Hiya everyone! I wanna include more student-related posts so here I am starting! This is also the start of Blogmas for me so get ready to see all my posts leading up to Christmas!
The dreaded student debt prickles the back of your neck like an angry bird pecking for you to summon your attention and anxiety at once, however, if you ignore it, it persists. But there are ways you can cope with this burden to manage the outcome of your student loan income from beating you down starting from today.
All great money management starts with budgeting to enable you to get to grips with what money you have come into your account and to assess what appears to be going out. You don’t need to be an expert accountant to master this part of the process, it just takes a simple spreadsheet and for you to apply your income and outgoings in separate columns. Then once you have a total for each, use a simple formula to subtract your outgoings from your income. Once you’ve figured out this part you can begin to make necessary cutbacks on things that are more so wants than needs. For instance, allocating a hefty amount of money towards your monthly clothes budget may not be necessary when you already have a wardrobe of outfits to wear to university. After making reductions here and there, you can round up the money you have left and put this aside each month into savings, this can help pay your debt down in a few years time and will relieve your anxiety of having to face a huge student bill shortly after leaving university.
Apply for funding
To add more money to the pot for saving and managing your student loan, once you’ve made a budget and reduced your outgoings, you should try to expand your income where possible. One of these routes is to apply for every grant and bursary that’s relevant to you. This is basically free money your university or government organisations and sponsors are willing to give you to support you throughout your studies, which you don’t ever need to pay back. Begin your search to increase your income by visiting your university student office and requesting information on funding opportunities. Equally, make an effort to take a look online at the government website for more information on grants and bursaries you could be eligible for. There are deadlines and usually a limited amount of funding provided, so it’s best to apply as soon as the opportunity presents itself as open for application submissions. By topping up your income with grants and bursaries, you can also put money towards your savings to help you pay off your student loan when university ends.
Refinance student debt
Another option for helping to manage your debt with student finance England is to transfer to a different finance provider. Some of the best companies to refinance student loans can be found online. If your application is successful you can pay off student loan using your new finance company, in turn, you may be able to receive a better interest rate, which will save you money in the long term. However, making the decision to refinance your loan is a huge deal, so you should perform extensive research and seek expert advice before making the switch. Just to make sure it will provide you with a better outcome than remaining with your current loan provider.
The three steps above give you the opportunity to manage the outcome of your student loan income, by budgeting, saving and considering transferring your debt to a refinancing company which supplies a lower interest rate.