Education is expensive – no one denies it, but it is impossible to do without education. Although there are colleges, universities and colleges that offer state-funded study places ( budget places ), not all students can do this. Of course, the hardest can also get scholarships.
As a result, many young people wishing to pursue higher education will have to count on a large amount of money each school year. Not everyone has access to such funds, so one of the options offered to prospective graduates is study credit. This means getting a cash loan to cover your tuition fees.
These are one of the types of loans that also require a guarantor – both public and private as guarantors
The study loan provides that the loan repayment only begins after the studies have been completed. Of course, if a young person chooses to leave the university, then the loan repayment must start within 3 months.
If you graduate and have a diploma, you will only have 12 months to repay the principal and interest. But what if you can’t find a job that pays enough wages to survive and pay off your student loan?
In a situation where a recent graduate cannot find a well-paid job and the loan repayment start date is already knocking on the door, it is most important not to ignore this problem. If the monthly payments on the credit are delayed, the borrower will face much greater financial difficulties than before.
In this way, the former student not only damages his credit history, but also reduces his chances of getting any other type of loan in the future, such as a home mortgage or a cash loan for a car.
However, if the debt is ignored for a long time, not only will the penalty interest accrue, but the lender can also bring in debt settlers and, in the worst case, go to court. So the most important thing is not to ignore the problem.
It is imperative that you contact your lender to start successfully solving such a problem
This will show that the student borrower is willing to repay the cash loan and is not interested in financial debt. Of course, the lender cannot cancel the student loan, but can offer other solutions.
For example, you can change the repayment schedule plan. The lender is not in a position to prevent the borrower from repaying the loan and is in a position to declare insolvency.
Student loan comes from those types of cash loans that do not have a high interest rate
However, this does not change the fact that they are also extra costs. Theoretically, one of the ways is to take out another larger loan that has even lower interest rates and has a much longer maturity.
However, the problem is that it is impossible to get a cash loan without income. This option does not work very well in practice.
Of course, the best way to pay off your student loan is to find a job. There are different jobs on the labor market, but the wage you receive is not always sufficient or adequate for the job. However, if the situation is that you really can’t afford to be choosy anymore and money is very much needed, you may be able to take on a few less pleasurable jobs for a while that you may not be paying as much as you would like to not live completely without any income.
Of course, this means that a person will have to work hard to earn as much as they need, and it may also mean that more work is needed. However, credit is credit – it is payable even if you have to do some unpleasant work for a period of time. Earning abroad is also one option. The main thing to remember is that it is only until the student loan is paid off or a more suitable job offer is found. It is important not to give up and keep up to date with the latest vacancies.
The best option, of course, is to find a job in the field for which you just received a degree
Unfortunately, it is not always possible for the profession initially chosen to receive the salary it deserves. However, in such a situation, you may apply for a student loan repayment. The most important thing to remember is that such an opportunity exists only for people who have found a job in the relevant field. If you work full time, the state can cancel the student loan in full, but if only part time, then part of the loan amount is canceled.
Therefore, this is definitely an opportunity for people who have study credit but are unable to find the profession of their specialty at the desired and sufficient salary. It is better to do the same job even if you do not receive a high salary so that you can repay the loan without having to repay the loan. In any case, in such a situation, there is already a real solution to getting rid of the credit, and there is another benefit – experience that can help you find a better paid job later.
However, there are other ways to earn an income even if you are out of work
One option is to dispose of excess property. It is possible that all the things that are not needed have accumulated during the studies. As a result, they can be sold online, at various fairs, or even at a graduate university. Textbooks are usually purchased during your studies – here’s another bonus you can get from a book. Of course, you won’t get much for a used book, but money is and remains money, and one of the new students will be happy to buy a cheaper textbook.