How To Manage Your Student Loan Balance?
Date published October 05 2020 by Stella Carter
Its fine if you are not really that smart enough to manage your studies or assignment, but you can’t really call yourself smart if you can’t manage your finances right. There you go, you got an idea for your graduate or Postgraduate Finance Dissertation Topics.
Managing finances are the most vital part in anyone’s life, be it a young student or a retired 80-year-old man. Managing your finances can either make you or break you regardless of what stage you are in life. Forget the theory, we are talking about real life here.
With this being said, many students apply for a student loan and end up getting themselves in huge debt after they graduate and are not even able to pay-back. This only because they dint manage their finances right.
With this being said, here are some logical reasoning on how to manage your student loan balance.
Table of Contents
Get To Work:
Of course, the basic thing that first comes to mind is obviously, getting a part time job. The reason being, a steady income is needed to survive anywhere, whether you do a standard job, freelance or even both. It is needed so that you can manage 30% of your income for paying your student loan every month and rest for yourself. This will help to avoid financial burdens in future.
Don’t worry if you think that working part time will distort your academic performance in any way. You have the option to take help from cheap dissertation writing service or even assignment writing services that will not only let you learn new concepts, but also let you balance your work life.
Only Go For What You Need:
Ask yourself, do you really need a maintenance loan? If you are working part time or freelance, that can probably enable you to pay your day to day expenses. The bottom line is, just go for only what you need or go for the most basic tuition fee to save yourself from uncomfortable debt burdens.
Other than that, chip in your parents or relatives for little or some financial support for every other type of costs, it always works.
Always Plan Ahead:
Keep track of your monthly tuition fee as well as the interest rates being charged. Interests rates are mostly charged up to 5.6% which are payable after graduation. So as a student, you need to keep full track of it and have a habit of noting them down.
If you get a job, then make an extensive feasibility study if you have to, that how much will you have in hand, if you save your income 30% every month for a year and compare it with your student loan with interest.
Moreover, the best you can do from your end, is compare universities or courses and go for the least tuition fees. Many universities have the same courses and qualification, but have different rates, where some are really expensive while others are not.
If you are going for higher university like Oxford for example, then it might be to your advantage of having a scholarship award, in order to ease your high tuition cost
Try To Finish On Time:
In other words, just try not to fail. Why? Because repeating a semester or a course can lead to unnecessary increase in student loan which can stealthily ruin your track of student loan planning.
If the program you are enrolled in, let’s say are for 4 years, then try your best to finish it in the given duration rather than finishing in 5 or 6 years, to avoid increasing student debts.
The Bottom Line
Student loans with interest are controversial, but the fact is, you can’t fight the system but can definitely out-smart the system by managing your finances. The bottom line is, try to be as much economical as possible and adjust with the conditions.