How do I Pay off the Loans?
The government gives you a grace period of six months, before they start calculating the interest on the loans.
Let us consider an example- a person with a loan amount of $10,000 has to pay a monthly instalment of $150 for a period of 120 months. However, if a person B takes a loan of $50,000 and chooses the same term for payment, then he will have to pay a monthly instalment of around $610.
The instalments depend directly on the term of loan repayment, and the amount of loan taken.
Till now, we have understood about the debt and the fundamentals of the loans. Now, let us proceed to understand-
What are the key points you need to know, while taking the educational loan?