Nowadays, a student loan is considered as something that is akin to a ball and chain. Indeed, in the basic sense, it gives the student the necessary funds to continue a post graduate education, but it may also weigh the student down while he/she is going down the unemployment spiral.
Let's think about it for a second. It does provide the necessary funding, and interest does not start while the student is still studying. However, the first month after graduation, the interest rate will take effect, and the student will only be able to pay six months after graduation.
The last part really sounds like a trap, as the Star Wars reference would say.
On the other hand, if you only know how to manage your loan and have a detailed plan after graduation, then it would be manageable.
First off, you have to know how much you will borrow for your studies. Since it is a loan, you cannot just depend on it and borrow a ridiculous amount of money, enough to cover even your other expenses not related to studying.
This will only haunt you and bite you back in the future. Also keep in mind that the interest rate will take effect after your graduation, but it does not mean that you cannot pay your loan as early as freshman year. If you are able to land a good part time job (and there are plenty in Canada), then you can start paying off your loan early.
These deductions will also be taken against the principal amount, so the interest you need to pay after graduation will be lower.
While filing, do keep in mind that the government will do spot checks on student loans. Meaning they will randomly select a loan, review the documents pertaining to the loan and if there are any violations, then they will issue penalties unsparingly.
This means that you also need to be vigilant by keeping a copy of all the documents you used for the application. Another way to keep your profile up to speed is to create an online account. Speaking of online account, you can apply for a loan via the internet.
People might misconstrue and kampus terbaik di indonesia think that this is unreliable or slow. In fact, the opposite is true. The online application is actually faster and more reliable. Considering that Christmas holidays are fast approaching, then this might be the way to go. An additional bonus as mentioned is that you can easily update your profile with your address, your work, your phone number and etc.
So you can avoid incurring any unnecessary penalties.
Lastly, do not hesitate to raise the white flag when you are in trouble. Thinking that you can manage this on your own is the first sign that your loan ship is sinking. You can always approach the lending firm and tell them that you have trouble making ends meet or even finding a job.
They can create exceptions or help in your budget plan. After all, the money you pay back to them is their revenue. It is in their best interest that you pay off your interest healthily.
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