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06 February 2013

How to Handle Education Loan Along with Home Loan in UK


Education loans are given to students for studies in academic field or for further higher studies. As education has become very expensive in UK costing in $ many homes need to avail the education loan along with their other loans.
Home loans are repayed over  a span of twenty or thirty years depending on the age of the borrower residing in UK. In the beginning years when the family is small and children are of young age schooling costs can be adjusted but as children grow adolescent age and their educational needs increase from higher education like medical, engineering  or even further a post graduate degree or Management degree their financial needs increase many fold. We all know how even the most good financial background families agree that higher education does leave a hole in their monthly finances as cost of living is high in UK.
Here education loans are a boon for many families who allow the student to avail a education loan and carry further studies with repayment of loan as any other loan. While parents it may be easy to mortgage any property or their financial assets to avail a loan for students from low income group families staying in UK it become difficult as they will only begin earning after the completion of their studies. Many students are on their own and have to live on income earned by doing odd and even jobs to support themselves. Now there are many financial loan lending institutions that lend money on reasonable rate of interest for all categories. For financial resources faced by such students it has been noted by financial experts that there has been an tremendous rise in defaulters in education loans, for the only fact that inflation and rising costs of life. Students staying and studying in UK also may not be much responsible and with priorities in spending the educational loan repayments may suffer.
How to adjust an educational loan and also repay your home loan- planning, planning when young is the only way that will let you breathe financially easy when your children grow up. Think ahead after years when you income may increase, so also may your assets and financial investments increase, thus as you plan any other financial expenses for a house or a car think ahead for many year for the education of your children also. Along with education, there will be hostel charges, equipment and stationary charges and also travelling and food etc charges that will increase.
All this while you are repaying your home loan may add the burden if you have not planned your finances well ahead.
There are many financial investment schemes for education along with educational loans for further education. Learn to keep aside some amount every month from the beginning to plan for your child educational needs. Investment in such schemes allows you to add monthly savings in name of your child which they will get after the desired completion of term. This amount can be adjusted like the home loan EMI to an affordable amount so that you do not have to sacrifice a lot from the beginning. little amount saved becomes a good amount and thus you will have a substantial amount saved till your child has reached the age for further education. here with this large savings amount you can pay the admission charges, stationary as well as leave some extra amount for fun and frolic for your child to enjoy his teens.
Some financial loan lending institutions also lend money by mortgaging your house that is continuing on a home loan of, the majority of the loan amount has been repayed and your history of past repayment is  strong. 
In case you are in a tight spot in handling home loan EMIs along with educational loan repayments it is also a good option to ask for concessions in educational schemes for students and scholarships from the academic institutions and private educational trusts in UK. You may also ask for offers on educational loans if you are a regular customer with the UK bank and also have an home loan repayment account in a UK bank.

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