Gone are the days when education was just the privilege of the rich. There was a time when only the higher sections of the society could think about sending their children for higher education. The poor and the low earning groups of the society could not even dream of spending huge amounts on the education of their children. But now the times have changed. Most of the parts of the world offer very attractive education loans to the meritorious students across the world. These loans have a lot to offer to those students who consider money as a hindrance in the fulfillment of their dreams. The students can make their dreams come true by availing the benefits of these study loans. Generally these loans are offered by all the recognized banks and financial institutions across the country. The legal procedure for obtaining these loans is kept simple enough so as to ensure that the candidates can easily reap the benefits. At most one may be required to submit proofs of residence and admission into a college or university.

In most of the parts of the world the interest rate on the amount lent out as study loan is quite reasonable and low. This ensures that the child does not get over burdened with a lot of debt later in his life. The study loan can be obtained from any nationalized bank of the country. In most of the cases these loans cover all the expenses including the college fees, the expenses incurred in the books and even sometimes provide pocket money to the student for his day to day expenses. These loans ensure that a student need to take up financial worries on him and can easily concentrate towards building a successful career for him. In the current scenario study loans are available not just for higher education within the country but also for any plans of an education abroad. Most of the foreign institutes offer very attractive scholarships to the talented students. These students are generally chosen after a preliminary examination or an interview. Whatever be the selection criteria, these institutes ensure that no talented and deserving student is deprived of attaining the right kind of education.

The mode of repayment of the study loan is quite simple and easy. After the student completes his education and gets placed in a good company, he can easily pay off the loan amount from his salary in the form of small annual installment. This kind of education loan policy ensures that no rightful child is deprived of the right to education. Through his hard work and determination he can work towards building a good career for himself and keep aside all his financial worries. This loan is equally motivating for the parents who find it really difficult to cope up with the high education fees of their children. This kind of loan is a boon to the society because they ensure a higher literacy rate among the people.