The most common mistake that students make while taking an education loan is underestimating the total cost of education, including living expenses, and borrowing less than required. It's crucial to factor in all the costs involved, such as tuition fees, accommodation fees, food, travel expenses, and other miscellaneous expenses. It's advisable to consult with the WeMakeScholars experts and get a clear idea of the total cost of education before applying for a loan.