Student loan calculator – What Is Really In A Student Loan?
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| What Is Really In A Student Loan |
With the hike in the price of everything parents and students alike have been forced to rely on the help of student loan calculator to determine the fate of their education and to an extent, the immediate life of students after graduation. A student loan can really help you to finance your tertiary studies; you can get a loan to help with your fees, course-related costs and weekly living costs, however remember that you need to only borrow what you need.
Students no longer need to live their school life in dread of their graduation day simply because it is the time that their debts will start calling. Why most students find it hard to pay back their loans is because they do not know very well the risks and advantages of taking a student loan. It’s not just about using a student loan calculator to figure out how many years it will take you to pay back your loans, but understanding what your advantages are in the loan you are taking and the payment schedule plan that you choose. As you read on, this article will tell you the things you need to know about getting a student loan and also about paying one back.
Things to Think About
One of the many challenges that people considering tertiary education for the first time usually encounter is having an understanding of all of the costs involved with tertiary education and the financial help available to help with those costs. In cases like this, what students are to do is to surf the net and look for sites where there things like this are being discussed or videos of students talking about their experiences. This will help you understand what it will cost you to study in college and also provides information on the different options that you may be thinking about using to finance this investment into your future.
Even while a student loan can help to finance your college studies, and relieve you of some burden, remember that it is a loan that you have to pay back. So, think carefully about how you use it:
- Think if you really understand what is involved in paying back a loan.
- Think and search to find if there is a there a scholarship or grant that you may be able to get.
- Think about working part-time while you study.
- Think and find out if you are entitled to a student allowance that can help with your living expenses and which you don’t have to pay back.
- Think and find out if there are other extra help with costs; thing such as help with health costs or childcare, that you may be entitled to?
Every student who intends to borrow a loan should always remember that what they borrow, they will have to pay back, so they should only borrow what they need.
There are three things that you can borrow for from a student loan; first is the compulsory fees, the second is the living costs, and the third is the course-related costs. You will have to choose the parts you want to use depending on what you need and what you qualify for.
Compulsory fees
The compulsory fees forms part of a student loan that lets you borrow the total amount of your course fees as they are charged by your education provider. Even when you can be loaned the total amount, you still need to think about how much you can borrow for compulsory fees. You can borrow either a part or the total amount of your compulsory fees if you know that you can pay some of your fees yourself or if your parents can do that. However, if you’ve already paid for your entire course fees with your own money, or if your parents or someone else has paid your course fees on your behalf, then you won’t be able to use this part of the loan. Also, if you have paid part of your course fees – either in form of deposits or advance payments, the amount that you have paid will be deducted from the amount you want to borrow.
From its name, we know what a loan for compulsory fees covers, but how about what the compulsory fees part of the Student Loan doesn’t cover? The compulsory fees part of the Student Loan doesn’t include special charges such as penalty fees for late enrollment, administration charges for paying by installments or optional service fees. This simply implies that students cannot borrow for students association membership fees through the compulsory fees component of the Student Loan Scheme; the compulsory fees component of the student loan scheme can be used for compulsory fees alone. If you have to borrow for students’ association membership fees, then you will do it through the course-related costs component of the Student Loan Scheme. More on this, and student loan calculator in subsequent articles.
