Not every but most of the international students often have to work while studying to repay their student loans because of the income gaps between the two countries. Here we are telling you the tricks on how to repay student loans while studying in USA.
A) Get a part time job while studying: Colleges in the united states offer International students those who have an F-1 and M-1 visa are allowed to work on-campus and in specified training programs. Students are not allowed to work off-campus during their first academic year. One should make the most of it and start repaying interest part through these part time on campus employment opportunities.
B) Create a repayment plan : Student should have a sacrocent repayment plan. Stick to the plan come what may. Always prioritize repayment of student loan and refrain from borrowing any other loans.
C) Part a way with extra money: Keep paying additional money along with EMIs along with your repayments. In existing time, It may trouble you financially a bit but when you look in the longer run, it helps you big time. Borrower eventually end up saving a lot of interest compared to regular EMIs.
D) Pay variable loan first: In case you have multiple student loans to pay off, some with variable interest rates and others with fixed interest rates, pay off the variable rate loans faster. Even if the current variable rate is lower than the fixed rate, this is sensitive and susceptible to change. A sudden hike in the interest rate following changes in the economy may catch you off guard.
E) Seek help from your employer: There are many organisations that supports employees to pay lump sum amount to pay off their other loans. In return, companies request employees to sign a bond and deduct fix amount from their salaries. The important element is that most of the companies either offer interest free amount or nominal interest against lump sum amount.
Repayment of student loan demands sacrifices, discipline, patience and a little bit of strategic planning. Smart repayment helps you ease up the burden and above steps will definitely same you big while studying.
Hope this will help most of you.