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Manage your Student Loan debt like a pro
All-nighter study sessions, chilling in the canteen with your friends or being inspired in class by your favorite professor- the best memories are made in college! And many of us have achieved our dreams with the help of student loans. However, managing Student Loans can be a little daunting, especially for first jobbers. However, with the right strategies, you can handle your finances and pay off your loans efficiently. By understanding your loan terms, exploring repayment options and utilizing tools and resources, you can take control of your debt and work towards financial stability. Read on to find out how you can make your student loan stress-free!
Here are some steps that will help you manage your debt effectively
Fund your education dreams!
Here are some details on how to manage your student loans effectively:
- Calculate your total debt
Knowing the total debt you owe helps in planning repayment. Use online tools or consult your loan provider to get a complete picture of your debt. - Understand loan terms
This includes interest rates, repayment schedules and any associated fees. Knowing these details is crucial for developing a repayment plan that minimizes additional costs. - Review grace periods
A grace period refers to the duration after which you start repayments. For instance, direct subsidized and unsubsidized loans typically have a six-month grace period. You can use this time to plan your finances and start saving effectively. - Research for assistance programs
Check for government schemes that offer interest subsidies or loan forgiveness for certain professions or sectors. - Inform your lender early
If you are facing financial difficulties, inform your lender early to explore other options. Try to negotiate better terms with your lender if you have a good history of repayment. - Maintain a good credit score
Make your loan repayments on time to maintain a good credit history. Try not to take on additional debt until your Student Loan is manageable. - Make extra payments
Whenever possible, pay more than the minimum payment. This strategy helps clear the debt faster. - Utilize automatic payments
Setting up automatic payments can prevent missed payments and may even earn you a discount on interest rates.
Explore our range of Education Loanse
Conclusion
Axis Bank provides Education Loans starting from ₹50,000, covering tuition, hostel and other expenses, with repo rate-linked interest rates. Axis Bank's Education Loan criteria include holding an Indian citizenship, a minimum of 50% marks in your HSC and graduation, admission for a career-focused academic course and preferably a co-applicant with regular income-proof.
Managing student debt requires you to be careful and proactive. By understanding your loans and exploring repayment and consolidation options, you can effectively manage and reduce your Student Loan debt.
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