Paying off the student loan
1 April 2008
Student loan payments can be difficult to meet if you don't maintain a staunch financial management plan. There are some tools you can utilise to make life easier, however, giving you some wiggle room when paying for a personal loan as a student.
Apply for a credit card with features that will help you to save on travelling costs and grocery bills. Credit cards offering a cash back scheme and other discounts, such as the BP-Citibank MasterCard, can reduce your bills substantially. Interest free days on purchases are also more helpful than a low interest rate, as you should aim to only use your credit card as an alternative means of spending, not as an extra line of credit. Spending cash will give you no extra benefit, so find ways to make what you have to spend work harder for you so you have more funds left over to pay off your student loan.
If your savings account is merely whatever your parents decided you should get when you were younger, then you may want to consider looking elsewhere. Many banks entice students by offering them accounts with no fees while they study. Try to take advantage of these offers while you can, as saving on transaction fees can go a long way toward reserving your finances and making student loan payments.
Please visit our various banking product pages for more information on tools to aid you in paying off your student loan.
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