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|>Education Loan ? What You Need To Know
Posted by nick_niesen on November 8th , 2010
The strength of the United States is not the gold at Fort Knox or the weapons of mass destruction that we have, but the sum total of the education and the character of our people - Claiborne Pell
Education loan is perhaps the most noble loans of all considering that the loan is going to create and grow a student into a responsible future citizen who can contribute to the society in a big way.
American college graduates have earned $1million more than high school graduates during their entire career. This simple statistic is enough to underline the significance of education. What one must not forget, in the brouhaha of course, is that college education is quite an investment in ones future even after considering the huge expenses involved.
Where and How of Education Loan in America
The Federal Government has various student aid and loan programs , to help pay for both undergraduate and graduate education, which it helps get at low rate of interests. Here are some of them.
1.Federal Perkins Loan: This is a low interest loan (5%) and the school is the lender to which you payback. Maximum amount you can draw as an undergraduate is $4000 per year and $6000 per graduate student per year. The total amounts in each case being $20,000 and $40,000 respectively. Barring late charges there are no other charges.
2.William D. Ford Federal Direct Loan Program: An FSA program for after high school students where Department of Education is the lender. You have 2 programs , Stafford- for students and PLUS- parents. PLUS loans offered through FFEL have banks and private lenders to provide.
3.Consolidation loans: Direct loans can be consolidated for reduced and easy monthly repayment through this loan.
4.All private banks: Banks have countless schemes which are more or less similar to Federal schemes.
How Much Loan Should I Borrow
Here students and parents should sit and plan the amount to be borrowed. You can calculate loan amount in two ways. One: using an online calculator; the other way is compiling it yourself. Compiling the loan amount is not difficult with certain amount of homework. Some tips here.
1.Decide on the course and college. Public colleges charge about 14th of private colleges in tuition fees for 4 years degree and half of it for 2 years degree.
2.There is additional Out-of-District State Charges in case of 4 year public colleges which run into about $7000.
3.There are sundry expenses including board, books etc which run into $10,000 in both the cases.
Once you are through with calculation, visit the lender or its website for information on documentation and application.
Pursuing a Master of Business Administration (MBA) degree has become a rave worldwide , especially in India. Anyone who has graduated in any field can pursue this degree which has added to its popularity. The first business school was set up in Pennsylvania, the Wharton School of Pennsylvania, which was set up in 1981. Over the years India too has managed to establish excellent and eminent business schools all around the country so much so that students even prefer to pursue their MBA degree from these top MBA Colleges in India rather than going abroad. Though the concept of top MBA Colleges in India is synonymous with only the IIMs ( Indian Institute of Management), there are business schools in the country which are just as elite. Some of them are discussed about in the subsequent paragraphs.
Among the top MBA Colleges in India , IIM Ahmedabad is at the top; not only that, it is also a reputed b-school in Asia as well. To enroll oneself at this prestigious college, one has to sit for the CAT and score meritoriously. This institute offers 4 management courses 鈥?Post Graduate Programme, Fellowship Programme in Management , Faculty Development Programme, and Management Development Programme.
The IIM Calcutta also belongs to the elite list of top MBA Colleges in India and students wishing to enroll to this institution have to sit for the CAT as well. The institute offers 3 full time courses 鈥?Post Graduate Programme in Management, Fellowship Programme in Management and Post Graduate Diploma in Computer Aided Management. Along with these 3 courses, there is a part time programme offered 鈥?Post Graduate Diploma in Business Management.
The Xavier Labour Research Institute (XLRI) , Jamshedpur comes in the next in the list of the top MBA Colleges in India. The institute has its own separate entrance exam, the XAT and aspirants have to crack that exam, go through interviews before they can be allowed to enroll at the institute. The college offers 2 courses 鈥?post graduate diploma in Business Administration and post graduate diploma in Personnel Management and Industrial Relations. Usually pass outs from XLRI get the best offers and placements not only in the country but abroad as well.
The Indian School of Business (ISB), Hyderabad also belongs to the list of the top MBA Colleges in India. The reason for its emerging popularity is that it offers the same programme during the course of a year. The institute offers one year post graduate programme in Management. Also , the institute takes the efforts to invite in other academicians from the relevant field from other world class business schools across the world 鈥?Wharton, Duke, Stanford, Harvard , Kellogg to name a few. To apply to ISB, one has to appear for the GMAT.
The Faculty of Management Studies (FMS) under the Delhi University is also among the top MBA Colleges in India. Applicants have to sit for the CAT and then go through the interview process to get through FMS. Both full time and part time programmes are available at the campus.
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