Wish to repay your study loan quicker? Here are some tips to help you!

1. Wish to repay your study loan quicker? Here are some tips to help you!

2. Many students aspire to study abroad as it offers great career growth opportunities. With the education costs rising every year, students have started relying on study loans to pursue higher education. Keeping this in mind, many banks have started providing different education loan options. These help cover your course costs along with other overhead expenses incurred during your study period. • Although getting a loan is easy, repayment requires careful planning. To avoid falling into the burden of debt, here are some tips to repay your study loan as quickly as possible.

3. Pay a little extra with every instalment In the case of study loans, paying more than the EMI is always beneficial. Even a small extra amount can be quite helpful in repaying your student loan faster. To achieve this, utilise your monthly budget strategically to save a bit more than usual. The more frequently you pay extra the faster you will clear your debt. However, do check whether your bank has any penalty for prepayment of the loan. • Search for a part-time job Do consider looking for part-time jobs to save money. Many universities abroad offer on-campus jobs to students. Other than that, you can also look for other side-jobs like waiting tables at a restaurant, babysitting, working at a grocery shop, and so on. You can also enroll for paid internships during your holiday period. This will not only help you build your resume but you can also save some money which will come handy while repaying your study loan. Working on the side will also give you financial freedom in a foreign land.

4. Look for refinancing options If your education loan seems too heavy to repay, try to negotiate a lower interest rate with your loan provider. Or, if that does not work out, consider looking for a refinancing option to pay back your education loan. You can search for banks or financial institutions that willingly refinance your study loan at a lower interest rate. Refinancing helps you pay a lot less than you were originally obliged to. • Apply for automatic payments This approach allows the financial institution to automatically deduct your instalment from your bank account. You can pre-decide the EMI amount as well as the interval for automated payments. This guarantees that you stick to a payment schedule and never miss an instalment. These scheduled payments not only help to reduce your chances of becoming a defaulter but also improve your credit score. Some banks may also provide a study loan with a low-interest rate if you apply for the auto-pay option. This lets you with putting more money towards the principal balance. Finally, automatic payments ensure you never pay more in the form of late fees. An education loan is your golden ticket to a bright future. If planned carefully, it can open a world of opportunities for you. Make sure to carry out a fair comparison and shop through all options before settling with one. Good luck!

5. We hope this article was helpful to you.

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