Want to study abroad or study in India? Whatever be the case, education at the moment is an expensive affair if you are aiming for a premium institution or a foreign degree.
That’s where Education Loan comes in. For all those who want to avail an education loan, careful planning and management of your student loan is of utmost importance. This is crucial in order to make the repayment process seamless.
Don’t follow the herd mentality.
Don’t take an education loan just for the sake of studying abroad or to follow what rest of the world is doing. Take loan for learning something you love and which for sure will be the base of your career.
Try and choose the right university to avoid unnecessary problems in the future, which may hinder your repayment process.
The right education loan provider will give you the best solution.
First thing first, be very well-versed with all relevant information before zeroing in on an education loan provider. If you’re thorough with this, you can go on and plan your financial goals.
Always ask for a flexible repayment option.
How about repaying some interest during your study period to lower future EMIs?
Auxilo provides flexible repayment options and plans, where you could start repaying the Principal of the loan after 6 months of your course completion or once you get a job, whichever is earlier. Until then, you just have to pay the interest on the loan.
Never default & maintain a good credit score.
This affects your credit score, and not just yours but also your co-applicants. Would you like to get into the bad books? No right?
Repaying on time has a positive impact and helps maintain a good credit score. Also this stands as a mode for you to get a loan in the future.
Take time and try to manage your expenses.
You have an education loan to pay back. So managing your expense is of utmost importance. You may not be able to increase your income, but that doesn’t stop you from planning your expenses.
Once you figure out a way to manage your expenses by fixing a budget every month for different needs, it will get easier for you.
Make use of your moratorium period.
Part-time work never hurt anyone. It’s an extra pocket money for you and can also serve as the money that can be used for partial pre-payment or EMIs. This in turn will be the biggest help in order to manage your finances when you start repaying your loan.
Have more queries on how to apply, manage, and pay-off your student loans?
Register for a Study Abroad webinar with our experts Mr. Manoj Shetty (Product & Sales Head, Auxilo Finserve) and Mr. Nathan Treadwell (Head of US Admissions, Nomad Credit).
Click to register for #AuxiloXNomad!