Five tips to keep in mind for repaying education loans

1. Five tips to keep in mind for repaying education loans. Took an education loan but facing problems now to repay it? We know that education loans help you to pursue higher education which decides the course of your life and therefore, is of prime importance to you. And the loan also helps you to not get deterred from the ever-increasing prices of higher education by letting you pursue the course of your choice anywhere in India and abroad. We also know that repaying loans can be a tough task, but no worries. In this article we will be making it easy by suggesting you some very important tips which will help you to repay your loan sooner than expected. Read and follow it carefully: - • Give and take policy : -When you apply for education loans, always remember that it is a give and take policy. You are entitled to pay the loan back to the banks or the lending institutes due to contractual terms. Failing to repay it will lead them to take legal action on you, so it’s better to be careful in this matter. • Prioritize your savings: - When having the debt of education loans on your head, it is very important that you should give priority to your education and career. You should control and minimize your expenses on food, entertainment, shopping, and travel in college as such splurging can leave you without any savings. • Set aside surplus money for instant repayment: - Give high priority for first paying off the dues of your education loans. Try to set aside any surplus income if you have it, as it will only help you to prepay your loan as early as possible. • Restructure your repayment option: - You are provided with the education loan by the lending institutes during the time you needed funds the most and so you have the right to approach the lending institute. If you find any difficulty in repaying the instalments as there can be situations like death in the family, ill-health or accidents that can unintentionally break your repayment schedule, so choose an option to restructure your EMIs to have a smooth repayment process.

2. • Track and monitor your payments: - Until you land into a job after your course ends, it will be difficult for you to repay all the education loans you have taken to complete your studies. So try to track and monitor your payments by using money-saving apps on your mobile phone and maintain a log or calendar for paying all dues on time. And also start analysing your situation to have a realistic estimate for when you can start paying off your loan. • Pay it off sooner than later: - While repaying your education loans, the sooner you clear off the loan, the better. Sometimes high interest rates can come in your way for paying off the loan. So to avoid such problems, try to pay it off before the interest rates shot up. And if you are unable to maintain all the terms and conditions of the loan repayment process, just try to request the lending institute to relax the same, which can lead the reduction of charges, lowering of interest rate, lengthening of the loan tenure or a moratorium on interest, etc. Hope you find it useful for repaying your debt of education loans and making you worry free forever.