Rid yourself of that student loan baggage

Rid yourself of student loan baggage
Get rid of your student loan

Right now, there are thousands upon thousands of students that have the weight of student loan debt heavily resting on their weakening shoulders.

The majority of students do not come from wealthy households and rely on loans to lead them on the straight and narrow to hopefully one day achieve their ultimate dream and career. Student loans are a great option for individuals seeking to take that next step to build their future.

Unavoidable is the problem when the time arrives to pay back one’s student loan. Here are some tips to help you offload study loan baggage.

Work diligently to pay off that Student Loan

Wouldn’t that be an obvious task for one to perform? Not always. It may be a good idea to get a part-time job while studying so as to supplement any allowance that is received.

This money could be paid into one’s student loan to bring down the principal amount that one will need to repay once the respective studies are complete. Working hard not only sets one up for exams and positive results but also encourages good habits for a future career.

Paying off a study loan requires as much diligence as time spent in the books, so it’s certainly going to breed a favourable attitude for the period where one needs to settle any outstanding debt.

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Entrepreneurial skills that pay off Student Loans

For those that have a passion for a craft or a trade, it’s likely that it may be a  calling. Don’t be afraid to render all blood, sweat and tears in an effort to harness this skill and predetermined future.

One does not need to get caught up in company norms by leaving their entrepreneurship at the door.

Pay your own salary and Study Loan at the same time

No one has ever said that being in charge was an easy task, but it certainly is possible. Employment is a challenge in South Africa and that is why entrepreneurship is being cultivated amongst the youth from early on in their lives.

Not only does it help individuals grow and earn their own salaries, but it is also a major contributor to the future of our country’s economy.

Budgets should include Study Loans

When one has debt to pay, the single best advice that one can follow is to stick to a strict budget. Budgets are in place to ensure that individuals can meet all their financial obligations while knocking off amounts against their student loan.

By committing to this process, there should be no problem in getting one’s student loan paid off while avoiding any penalties at the same time.

Cut unnecessary costs & repay more towards your loan

What’s the first thing that anyone would love to do when they have a large sum of money? The answer is quite simply – settle that student loan! How soon can it be done? As soon as one decides to do so.

Most people all have a number of items on their budget that are luxurious expenses. Of course, nobody wants to put an end to the fun in their lives, but there are certainly ways that one can have fun and afford it.

Consider a gym membership. One can’t exactly quit exercising and hope for the best, but one can cancel their R700 monthly membership and take to running or cycling outdoors.

For those that are paying an exorbitant fee towards their DSTV subscription, downgrade to a cheaper package for now and watch sport at a friend or family member’s house. Eat-in more, eat out less. Rent movies as opposed to going to the movies.

Popular & reliable direct lenders offering Student loans

  1. Challenor Finance Student loan

    Challenor Finan...

    • Loans up to R80,000
    • Term up to 24 months
    • Low interest rates
  2. First National Bank Student loan

    First National ...

    • Loans up to R80,000
    • Term up to 7 years
    • Interest from 6.5%
  3. Just Money Student loan

    Just Money

    • Loans up to R50,000
    • Affordable repayments
    • Apply online
  4. Fundi Student loan

    Fundi

    • Loans up to R50,000
    • Term up to 4 years
    • Interest from 11.6%