The rising education costs and cost of living are very overwhelming for study abroad students. To support their education in a foreign, they often resort to study loan for abroad, which can be overbearing at times. To avoid loans, students must resort to proven tactics to minimise student loan debt.
One of the key ways to avoid student loan debt is to start saving early. By putting aside a portion of her/their/his income from an early age, a student can create a portion of their own. This will help her/them/him start higher education without resorting to hefty loans.
Additionally, students are advised to implement a budgeting system to track expenses. Furthermore, students can also cut down on unnecessary expenditures and divert the saved amount into a dedicated account for higher education to avoid student loan debt traps.
Another key proven tactic is to resort to alternate funding options. Some of the most popular options include grants, scholarships, and part-time jobs. To avail of study abroad scholarships and grants, students are encouraged to research and apply for all available scholarships and grants that meet their interests and qualifications.
10 Ways to Minimise Student Loan Debt
As financial freedom is within reach for many who are willing to take the necessary steps, let us now look at ways to minimise student loan debt to avoid falling into the debt trap. By taking these recommendations, students can embark on the journey of long-term financial stability.
Here are the 10 proven tactics:
- Have an impeccable academic record to enrol in public universities
- Apply for scholarships, grants, and fellowships
- Apply for an education loan via Fly Finance
- Create a budget while away from home
- Minimise borrowing
- Work part-time jobs
- Look out for financial assistance such as student loan repayment packages from employer
- Try to pay education loan interest during the moratorium period
- Research and explore ways to refinance education loans
- Take advantage of Tax Exemptions such as Section 80 E of the IT Act 1961
Stay connected with Fly Finance News Desk to get the latest updates on study abroad loans and international money transfers.
