How to Pay Off your MBA Study Loan in 3 Years

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For most students who aspire to study MBA in UK, repaying the student loan is one of the biggest worries. Even the most well heeled Indians will find it difficult to pay for an MBA in the UK entirely out of their pockets. In most cases, taking a loan is inevitable. Once they find good placements and start paying off their loans, fresh MBA grads realize that it can take them as long as ten years to repay the loan amount. According to research, many MBA graduates often aspire to go into investment banking even if they don't have a finance background because the high pay will help them repay the loan. But, with a little calculation and by making small adjustments, it is possible to pay off the amount in three years! Read on to find out how...

Start Paying while Studying

Just because you are in a better position to pay off your loan after you get a job, doesn't mean you have to wait till so long. If you study your attendance requirement, you will find that it is possible to keep a full time job while pursuing your MBA program. Instead of waiting for your course to be completed, start paying off the loan in small amounts every month while you study. This can be made easier by minimizing your loan amount. Paying part of the amount directly to the university and taking a loan for only part of your tuition fees will help ensure that you're able to repay the amount faster.

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Cut Down on other Expenses

Keeping your expenses low can help you save more and pay off your loan faster. Instead of opting for an apartment, look for cheaper alternatives. Sharing an accommodation with roommates is one of the best ways to minimize living costs, so is a home-stay. If the accommodations closer to campus are more expensive, try looking for something a little farther away. Travelling by public transport like trains and buses are also a great way to save money. Cutting down on meal expenses is possible by carrying your own lunch from home. Every penny you save can go into your loan payment fund.

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Make a Payment each Week

There is no rule that limits your loan payment to once a month. If you're paid every week at work, then consider making loan payments once a week. You could also make small payments whenever you have a little extra cash in hand. By paying bi-monthly you can save on interest, and putting in your extra incomes like the annual bonus and tax refunds to your loan payments will help your loan get paid off faster.

Paying off your student loan in three years doesn't mean you have to sacrifice a lot while you study MBA in UK. Yes, you will have to live on a tight budget, but you can still have a fun student life. By making small adjustments you can easily pay off your loan in three years.

Summary

The article targets MBA aspirants with student loans, and highlights ways in which the loan can be paid off in three years.