How did you fund your college? Real scholarship and loan options? | Student Forum

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Hi everyone, I've cleared my JEE Mains and got a decent rank, but my family's annual income is around 6 lakhs. My parents want me to study at a good NIT, but the fees are eating into our savings. I'm looking at need-based scholarships, education loans, and anything else that might help. What worked for you? Any loan providers or schemes I should know about or avoid?

7 Replies

ManojHegdeKar5mo ago

Good question. At the 6L income bracket, you're likely eligible for need-based grants at NITs and some private colleges. Apply for National Scholarship Portal (NSP) schemes immediately—PM Scholarship, UGC schemes, and state-specific ones. For loans, compare SBI's Vidyalakshmi portal, Axis Bank, and ICICI before signing; the processing fees and margin money differ. Watch out for loans requiring a guarantor if your parents' credit history is weak.

JasdeepGillPun5mo ago

Good follow-up question. Most NSP scholarships are annual, so yes, you reapply each year if you meet the eligibility. For a ₹5-lakh education loan at ~7.5% over 5 years, your EMI would be around ₹9,900–10,200/month after the moratorium. Many graduates delay repayment or negotiate smaller EMIs if they're struggling early on—talk to the bank's customer service.

ItishreeSahooOdi5mo ago

Just wanted to ask—for the NSP portal schemes, do you need to reapply every year? I've heard some scholarships are one-time and others are recurring. Also, for a ₹5-lakh loan, how much would a typical EMI be after graduation?

TanviDeshpandeMah5mo ago

Very responsible of you to plan ahead. Your NIT will have an admissions office that handles scholarships—contact them directly once you confirm admission. Also, look into state government schemes (some states offer full tuition for below-poverty-line students). Education loans are tax-deductible for parents, and many banks offer a moratorium period after graduation, so repayment starts 6–12 months after you get a job.

NiyatiMehtaGuj5mo ago

I went through an NIT on an education loan from HDFC Bank back in 2015. The 8.5% interest rate was reasonable, and my parents took a modest loan for hostel and mess fees while the scholarship covered tuition. The key is to apply for AICTE/merit scholarships early—don't miss deadlines. Also, check if your NIT has endowment scholarships; mine had one for SC/ST students and also income-based ones.

AdithyaMathewKer5mo ago

I'm at NIT Trichy right now, same boat as you. The institute itself gave me a merit-cum-means scholarship (around 50% of fees) because of our income. My parents took a ₹5-lakh loan from SBI at 7.2%, and my dad works, so they approved it easily. Honestly, the hostel and mess are affordable (₹35-40k/sem), so the loan mainly covers tuition. Don't stress too much—most of us here are on some form of aid.

NidhiDSouzaGoa5mo ago

Thanks so much, everyone—this really helped. I'm going to start with the NSP portal and contact my NIT's financial aid office as soon as I get the admission letter. Fingers crossed!