Frequently Asked Questions (FAQ)
Q.1) How much loan can I get as a student?
In general, you can borrow up to 4 lakhs for higher education without putting up any collateral.
Q.2) How does a student loan work?
A financial loan taken out to cover higher or postsecondary costs is known as an education loan. Education loans are designed to pay for living expenses while the borrower is pursuing a degree, as well as tuition, books, and supplies.
Q.3) Do student loans get paid monthly?
The exact day you receive your student loan payment depends on the commencement of your term. Student loans are paid in three instalments. Your payments should arrive in September, January, and April if your course begins in September.
Q.4) Do student loans go away if you don't pay them?
Your loan could eventually default if you don't make your student loan payment or make it late. National credit reporting bureaus will be informed if you fall behind on your student loan payments. This reporting could harm your credit rating and potential borrowing capacity.
Q.5) Are student loans easy to get?
Obtaining a student loan is a rather simple procedure. After submitting an application with a government or private lender, you must wait until your school receives the loan cash. Bank of Lake Mills, a member of the FDIC, provides funding for Ascent Student Loans. Some jurisdictions might not offer loan products.