Tips for Paying Off Foreign Education Loans

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Tips for Paying Off Foreign Education Loans
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Work hard for yearly scholarships at your
college/ university
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Consider the interest rates applicable
Every bank or money lending organization has its
own policies for interest rates that are
applicable on the loan amount. Hence, you should
choose a lender that offers a lower interest
rate.
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Take advantage of the moratorium period
There is a special provision for students before
they start repaying their overseas education
loan. There moratorium period or EMI holiday
period, allows the student/parent to merely pay
the simple interest applicable for loan only
during this period. The moratorium period begins
from the time the loan is transferred to the
students account till the completion of 1 year
after finishing the course/ 6 months after
getting the job. Then the student should start
repaying the loan with regular decided EMI value
every month.
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Earn while you learn
Students should consider taking part-time jobs to
bear their day to day expenses as well as begin
saving for repayments. This can help to repay
some larger amounts or repay in a single stroke.
There are some lenders that do not charge for
repayment or charge less. So, you can choose your
lender accordingly. You can plan for repayment by
using your savings in a single shot or by adding
up other family savings if possible, sooner or
later.
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Create a proper plan for repayment
You can automize your monthly payments into Equal
Monthly Instalments (EMIs) for a better repayment
habit. This will channelize your structure of
income and expenses and sparing a particular
amount towards your EMI from your bank account
directly.
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Work hard for yearly scholarships at your
college/ university
Most of the colleges/ universities encourage
their students to study hard and perform
extraordinarily not only in their academics but
also some extra-curricular streams. Financial
awards are given to such merit students, that
entitle yearly tuition full or partial tuition
fees. One can get the Assistance For Overseas
Education Loan Process, this can also reduce the
burden of the education loan in a way. These
scholarships are given apart from the regular
scholarships for yearly progress of the student.
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