Are you surviving school on a student loan? If yes, you are not alone. Student loan schemes were designed to give students from low-income backgrounds access to quality education like every other person out there. Starting your first phase of life on loan isn’t a crime, but many students misuse this privilege. In this article, we will outline 7 things no one ever told you.
1. You are investing in your future
Education is the map you need to land that dream job, earn your dream income, and live your dream life. Think like a person who takes a loan to start a business or invest in their existing business, of course making massive turnover and gain is the goal. Your goal should be finishing with good grades, improved skills, and building quality interpersonal relationships with your colleagues and lecturers.
2. Stay focused
Never let the thoughts of “how to repay student loans” overwhelm your overall academic performance, or try to work to repay loans while you are still studying. Let your curricular activities take up more of your time, and spend more time reading and researching. Limit partying or clubbing time, instead invest these times in activities that are more related to your profession. For example, a Journalism student can visit local TV or Radio stations for an excursion. This will deepen your understanding and give you real-world experience.
3. Understand your loan terms
Many loan schemes offer short-term loans, while others offer long-term loans, whether you are applying for a student loan with a Non-Governmental Organization (NGO) or a Governmental loan. Make sure to understand the content of their Terms and Conditions (TCs). You should always pay attention to:
- Loan duration
- Interest rates
- Method repayments
- Penalty for late payments
This will enable you to stay focused without unnecessary pressure. Some Government Loan schemes like NELFUND offer flexible and no-interest repayment methods for students. Go for what best suits your needs.
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4. Never borrow for lifestyle expenses
The desire for a flashy lifestyle may set in, after all, you are around your peers, and friends may want to organize an expensive dinner party. Remember your background, and the situation you are in, and cut your coat according to your cloth – budget wisely and avoid unnecessary spending.
5. Open up to your family
If you apply and get a student loan, do not conceal it from your family, let them understand what a student loan is, and why you chose to study on loan. They can’t support what they do not understand. Proper communication and understanding amongst your family will see them support you in any way they can.
6. Master financial management
If you are on a student loan or upkeep, financial discipline is non-negotiable. To survive on a student loan, you must master the art of spending, budgeting, prioritizing, and avoiding impulse buying. Discipline is what will keep you standing on your feet throughout your study years on a student loan.
7. Remember it’s a loan – you will repay
Even though not allowing the thoughts of loan repayment to overwhelm you is a good approach to maintaining your focus on academic activities, remembering it reminding yourself that you are on a student loan once in a while will also mold you to the level of discipline you need to achieve the goal of which reasons you take a loan.
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Just as I mentioned earlier, it will make you think like an investor who took a loan for a business, his attention is on the big prize “Turnover and Gain”, In your case, your goal should be graduating with an excellent grade. You will not only fulfill your dream of studying, but you will also become a valuable asset in the labor market.
The Bottom Line
The student loan scheme is an excellent approach to fostering inclusive growth in educational development, human capital development, and national development. If you are privileged to benefit from either the Governmental Student Loan or Non-Governmental Student Loan Scheme, consider it a stepping stone to achieving a brighter future for yourself, your family, and the nation at large.
Stay disciplined and keep your eyes on the “PRIZE”.
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