Besides the tax deduction is only available if the purpose of loan is to pursue higher education i.e., full time studies in graduate or post graduate course.
The tax benefits on education loan are only valid once you start the repayment and moreover they are only available up to eight years. For instance if your loan tenure exceeds eight years, you cannot claim for deductions beyond eight years.
Hence it is better that the education loan is repaid within eight years. Unless if the loan amount is very high and it is difficult to afford a high amount of equated monthly installment (EMI), one should not opt for education loan with longer tenure.
Also a person can avail the benefits only if the loan is taken from a financial institution or a bank. Loan taken from relatives or friends will not be considered for tax benefits.