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4 tips to help you pay off your education loan debt efficiently

While taking an education loan, one needs to analyze their financial capacity before deciding on the amount. It is essential to check your earning potential and see if you can repay about 50% of your loan amount in 5 years beginning from the time your EMIs start. If it takes more than that, you might want to rethink things and borrow less. To get an idea about your monthly EMIs, you can also use an Online Education loan EMI Calculator. This will help you understand whether or not you will be able to manage your education loan repayment.

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4 tips to help you pay off your education loan debt efficiently

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  1. Education Loan

  2. 4 tips to help you pay off your education loan debt efficiently

  3. Students often think that education loans become burdensome after a point in time. However, that is not true. You can ease the repayment if you are disciplined about it.

  4. Here are 4 key tips that will help you manage your education loan debt better. • 1) Decide Your Loan Amount Carefully: • While taking an education loan, one needs to analyze their financial capacity before deciding on the amount. • It is essential to check your earning potential and see if you can repay about 50% of your loan amount in 5 years beginning from the time your EMIs start. • If it takes more than that, you might want to rethink things and borrow less. To get an idea about your monthly EMIs, you can also use an Online Education loan EMI Calculator. This will help you understand whether or not you will be able to manage your education loan repayment.

  5. 2) Use The Moratorium Period To Your Advantage: • Financial institutions and banks give a grace period to students after their course ends. This grace period (moratorium) usually lasts between 6 to 12 months depending on the lender. • The EMIs do not begin until the end of the moratorium period. The main motive of this period is to offer enough time to students to find a job and become financially stable. • Even though the repayment does not begin before the end of the moratorium period, it is a wise decision to start paying at least the interest part of your loan while you are still in college. • If you wait till the end of the moratorium period to start repaying your loan, the interest amount will pile up and impact your payable EMI.

  6. 3) Sign Up For An On-Campus Job: • Signing up for an on-campus job is ideal for students who are looking to earn some extra money during their course. On-campus jobs are part-time jobs such as a teaching assistant, library attendant, research assistant, peer tutor, campus tour guide, event manager, and so on that are scheduled taking into consideration the student’s academic demands. • Moreover, the on-campus employers accommodate staff changes based on the fluctuations in a student’s course load. This way, the students don’t have to worry about hurrying from class to make it to work on time. • Plus, students doing on-campus jobs are paid well enough to cover their living expenses. The students are paid on hourly basis, depending on their work hours. If you take up this kind of employment, you can save money for repaying your education loan.

  7. 4) Opt In For Automatic Payments: • Many financial institutions and banks allow students to opt for automatic payments to repay their loans. In this method, the lender is set up to automatically withdraw money directly from the student’s given bank account every month on a fixed date. • This way, students can stop worrying about repayment deadlines and defaulting on their loans. This also saves the students from paying penalties that are levied by the lenders for late/missed payments. • Moreover, making timely payments will also reflect positively on the credit score, which will help in availing another loan in the future. • These strategies will help you repay your education loan efficiently.

  8. Follow Us On Our Social Site for Updates https://www.facebook.com/AvanseEducationLoan https://www.youtube.com/channel/UCcsuUx1EH1C08XmX2embpug https://twitter.com/avanseeduloan https://www.instagram.com/avansefinancialservices/

  9. For more details visit Education Loan https://www.avanse.com/education-loan/study-india-loan/ Thank You…

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