Methods To Reduce Student Loan Debt Through Part-Time Work Or Entrepreneurship

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Finances might the obstacle that stands between you and your dream, but it’s important that you explore the funding options that you can take advantage of before pursuing your studies in any institution of higher learning.

 


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If you looking for a funding opportunity to finance your tertiary studies, bursaries, scholarships, and study grants are usually available.

However, these funding opportunities are merit-based or financial need-based in most cases. This is why, you may want to consider applying for a student loan that will sustain you throughout the academic year.

Fortunately, a number of financial institutions offer student loans to individuals who have no financial means to cover their university or college costs.

As the student or guarantor, it is imperative to carefully read your student loan contract with the selected financial institution to be familiar with the student loan repayment schedule.

Here’s How You Can Reduce Your Student Loan Through Part-Time Work And Entrepreneurship

If you are a student looking for part-time work, you may want to start your job hunt by doing your research into which companies offer employment to students.

A part-time job will you make extra money which will not benefit you financially sustaining you but can be used as extra money to add to the monthly repayment of your student loan.

So, drawing up a monthly budget will help the student to stick to their goal of reducing their student loan as soon as they can and also to avoid overspending.

However, it is important that you schedule your working hours around your timetable to avoid your shifts clashing with your classes.

Alternatively, you may want to explore entrepreneurial opportunities such as tutoring lessons to other students, doing laundry for other students, and selling items that you no longer need.

Additionally, students and/or guarantors may also consider comparing student loan interest rates across financial institutions that offer this service, as this will also benefit them in the long run.

 

Suggested Article:

Student stressed over rising student loan repayments

Obtaining a higher education is a significant investment, and some students in the country rely on student loans to finance their studies. However, inflation can have a profound effect on the affordability and repayment of these loans.


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