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Student Loans: Everything You Need To Know About Repayments


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stud loan

What is a Student Loan? A student loan is borrowed money that is repaid over the time once a student has completed their studies and starts a job. In addition to repaying the amount loaned, most loans also require an additional fee called interest. A student loan is used to pay for college or university costs.

Repaying a student loan can often times put you on the back foot before you’ve even stepped through the door of your first job.

How do I make repayments?

Once you are ready to start paying off your loan, you’ll be responsible for sending out monthly payments to the company or institute that  you have taken out a load with.

You should have received all the banking details of the loan servicer upon approval, however if you don’t know where to send a payment, check with your college or universities financial aid office.  You can then contact your loan servicers directly.

Tips to prepare for student loan payments:

  • Use the grace period to research student loan repayment options and decide which option you would like to use
  • Never miss one payment or this will set everything back
  • Create a budget 
  • Prioritize paying off student loans
  • Communicate with your loan servicer
  • Set up automatic debit payments so that the hassle is out of your hands every month
  • Avoid student loan default at all cost
  • Give yourself a target to shoot for and set a date by when you would like to be finished with the loan

When must I begin repaying my student loans?

Most student loans have a few months grace period, which means you won’t have to start making payments until after you graduate and find a job. The grace period is meant to give you a chance to find a job and begin earning an income so enable you to pay off the loan made.

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Latest Bursaries

The MultiChoice 2021 Bursary Scheme is now open and we are looking for driven, accountable and lateral thinkers currently studying towards select degrees.

Degree or qualification MultiChoice will sponsor:

Modern demographic shifts include changes in the way individuals earn higher education degrees. The traditional scholastic progression has students finishing high school around age 18, and then continuing directly to degree programs. Today, growing numbers of higher education students are earning degrees later in life.

The Maize Trust is offering bursaries to students wishing to pursue their Masters and Doctoral studies. The field of study must be relevant to the Maize industry.

The total amount of the bursary is R65 776 per year for two years for MSc students and R79 622 per year for three years for PhD students.

The Kuehne + Nagel Inzuzo Trust invests in the education and entrepreneurial development of young South Africans. The Trust is firmly committed to supporting the sustainable growth of South Africa’s economy, by facilitating the development of its young professionals and entrepreneurs.

Preferred fields of study:

Mercedes Benz invites students to apply for their 2021 bursary programme. 

 

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