Two words. Just two words are enough to give chills to any MBA aspirant: loan debt. And the fear for these words has a valid reason to it. An average MBA programme leaves you with thousands of dollars’ worth of loan debt. Often, this loan debt becomes your obnoxious companion and doesn’t leave until the later phases of your life. However, with the help of some creative ideas, strategy, and hard work you can get rid of this unwarranted companion sooner. Following are some handy tips to get rid of your loan debt:
Make lifestyle changes:
While you are trying different ways to earn and pay off your student loan, you must also make some lifestyle changes to speed up your goal. In fact, you can go ahead and make it a game. You can list out of habits or expenses in your routine, which can be avoided. Start a diary and mention the expense, followed by money saved, which can be later paid towards loan. It can be as simple as walking an extra mile so that you can get a cheaper public transport.
Prepare in advance:
As you read it in your head, you’d be like, “Seriously? How obvious can you guys be?”. Saving up in advance for your MBA programme is common sense. However, Voltaire rightly said, “Common sense is not so Common”. Most MBA aspirants and those pursuing MBA don’t go by this basic thing. It’s a simple math. The more you stack up in advance, the lesser loan debt in the future. And even if you fail to do so, you can get into some odd jobs while you’re still pursuing MBA. Why to wait until the completion of your MBA programme to pay for the loan when you can begin sooner?
Prioritize Private Lenders:
Make a rule of thumb: Pay off the debt of the lender with the highest rate of interest. In the longer run, this is going to save you an enormous amount of money. For instance, let us assume you have two loans: a private loan with an 18% interest rate and another loan with a really low-interest rate of merely 6%. Your priority should be to clear off the loan with 18% interest rate. Thereafter, focus on other loans.
MBA Colleges with 100 Percent Placement:
While we have mainly discussed suggestions for those already pursuing an MBA, here’s a suggestion exclusively for all the MBA aspirants out there. During your quest to find an exceptional and renowned MBA institute, you should also take into consideration whether they offer placement guarantee. For instance, an MBA with International placement assurance will definitely ease off the burden of job search and repaying loans.
For anyone looking for ways to get rid of loan debt, start looking for creative ways not just earn more but also save more.
We, at Regenesys, assure 100% placement guarantee. In order to give exposure to our students, we also help them with international placements. For more details visit regenesys.in