New Delhi, May 26 -- Education today in India has become more expensive, especially for those who enrol in prestigious universities or take higher education abroad. Education loans sometimes act as a financial lifeline for students pursuing academic dreams. But what happens when, in the case of education loans, the bank wants additional assurance. A lesser-known, but crucial, stakeholder in the borrowing process, is the education loan guarantor.

An education loan guarantor is absolved by agreeing to be responsible for repayment of the loan if the borrower does not pay. You could think of them as the lender's financial safeguard. Most education loans in India, have long terms of years, typically require a guarantor.

Guarantors and co-app...