Since the cost of inflation in education is much higher than the overall consumer price inflation, higher education is becoming costlier with each passing year. In such a scenario it is very difficult for parents to fund the education of their kids.
So, many of them have to resort to education loan. Education loan can be taken either by the parents or the student or the spouse to fund higher education in India or abroad. It covers the cost of studies and other related expenses. The education loan not only covers the cost of the course but almost the entire expense of education.