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Student Loans: Everything You Need To Know About Repayments

What is a Student Loan? A student loan is borrowed money that is repaid over the time once a student has completed their studies and starts a job. In addition to repaying the amount loaned, most loans also require an additional fee called interest. A student loan is used to pay for college or university costs.

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Repaying a student loan can often times put you on the back foot before you’ve even stepped through the door of your first job.

How do I make repayments?

Once you are ready to start paying off your loan, you’ll be responsible for sending out monthly payments to the company or institute that  you have taken out a load with.

You should have received all the banking details of the loan servicer upon approval, however if you don’t know where to send a payment, check with your college or universities financial aid office.  You can then contact your loan servicers directly.

Tips to prepare for student loan payments:

  • Use the grace period to research student loan repayment options and decide which option you would like to use
  • Never miss one payment or this will set everything back
  • Create a budget 
  • Prioritize paying off student loans
  • Communicate with your loan servicer
  • Set up automatic debit payments so that the hassle is out of your hands every month
  • Avoid student loan default at all cost
  • Give yourself a target to shoot for and set a date by when you would like to be finished with the loan

When must I begin repaying my student loans?

Most student loans have a few months grace period, which means you won’t have to start making payments until after you graduate and find a job. The grace period is meant to give you a chance to find a job and begin earning an income so enable you to pay off the loan made.

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