In earlier days, the Student Loans were availed by a certain number of students who were very poor to bear their daily expenses. But the rapid growth of competition and technology is making it mandatory for the students to pursue higher education and that too from a renowned and reputed university.
The need of being a graduate as well as a postgraduate from famous and esteemed universities began with the overgrowing population and the spread of awareness among the people.
As many of the students (often in a count of and crores) are graduating every year, it has become difficult to provide those many jobs of similar designation. So the one from a renowned university is given more priority during the placements.
And to the top of it, these reputed universities charge very high amount of tuition fees compares to the other universities and colleges providing the same course. It has become a trend of the universities to increase the tuition fees year after year.
So a new challenge is in front of students which is being a postgraduate is not enough, one needs to obtain professional course certification in order to get a high paid job.
Thus the need for Student Loan also increased as now the student with a financial background that was enough to bear the tuition fees and other expenses earlier, is also in need of the student loan; this is to incur the costs and fees of not just the course, but the course from a well-known university.
Unemployment due to massive population growth is causing even the highly graduated students to remain jobless. Thus there is a possibility of a student finding it difficult to repay the loan, leading to the downfall of their credit score; this might also cause problems in his future like he might fall out of the eligibility criteria for the approval of other loans.
Best Student Loans are thus designed to allow reasonable payment options so that the student can repay it even if he gets a low-salary job; this helps them to maintain their credit score and enables them to avail for other loans when they get settled with a suitable job in the near future. Hence we can say that Best Student loans are becoming essential not only for building the career but also maintaining the professional career.
Limited options in either obtaining or repaying the education loan may not be helpful for the students, and it could just fail the main aim of providing financial aid to the students through the Student Loan; this is just the assumptions but the harsh reality.
The education department is becoming the debt collector; this might also prove to be bad for the loan providers especially government, as there will always be always some borrowers who may not pay off their loans.
To eliminate all of this and bring back the aid, the student loan policies were rewritten positively, removing the old student loan system.
Now financial companies are focusing on this matter and are trying to bring out the Best Student Loans which will practically help the students.