Education is considered a steppingstone towards better things in life. A great education forms the bedrock on which students can establish successful careers. But for all of that to happen, students need to first have access to education. Stories about how student debt can be crushing are the same throughout the world. But financial constraints shouldn’t keep anyone from getting a degree or from learning, in general.
Credit cards for students have come about for this reason — to help them afford the education they deserve, especially when they find themselves unable to afford it any other way.
What are student credit cards? How are they helpful to students?
If you are a student wishing to enroll in a technical, polytechnical or general degree in your higher studies, you will find the credit card for students useful. Governments are coming up with these schemes that let you borrow up to Rs 4 lakhs to be used for your educational expenses, including your tuition fees.
The credit card for students aims to simplify the borrowing process for students trying to avail credit for education and allied expenses.
About different student credit cards: Bihar & West Bengal
In India, two states that have prominently ramped up efforts on providing loans to students for their higher education are Bihar and West Bengal. The scheme has been operational in Bihar since 2016, whereas it has just launched in West Bengal.
The funds available as a part of the Bihar student credit card scheme can, for example, be used to pay for the tuition fees of college or school, the hostel fees, exam fee, library fee, laboratory fee, and other expenses that fall on you when you’re attending college like caution deposit, etc.
The insurance premium for the student is also funded under the Bihar student credit card. Apart from these, expenses towards other things that facilitate your education like the purchase of books, stationery, equipment, computer, uniform, or study tours, project work, thesis, etc. can also be bought using these funds.
You can account for various expenses if the expenses don’t exceed 20% of the total tuition fees.
Bihar Student Credit Card
The Student Credit Card Bihar scheme allows an education loan of Rs 4 lakhs for every student who passes 12th class & is struggling to go for higher education due to economic hardship. Loan covers the tuition expenses and other costs as mentioned above.
There are no restrictions on the kind of degree you study for under the Bihar Student Credit Card scheme. You can enroll in any course, from technical degrees to general or professional or vocational courses. Eligible students can apply at the MNSSBY website.
West Bengal Student Credit Card
On similar lines, the Government of West Bengal has introduced the West Bengal Student Credit Card Scheme. Under this scheme, the amount under the loan can be as high as Rs 10 lakhs and can be used for higher education both in India and abroad. The loan can be used for expenses related to school fees, with a generous repayment period of 15 years.
If you’re a student keen on pursuing higher education, the financial condition should be no deterrent to your dreams. Make use of the student credit card and all your educational expenses will be taken care of.