Private Educational Loan Consolidation

When students set out for an education, they are not normally prepared of what they will encounter once they finish school. Most have to start working at an entry-level salary and still have to pay their student loans. This money is usually quite large for an entry level to manage easily. Most of the lenders will start demanding for the repayment 6 months after the completion of post secondary school.

Depending on the amount you have to pay, it means you could have to spend between 10 to 15 years. This is a large burden and it could lead to other financial problems. You need ways to manage this debt and be able to repay the loan with ease and convenience. One such method that you can be able to do this is through the private educational loan consolidation.

A private education loan consolidation means combining your outstanding balance into one loan. The private educational loan is the amount that you borrowed to cover tuition, medical, housing and other educational expenses during the course of your education. The reason why many people choose to consolidate their educational loan is to lower the charges for interest rates. This is achieved by lengthening the payment period for the loans. This system allows you to lower the interest rate even though your loan is from different lenders.

To be eligible to apply for the consolidation loan in most of the service providers you have to be at least 21 years old. You can get hold of an application from the internet or through the phone. You will be able to get instant credit decision, fees and interest rate for your loan. After you have finished the application, you will need to submit it for review. It normally takes between 6 to 8 weeks to complete the consolidation process. You will need to continue making your current repayments for your loan until you receive confirmation of your consolidation terms. You will receive your new repayment plan through your mail.

One of the benefits for the private educational loan consolidation is that you are provided with an amount that is of low interest rate. This is an easy pay single loan, which you can pay conveniently each monthly. It is much better than having to pay several loans each month.

The private educational loan consolidation plan offered by most companies is up to a 30-year-old plan. The repayment begins approximately 30 days after the funded period. It is a convenient and great way to reduce your loan monthly payments. If you are facing monetary difficulties, you may request deferment of payments to up to 2 years.

In case you were to resume school whether full time or part time, the loan repayment will automatically go into deferment until you finish school once more. Once you decide that you need a private educational loan consolidation, make sure that you know what you are getting yourself into. Be sure to do the appropriate preparation work in order to make the most out of consolidating your loans

Education System in India

India is one of the largest democratic country in the world. Education system in India is having a huge demand because of its quality and systematic education procedures we are following. India’s education sector is emerging fast with sparking demand for every one. Our Education system is the strongest and it will start from pre schooling age with excellent training methodologies with latest models like e-learning, Skill enhancements educational software drives, skills presentation, text books etc.

Indian government is spending a huge amount for education sector for every financial year. The amount spent is utilised in various methods by considering the minority and backward class people and also for poor people facing difficulty in receiving elementary schooling. Government is providing facilities to all kinds of people and the education market is going to hit $70 billions by the end of 2012.

Canon Law Society of America estimates that the total size of India’s private education market could reach US$70 billion by 2012. Private education sector has started in mid 1990’s and set up various schemes and one among them is that state governments will out source the supply of various Hardware and Software in various government and government aided schools. The funds for the out supply has been provided by central government under various schemes called ICT, SA, school programme etc. Various private companies have entered in to market With huge investments. The government is also encouraging various industrial institutes to offer academic and financial aid to private people. Many big companies like L&T, Microsoft etc are showing their interest in participation.

Education system in India is regulated at center as well as at state level too. These regulations vary from state to state. we are having two kinds of educational systems in India, Central board and State Board. Central Board of secondary education is being monitored by central government and State boards have their own education board systems. The Central Board is seeking affiliation that is managing a committee which is controlled by a trust and it should have non proprietary entries with out having any vested control by any individual or others. The trust will approve budgets for the financial year and also for tuition charges etc and the donations incurred to this board will be exempted under Income tax Act as this is meant for charitable purpose for promoting education but not for pursuing the profits on it.

State governments are mainly responsible for the establishment of state colleges and universities and also has power to approve the establishment of private universities as according to UGC Norms.

In order to Impart Professional and technical educational system in India A group of professional councils grouped together and established a council called All India Council For Technical Education in 1987. It promotes professional institutions and gives recognition to courses which comes under undergraduate programmes and provides the standard development of Technical education in India. These regulations continues to show its influence in Indian Education System. Irrespective of all these constraints the educational sector is achieving excellent potential growth with high standards.