They Aren’t a Scam | Before borrowing any money from anywhere, you should do your research. Ask important questions such as ‘What is my interest rate?’, ‘At what increments do my repayments increase?’, ‘When do my repayments begin?’, ‘What happens if I miss a payment?’ etc. Asking the important questions now, saves you from worrying later and helps you determine whether who you are borrowing from is a scam or not. We have more FAQs for you here – https://studyloans.com.au/students/#faq
A Loan should NOT Worry You | Debt is a scary word, yes, but our repayments are friendly. Borrowing and debt go hand-in-hand, so to stay on top of it, it’s best to have a plan. Develop an idea of how you’re going to pay back your student loan and take initiative to stick to it. Remember that you will have to pay back your student loan no matter what, even if you were unable to complete your degree or decide to drop out, you will still be on hold for the money that has been released up until that point.
Payback should be Constant and Simple | Make sure to estimate and draft out what costs you are looking at for your course and how much you are going to need to potentially borrow. Whenever you have extra money, make payments towards your loan to reduce your overall debt. There are no early repayment penalties with Study Loans so pay away if you have the opportunity to! Even better, think about setting aside a little extra each week or month (whatever works best for you) in addition to your weekly, fortnightly or monthly payments.
EXTRA TIP | Borrow as little as possible, not as much as available.
Study Loans has a Pay as You Go system that allows for you to pay off your loan whilst you study and complete it after your course has concluded. A great factor about this means that you should ‘theoretically’ still have money to spend on things you like to do or shoes you love to wear!
If you know your exact repayments and always set aside that amount each month, you know that the rest of your money can be used to do other things like eat, drink, travel, and explore! It’s about being accountable for that money – if you’re on top of it then you rule it instead of the debt ruling you.
If you have a bit of money put aside, at Study Loans we allow for early repayments and one off BPAY payments which will lower your long term payments – so get on top of it and get on that holiday quicker! We don’t have any early repayment fees which is an added bonus!