7 Things You Must Keep In Mind Before Taking An Education Loan 34

7 Things You Must Keep In Mind Before Taking An Education Loan

The following article is a guest post.

Education can be expensive. More often than not, parents or guardians cannot afford to cover the cost of the whole stretch of schooling fees, especially after high school. That is when education loans come to the rescue. It is also common for students from well-off families to take loans to fund their studies.
With the current rising cost of education, enrolling in prestigious colleges and universities has become a nightmare to many deserving students. Educational loans help those who secure entry to pay their tuition fees and pay for their upkeep while in college.
The real trouble though is the repayment. You do not want to graduate with massive debts that would cripple you even before you begin your long walk into your professional career.
Keep in mind the following seven things before you apply for an education loan. They would guide the amount you quote, your expenditure and the repayment procedure afterward.

1. Be ready for an interview.

You might be required to appear for an interview so that a bank representative might interrogate your need for the loan.
It would mostly be informed of a discussion and part verification of your identity and academic qualifications. You need to be presentable and eloquent. Have a clear focus on the educational path you want to pursue and how you expect to pay for the education loan after complete your studies.

2. Avoid being extravagant.

Moving to a foreign country for education can carry one away. Do not let this excitement break your bank. Be watchful of the difference in exchange rates.
If the exchange rates are high, research on ways to cut cost. For example, opt to borrow books from the library. This method will aid in lessening out your loan settlement burden at the end.

3. Do you need all that money?

Private Banks let students take massive loans. Lending more is mainly because private lenders create the most profit on delayed payments and defaulted student debts.
Before you borrow more than you need, consider getting a part-time job. Cautiously assess what you need. If the lender is offering you more than that, know that you have can quote less with valid reasons. It won’t pose a problem at all.

4. Lengthy means more, and Short means less.

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After you finish your studies, you will need to pay your education loan.
The earlier you start paying off your debt, the faster you will finish paying it.
A more rapid settlement of education loans means spending a smaller amount of interest. However, many people prefer making small payments of their debt over a longer period. You have to pay considerably less interest over the years and save the extra cash for something fruitful.

5. Is the Loan really necessary?

Do you need a loan? Will the amount of money you expect to make from your career be sufficient to repay your student loan?
For instance, some lesser paying jobs may make you regret taking a huge loan.
Before you borrow an education loan, do the math to establish how long it will take you to settle that loan. Also, think about the regular salary you are meant to make in your occupation.
Finally, resolve whether or not you are prepared to pay back the loan in arrears for that period. There are many sites online such as elcloans.com that can give you great insight on why you should seek a loan and what amount to quote for your needs.

6. Is the interest charge variable or fixed?

In most cases, fixed interest rates are higher than variable interest rates. But there is a reason for this: you end up taking all of the interest rate risks.
In many situations, we know that interest rates will go up, but we don’t know when. So this is an opinion call. Just bear in mind, when the rates get high, so does your payments. And, in a high rate setting, you will not be capable of refinancing to a better option (since all rates will be escalating).
It is advised to fix the price as much as feasible, if not, make sure that you can pay off your loan in a short period.
If you imagine it will take you ten years to pay off your debt, you don’t want to rely on the next ten years of interest charge. However, if you think you will pay it off in 5 years, you may want to take the bet.
Some providers with up-and-down rates will limit them, which can help curb the risk.

7. What are the job opportunities after school?

When one goes to school, they expect a better salary package, right? Therefore, one ought to consider the chances of securing a good job after completing their course.
A student should know the lowest amount of salary remuneration they are likely to get after finishing their studies. This will give you a realistic picture of how you will repay your loan.
Most institutions promise highs salary jobs to entice students. In the real sense, these figures are often exaggerated, representing only the best job packages and not average opportunities that are more abundant.
Moreover, some college degrees such as humanities courses do not offer high salary packages for new guys in the industry. Therefore, one might have trouble in repaying their loan installments if they apply for these courses.
In conclusion, we can all agree that education loans are the most sought after means of supporting one’s education.
Clearly, it is important to think through the process of taking an education loan. Students could benefit a lot from the steps we have discussed above. Do not get caught up in difficulties in spending and repayment.
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Becoming Your Own Boss: Tips on Getting a Business Off The Ground 8

How Writing a Blog Can Help You Live the Life You Dream About

Becoming your own boss is a complicated process, and not everyone does it the same way.

I got lucky. I was still working when I got my business off the ground, so I had a source of income while I was working the kinks out of my business. I did most of my work for the new business when I got home or on the weekends. I asked for a change in job responsibilities at the office so that I didn’t have as much on my plate.

This all gave me a chance to start earning money without going into debt. When it was feasible, I stopped working my regular job and transitioned into working for myself full time. It took about a year and a half.

Establish clear boundaries.


Sometimes people don’t take you seriously when you tell them that you work for yourself. They think you are always available to chat or have lunch.

I had a number of friends that would call me at all hours, assuming I was available because they wanted to talk. Granted, it was nice to have that freedom at first. But, I soon realized that if I was going to be successful, I couldn’t let those kinds of distractions interrupt my workday.

Save before you start working for yourself full time.

I was in pretty good shape when I made the transition, but looking back, a few more months with a paycheck would have been wonderful.

When you start your own business, money can be very tight. You never know what you are going to make month to month.

I had one customer that initially made up most of my revenue. That customer only paid on a quarterly basis, which meant that times were tough in between payments.

I had to spend money to build the business, which meant there wasn’t a lot left over. If I didn’t get a payment right on time, it was very difficult to deal with.

There were times when I had to ask for a loan from family members simply to pay my bills.

Reach out and build a support network.

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It can be really difficult to adjust at first. You have great days and you have terrible days. You meet goals some months, while other months you are left wondering where you went wrong.

If you make a mistake, you alone are responsible for it and your business and reputation can suffer. It is easy to feel depressed at times. You may even start to feel like you can’t handle running a business and that you made a big mistake when you left your office job.

Remember that you are not alone. All entrepreneurs have these moments, which is why it is so important to connect with others in the field.

Take time for yourself.

I had a honeymoon period of about half a year. It was really exciting to see the business get bigger. Each milestone that I met was a reason to celebrate.

However, heading into the second year, it was more difficult. I was tired. Things weren’t as exciting because they weren’t new anymore. And then, year three came along. I was done with working such long hours.

I was done with having no time off. Burnout is certainly an issue in this business, so you have to figure out how to balance your personal and your professional needs.

It took me a long time to get where I am today. I had to do a lot of research. I had to educate myself on business. I had to find an SEO expert. I had to figure out who my main competitors were and keep an eye on them. I also had to stay current with what was happening in the field so that I didn’t fall behind.

No matter how hard I worked, it seemed like I could never get caught up. Running a business is a big responsibility.

If you are interested in starting your own business, you want to set yourself up for success. Try to cut back on your living expenses. Make sure you have substantial savings. Set up an area in your home where you can work, free from distractions.

If you are married, get your spouse on board. He or she can help pay bills while you are getting your business off the ground.

Your business is only as good as you are.

Make sure you have a support system of other business professionals. These people can help you acknowledge your weaknesses, encourage you to keep moving forward and advise you on common mistakes.

You can try and go it alone, but it will be very difficult for you. As with anything else in life, your support network has a lot to do with your success. You are probably strongly invested in your business; after all, it is something that you created. Make sure you have people that you trust to help you along the way.


Grace Lee has been practicing in the field of digital marketing for several years now. She has already brought numerous sites in search engines’ first pages in search results. In her spare time, she loves listening to podcasts about Google algorithm updates and other matters related to SEO.