted education. In recent years, micro-finance and co-operative societies are extending these facilities to students from poorer or developing nations, thereby granting them the means to fulfill their academic qualifications and pursue a career of their choice.
The basic premise of this kind of loan is the financial help for books and study material, tuition fees and living expenses. The terms of student loans differ vastly from other types of loans, for one the interest rates are much lower and loan-terms are extended; secondly, the repayment schedule is usually deferred till the student completes his or her education and finds a means of employment to repay the loan.
The International Scenario
In Australia, students are funded through the HECS-HELP (Higher Education Loan Program) Scheme. This funding is repaid over a scheduled period of time through a supplementary tax program, based on a taxable income scale.
In the United Kingdom, education loans are the primary responsibility of the state-owned Student Loans Company. Under this scheme, interest is calculated on principal loan amount from the time of receipt; however repayment begins in the tax or financial year of course completion by student. The student finance or loan package includes tuition fee and maintenance grant.
There are two types of education loans in the United States; private student loans and the federal government's federal loans. In some instances, student loans can be offered as a financial aid package that could cover grants, scholarships and work-study programs. Federal loans form a great majority of student loans and fall under 'subsidized' and 'unsubsidized' brackets. Subsidized loans are interest-free for the duration of the study course of the student.
Federal student loans are far less expensive when compared to private student loans and can be paid back under the Income-Based Repayment plan where the loan amount is paid back based on how much the student earns and not on the actual amount owed. This option, however, does not apply to private student loans.
Most colleges and universities in the US are covered under the Federal student loan program. It is not uncommon for colleges and universities to have their own loan assistance departments and financial consultants who can meet with students and offer expert counseling or advice on the type of loan and repayment choice to make.
Nowadays, it is very easy to get all the information regarding 100 Day Loans [http://www.paydayloansonline.com-llll.com/] or Payday Loans [http://www.paydayloansonline.com-llll.com/] Online.
Article Source: http://EzineArticles.com/?expert=Urvi_Tandon
Article Source: http://EzineArticles.com/8215916
Education is seen as a fundamental birthright of children according to the Constitution or Charter of several nations and while free education is accessible in certain regions of the world up to a basic level, higher education is not within easy reach to millions of students around the world.
Student funding or loans for student offered by banking and financial institutions have hitherto provided the means for many students from developed countries to pursue their dreams of a coveted education. In recent years, micro-finance and co-operative societies are extending these facilities to students from poorer or developing nations, thereby granting them the means to fulfill their academic qualifications and pursue a career of their choice.
The basic premise of this kind of loan is the financial help for books and study material, tuition fees and living expenses. The terms of student loans differ vastly from other types of loans, for one the interest rates are much lower and loan-terms are extended; secondly, the repayment schedule is usually deferred till the student completes his or her education and finds a means of employment to repay the loan.
The International Scenario
In Australia, students are funded through the HECS-HELP (Higher Education Loan Program) Scheme. This funding is repaid over a scheduled period of time through a supplementary tax program, based on a taxable income scale.
In the United Kingdom, education loans are the primary responsibility of the state-owned Student Loans Company. Under this scheme, interest is calculated on principal loan amount from the time of receipt; however repayment begins in the tax or financial year of course completion by student. The student finance or loan package includes tuition fee and maintenance grant.
There are two types of education loans in the United States; private student loans and the federal government's federal loans. In some instances, student loans can be offered as a financial aid package that could cover grants, scholarships and work-study programs. Federal loans form a great majority of student loans and fall under 'subsidized' and 'unsubsidized' brackets. Subsidized loans are interest-free for the duration of the study course of the student.
Federal student loans are far less expensive when compared to private student loans and can be paid back under the Income-Based Repayment plan where the loan amount is paid back based on how much the student earns and not on the actual amount owed. This option, however, does not apply to private student loans.
Most colleges and universities in the US are covered under the Federal student loan program. It is not uncommon for colleges and universities to have their own loan assistance departments and financial consultants who can meet with students and offer expert counseling or advice on the type of loan and repayment choice to make.
Nowadays, it is very easy to get all the information regarding 100 Day Loans [http://www.paydayloansonline.com-llll.com/] or Payday Loans [http://www.paydayloansonline.com-llll.com/] Online.
Article Source: http://EzineArticles.com/?expert=Urvi_Tandon
Article Source: http://EzineArticles.com/8215916
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