Can I get a loan to pay fees of NID, NIFT & IIT-IDC?

As we embark on a thrilling journey, chasing our dreams to pursue design education at NID, NIFT or IIT-IDC, we must face the undeniable truth—that it comes with a hefty price tag. 

Design education is about 10-15 lakhs for the entire four years in IIT-IDC or government national colleges like NID or NIFT, and way more in private colleges. Also, when looking at expenses not only are we looking at tuition fees, but also accommodation, mess, transportation, laptop, materials, and other related expenses. 

Let’s face it. Not all of us can afford this.

So how do we still run and chase our dreams? Education loans is one answer.

In summary, pursuing a design education at institutes like NID, NIFT, and IIT-IDC can be an excellent investment in your future, but it's essential to consider the financial aspects carefully. Researching the fees, cost of living, financial aid options, and the application process thoroughly can help you make an informed decision and plan your education effectively.

Educational loans ensure that you can dive into your studies without worrying too much about the financial nitty-gritty.(And don’t worry about that loan repayment—you’ve got this!

Now, to procure an educational loan, you could either approach banks or your state government loan programs offering college students educational loans. A good idea would be to look into the offers from all these institutions and compare the terms and conditions attached to them. We want a win-win situation here. (While NID, NIFT and IIT-IDC may not have any personal tie-ups with these financial institutions, most of them do offer education loans for these colleges as they are reputable.)

Next, get to know what these lenders/financial institutions want. Good grades, a reputable college and necessary documents—admission letters, course details, ID proof, residence proof, the financial lowdown of your family and academic records. Get all these nailed down from your part. Many education loans also require a co-applicant, usually a parent or a guardian, to share the responsibility. Their credit history and financial stability matters, so choose wisely.

Know the ins and outs of repayment—when it kicks in, what the schedule looks like, and if there are any flexible repayment options. Don’t stress on it immediately, but know that it is important information which will later keep you prepared.

After having compared loan details, interest rates and repayment terms, and choosing your financial ally, fire up that loan application. Double-check everything and make sure you’ve got all your documents in order.

To understand more about educational loans, I also contacted one of my batchmates who has availed an education loan. She had a lot to say, sharing some tips on good educational loans and what to consider while taking one. So here are 3 of her pearls of wisdom-

- Good educational loans give us time to catch our breath after graduation before we dive into repaying them. That grace period lets us find our feet in the professional world without stressing about loan repayments. This is an important factor to consider and use to compare various loan programs.

- They also come with lower interest rates. Interest rates are a factor to consider and compare whilst choosing where to procure a loan from.

State government loan programs usually have lower interest rates than those at banks. 

- Look at what else your education loan covers other than tuition fees—accommodation, laptop, transportation, etc. This may again vary according to where you would take a loan from.

In conclusion, yes you can avail the help of educational loans to fund your study at NID, NIFT or IIT-IDC. The financial support offered by education loans enables you to focus on your studies and creative pursuits without the immediate burden of hefty fees. 

However, thorough research, understanding the terms and conditions, and clear communication with both the financial institutions and the respective design institutes is important.

Illustration by Nandini Seshan

For extra tips and valuable insights into venturing into design education, check out more blogs! :)

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Nandini Seshan

Communication Design/NID Vijayawada

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