You have studied hard and are now ready to look for a career in your chosen field. However, you may have the added burden of a large student loan. You should look at paying your student loan off quickly as possible. Here are 5 steps to eliminating your student loan debt.
Familiarise yourself with the student loan – Since there are a number of different student loan types and requirements, it is best to understand the variety of interest rates, to choose a plan most suited for you.
Speak to a person at a bank – It is advisable to speak to a financial advisor face to face regarding your student loan. They will help you select the best solution, that fits your needs.
Consolidate your loans – Look at bringing your entire student loan into one single amount. This will help to lower your monthly installment and reduce the interest rate. This method would also mean that you will have to make only one single payment each month.
Pay as much as possible – The more you pay the faster your loan will be paid off. This also means that in the long run you will pay less interest.
Be regular with your payments – To avoid late fees on your balance, it is best to pay your student loans as soon as you get paid. If making this payment is difficult, speak to a loan holder to assist you with the payment.