Here’s How You Can Avoid Missing Student Loan Payment

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Education comes at a price, literally. For thousands of students, especially those who come from a disadvantaged background, taking out a loan is the only way to access further education.

Do you have a student loan to repay? Contrary to what you might have heard, the interest on a student loan can amount as much as the interest charged for a housing loan. This implies that in case you miss a payment, you will be charged a heavy delay fee that will further increase your debt.

Are you struggling to keep up with your student loan repayment? There are some options you can explore, including using SoFi to refinance your loan with a fixed interest rate that will limit the extra fees you incur. Instead of risking delayed payment or missing out payment, use these tips to timely repay your student loan..

Draw up a strict budget

Drafting a strict budget and adhering to it is key to keep up repaying a loan. Whether it means giving up frivolous activities or living on the bare minimum, you have to do everything to minimise your expenses.

Being out of college and in the real world might tempt you to upgrade your lifestyle. However, it’s better to continue to live like a student and curb the urge to spend on unessential things.

Get in touch with your loan provider

Do you think that you won’t be able to pay up your upcoming instalment? Instead of waiting till the last minute, immediately get in touch with your loan provider. Your provider can give you options to help you avoid a loan default. It’s better to avoid a delayed payment rather than jeopardising your good standing.

Opt for a better repayment plan

Do you struggle every time loan repayment is due? If that’s the case, then you should consider opting for a better-suited repayment plan. From standard repayment plan to income-repayment plans, explore all the repayment options available.

However, before switching to a new plan you should calculate your estimated payments. This will help you understand whether changing your repayment plan is beneficial or not.

Get a payday loan

An unexpected emergency can tie up your finances, thereby forcing you to delay your student loan payment. Whether you had to pay an unexpected medical bill or your car broke down, a payday loan can help you get out of this cash crunch.

Unlike most traditional sources of borrowing, payday loans are easy to procure and get approval for. There are no cumbersome steps involved and the process is completely online. Being a student fresh out of college, you might not have good credit. Fortunately, payday loan providers don’t look at your credit score.

As a matter of fact,  Finance27 offers hassle-free same day payday loans up to R4000.

Consider debt consolidation

Do you have more than one loan to repay? Instead of individually dealing with these payments, consider consolidating all your debt. Debt consolidation will combine all your debt together. With consolidation, you will have only one monthly payment. Even though you’re likely to pay more interest overall, but this will make repayment much easier.

Look into deferment and forbearance

Are you in deep financial crises? Whether you’re struggling financially or unable to find work, you should consider loan deferment and forbearance. Deferment allows you to temporarily postpone your repayment up to three years, while with forbearance you can reduce or postpone your repayments up to 12 months.

Get another job

If you’ve cut down your expenses to the bare minimum, getting another job is an interest-free way to make some extra cash. Taking on an extra shift or another job is not easy, but it will help you stay out of a debt trap.

Repaying a student loan can be stressful. Hopefully, this post helped you understand that there are options available for all kinds of borrowers.

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