Which expenses are covered in education loan?

List of Expenses Covered under Education Loan

  • Fees payable to educational institutes.
  • Examination/library/laboratory fee.
  • Travel expenses/passage money for studies abroad.
  • Insurance premium for student borrowers, if applicable.

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Hereof, can you buy laptop with student loan?

Yes, you can in fact use student loans to pay for a computer. You can use student loans to pay for a new computer since it is a pretty essential tool for college. You can also use your student loans to purchase software and internet access as well. … Many computer brands and software brands offer a discount for students.

Regarding this, is GIC included in education loan? Now that you have read about how Canada GIC accounts work, it must be clear that the GIC amount is nothing but students’ living expenses for a year. This is automatically included in the education loan.

Keeping this in consideration, is ITR required for education loan?

Also required are the income documents such as salary slips or income-tax returns (ITR) of the co-applicant. The banks can finance up to 100% of the loan depending on the amount. … For loans above Rs 4 lakh up to Rs 7.5 lakh, a third-party guarantee is required.

What are the 3 types of student loans?

There are three types of federal student loans:

  • Direct Subsidized Loans.
  • Direct Unsubsidized Loans.
  • Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student’s parents, also known as Parent PLUS Loans.

What are the 4 types of student loans?

There are four types of federal student loans available:

  • Direct subsidized loans.
  • Direct unsubsidized loans.
  • Direct PLUS loans.
  • Direct consolidation loans.

Which expenses are not covered by education loan?

There is a very common misconception that an education loan does not cover all the expenses which are likely to be incurred by students during their course of study abroad.

  • Tuition Fees. …
  • Living Expenses. …
  • Health Insurance. …
  • Travel Tickets. …
  • Study Aid.

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