Independence Day is celebrated every year on 15 August to commemorate the nation’s freedom achieved on the same day in 1947. Today, India has one of the youngest populations in the world, highlighting the immense potential that, if harnessed effectively, could lead to national development. Let’s learn how students can access quality education, which is fundamental to the overall development of the youth, while being financially independent.
Key highlights:
- Independence Day for Students
- What Does Financial Freedom for Students Mean?
- How to Achieve Financial Freedom for Students?
- Benefits of Education Loans
Independence Day for Students
On 15 August 1947, India officially took the reins of control after a long freedom fight. Many freedom fighters, civilians, leaders, and unsung heroes have sacrificed their lives so that we could live in this independent nation. Independence Day is about patriotism and national unity, but it is also about empowering our young nation to achieve growth in every aspect, economic, political, financial, cultural and moral, for which education is necessary.
What Does Financial Freedom for Students Mean?
For students who are just beginning to spread their wings and learning to fly, financial freedom doesn’t mean earning lakhs of rupees or setting up retirement funds. Such goals are for the later part of their lives. As a student, financial freedom is as simple as realising your financial responsibilities and actively participating in financing your education independently.
How to Achieve Financial Freedom for Students?
Financial Literacy
Everyone, including students, should be educated about the various aspects of money to learn financial management. Financial skills, including budgeting and saving, can be crucial in your student life. Financial planning for students at an early age will empower them to be in charge of their financial future.
You must create a budget, keeping in mind your monthly expenses and save some for the future unforeseen expenses. Please remember, “a penny saved is a penny earned”. You need to be mindful of your spending and avoid going on a shopping spree, which can lead to unnecessary expenses.
Education Loans
Whether you want to study in India or abroad, education is an expensive affair considering the inflation of education. Therefore, many students these days opt for an education loan. Education loan for Indian students is a prudent choice as it empowers them to finance their education independently.
Benefits of Education Loans
Atmanirbhar
Student loan brings independence, as you fund your education without depending on your parents. You can repay your education loan through easy simple interest (SI) or partial interest (PI) when your course is on, and regular EMIs will begin after you have completed your study programme.
Quality Education
If the only thing that is standing between you and your dream university is a lack of finances, an education loan can be a prudent choice. A student loan will cover the holistic cost of education, including tuition fees, travelling expenses, accommodation costs, living expenses, the cost of learning devices and other education-related expenses. So, an education loan in India will enable you to secure a seat in your chosen university.
Save the Savings
Parents work really hard to save an ample amount of money for future contingencies and their retirement. If you utilise these finances for your education, you will be left with nothing during emergencies. When you take an education loan, you can let your savings be savings, which can help you a great deal during unforeseen circumstances such as a pandemic.
Credit Score
An education loan has to be repaid over a period of time. By repaying your student loan, you can build a healthy credit score. Later in life, when you opt for other financial products such as a home loan, car loan or credit card, a healthy credit history will allow you to unlock multiple benefits.
At Avanse Financial Services, we understand the importance of quality education and support every deserving Indian student to achieve their academic aspirations. Therefore, we offer an education loan for abroad studies as well as to study in India.
We have launched an Avanse Freedom Offer, a special, limited-period initiative that provides attractive interest rates on education loans for students planning to study abroad. Interest rates to study in the US start at just 9.99% and for other overseas destinations start at just 10.5%. This offer is valid only till 31 August 2025. If you have any questions related to the offer or about your academic journey, please remember we are just a call away.
Also Read: Education Loan Disbursement: What Students Must Know
