Are You Considering Going Abroad for Higher Education? Sharan Hegde Shares Insights about Education Loan

Introduction: 

Today's youth is too fascinated with abroad education. But to pursue education in foreign countries we need financial aid for that we often opt for education loans. Today, we will share how can you get 30% off on your education loans.

Sharan Hegde Talks about section 80E of the income tax act. 
Sharan Hegde talks about how can we get 30 % off on our education loans. Discussing the same, he said, “Are you considering going abroad for higher education? Unless you are loaded, you'll have to take an education loan to fund your educational expense.” 

He added, “Unfortunately, education loans can be expensive, with interest rates as high as 9-12%. However, there is a way for you to get up to 30% off through section 80E of the income tax act. 80E allows you to claim interest paid on an education loan as a deduction against your taxable income. That said, if you are going abroad and plan to work there, then you wouldn't have taxable income in India, under which the deductions can be claimed."

“Instead, you can have your parents be a co-applicant for your loan if they are working in India. This way, they can claim 80E deduction. And effectively reduce the interest paid on education loans by lowering their tax liability.,” he concluded. 

View this post on Instagram

A post shared by Sharan Hegde (@financewithsharan)

Netizens' Reaction: 

The post has garnered mixed reactions. Appreciating the hack, a user wrote, “Amazing as always,” Asking for a disclaimer another wrote, “But this will put additional burden on parents and no accountability on kids who will refuse to contribute to loan. Need a disclaimer.” 

About the Influencer: 

Renowned Finance Influencer, entrepreneur, and bestselling author Sharan Hegde is experiencing a series of incredible milestones. He is a highly knowledgeable financial advisor who excels in guiding individuals on making informed financial decisions in areas such as cryptocurrency, insurance, tax, and mutual funds.