Going in for an educational loan to achieve your further studies is a great idea. You don’t need to burden your parents or ask relatives for financing; simply take out the loan and pay it back when you start earning. It’s one to show the world you are ready to stand on your own feet and will also give you a great sense of accomplishment. We recently spoke to celebrated Astro Strategist cum Business Astrologer Hirav Shah whose mix of knowledge in sports, engineering, and astrological science helps him prepare high-level strategies that give fruitful results in business. Hirav Shah is famous for finding out the exact problems faced by an educational institute, School, College, University, Tuition class, or E-learning portal and aligns them by analyzing the overall positions of the planet in different houses.

Hirav Shah tells us that Education is the most powerful weapon which you can use to change the world. With the increasing cost of higher education, student loans have doubled over the last 5 years. The sad part is the number of defaulters of student loans is also rising sharply. A defaulter of student loans is banned from getting any kind of loan from any bank or financial institution. On taking an educational loan, a lot of students make some common mistakes that sometimes lead to them defaulting on their repayments. In this column, Hirav Shah highlights some of the mistakes so that you can stay away from them and enjoy a smooth loan experience & a bright future ahead.

The first mistake is not exploring alternate options:

You need to consider all your college options. Sticking to only one college because it’s popular or because your friends are going there is not such a good idea. Rather, you should look for colleges that offer the same course at lowered fees. This doesn’t mean you should lower your goals, rather look for other colleges that give you a similar quality of education & equal job opportunities at lowered fees.

Second, on the list is not doing enough research:

Some people just go in for the first Education Loan their eyes come across. They visit a bank they trust or apply at a financial institute their friends or relatives suggest. However, third-hand information is not your best source of guidance. Instead, you can turn to the internet, there are many crowd-sourced question-answer sites where you can ask questions and have them answered by experts or people who’ve taken such loans recently. Moreover, there are loads of aggregator sites that will allow you to compare the feature of lenders after which you can make an informed decision.

The next Education Loan mistake is borrowing more than you require:

Some banks and lenders will push you to take a loan amount higher than your need. Never fall for such ploys, the higher the loan amount the more interest you have to pay. Some people take more than they need and use the extra money to sustain overly comfortable lifestyles. Remember, the loan is only to complete your education and not to give you a good lifestyle during your college days. It may seem like a mother’s advice, but if you follow it, it will help you get out of debt faster and start earning for yourself faster.

Number 4: Don’t go for over-optimistic repayment plans.

Now that you’ve chosen a college with lower fees and got the best possible lender along with the right loan amount, you shouldn’t be over-optimistic with your repayment plans by selecting a short repayment schedule. You should be conservative and choose slightly longer repayment tenure, one that you can safely repay your loan without straining your wallet. Some students opt for quick repayment plans thinking they’ll be able to handle repaying the loan but only end up defaulting on payments and paying more towards late payment charges.

The last mistake people make with an Education Loan is to ignore prepayments:

Making prepayments before you join your university may not attract prepayment charges and will reduce the total interest you have to pay. Further, if you get a job before the repayment schedule starts, you can begin to make prepayments and reduce the burden when the time comes to pay back the loan.

To conclude the discussion, Hirav Shah who has always worked towards turning your dreams into reality says, “Achieving your career to the highest levels is a definite must. Although it can be an expensive affair, it should not stop you from taking the ideal steps to make your dream come true. Marriage can wait, education cannot.”

Catch Hirav Shah

Catch Hirav Shah in person at

Hotel Courtyard Marriott, Ahmedabad | 5 March  2021
Text : +919687599923
to schedule a meeting with the Astro-business strategist Hirav Shah.

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