Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
No Result
View All Result
Finances: How To Pay Off Your Student Loan Without Draining Your Account

Image from https://buff.ly/49fmNip

Finances: How To Pay Off Your Student Loan Without Draining Your Account

Elsie Ndonga by Elsie Ndonga
17 April 2019
in Business Finance, Culture
Reading Time: 4 mins read
16 0
0
20
SHARES
109
VIEWS
FacebookTwitterWhatsApp

Student loans come in handy in the course of our university or college years. However, the joy of graduating is cut short when you realize that you are now a couple of thousands of shillings worth of debt. Student debt is not the easiest thing to pay back – University Loans: How HELB Is Locking Young People Into A Cycle Of Poverty. You are fresh out of college, trying to get on your feet probably on your first job and now you have to think about the loan you owe. There is nothing one can do to evade the loans. However, you can always make the process of paying a little more bearable. Here are some tips that can help you work your way through your debt.

Create a Payment Plan

The first thing you have to do is figure out how much you owe including interest. Once that is done, create a financial plan which will be determined by how much you can pay monthly. Most lending institutions give you a grace period of 1 year or more after graduation to start repaying your loan. You can take that time to work out a solid plan. Once you break down the total into smaller payments, the amount will not seem so daunting. Avoid burying your head in the sand and pretending the debt does not exist. When your lender comes for you, and they will, they will set the terms of payment and that may hurt you more.

Pay more when you can

Once you start the repayment process, you are required to pay the fee agreed upon on a regular basis. However, if you are having a good financial month, you can pay more than the monthly fee. This will go a long way in reducing your balance. Always make sure that your payments are on time. This way you do not incur any penalties.  These additional unplanned payments only make the burden of paying the loan heavier. You can find yourself stuck in a cycle of debt for many years.

Take advantage of waivers

One of the biggest challenges people face when paying loans is the looming threat of penalties. You incur penalties when you are late to pay your monthly payments. Sometimes, it does not matter how loyal you are. You can be strapped for cash due to an emergency or you could lose your job. So over time may incur a penalty bill larger than your initial loan. This is where you take advantage of waivers.

For example, HELB, sometimes has a grace period once a year where they give loan applicants a 100% waiver of their penalties. Last year, they did this between May and June. That can cut your bill by half. So keep yourself in the know about these things.

Create a loan repayment fund

When we receive money, we often take care of our immediate basic needs and then cater to the other needs last. So the chances of putting your loan repayments on the back burner are high. You can create a savings account that you can not easily access or withdraw from. This makes you forcefully save money whether you want to that month or not. Look into savings accounts which will have the maximum yield in terms of interest.  You can also work with your employees for loan repayment assistance. Thus you receive your salary minus your monthly payment. You have no control over whether you pay it or not.

Supplement your income

Your basic income might not be enough to cater to your needs and monthly instalments. Invest in a side job that can bring a little more money into your account. You can devote the income from the side gig to cater to your loan so you can pay it quickly. On the bright side, you get to keep the income generated later on after you finish paying off your debt. How To Start A Side Hustle

Finances: Should I Clear My HELB Loan First Or Should I Save?

Financial Habits Young People Should Adopt To Assist Them In Their Adult Life

Share8Tweet5SendShare1Pin2
Previous Post

Beauty: A Guide To Picking The Right Eyelashes For Different Occasions

Next Post

Food: 4 Delicious, Quick And Easy Noodles Recipe

Elsie Ndonga

Elsie Ndonga

The power of the written word fascinates me. It abides- cannot be forgotten. I write in the hopes that I can document the stories of everyone I meet and everything that I see.

Next Post
Food: 4 Delicious, Quick And Easy Noodles Recipe

Food: 4 Delicious, Quick And Easy Noodles Recipe

Please login to join discussion

Recommended

The Small Business: Ambrose Mbuvi Of Nico Organics Talks About The Sweet Success Of Selling Organic Honey

The Small Business: Ambrose Mbuvi Of Nico Organics Talks About The Sweet Success Of Selling Organic Honey

18 April 2018
300
Her Father-In-Law Turned Out To Be A Predator

Here’s How You Can Support A Sexual Assault Survivor When The Attacker Is Your Friend

14 May 2025
3

Popular Stories

  • The Singlehood Series: I Went On A Date With A Vegetarian Who Asked Me Not To Order Meat

    Opinion: On Men Leaving Their First ‘Struggle’ Wives After Becoming Successful

    620 shares
    Share 248 Tweet 155
  • We Met At A Funeral, And For A While, Grief Felt Just Like Love

    3 shares
    Share 1 Tweet 1
  • The Singlehood Series: I Left Her After She Met My Parents Because Some Red Flags Became Visible During The Visit

    3 shares
    Share 1 Tweet 1
  • The Man She Loved Turned Out To Be A Monster

    5 shares
    Share 1 Tweet 1
  • Relationships And A Tolerable Level Of Permanent Unhappiness

    1584 shares
    Share 632 Tweet 395

Potentash Blog

Potentash is an award-winning lifestyle blog. We publish lifestyle content that intersects with health, women, beauty, travel, business, relationships, finances and entertainment.

Explore

  • The Singlehood Series
  • From Stairs To Ramps
  • Man Around Nairobi
  • Pearls And Heels
  • Personal Finance
  • Food + Beverage
  • Editor’s Pick
  • Reviews

Get the Potentash Newsletter

  • Newsletter Archive
  • Subscribe
  • Frequently Asked Questions
  • Privacy Policy
  • Contact Us

Copyright © 2023. Potentash, In Partnership with Decima

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
No Result
View All Result
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books

Copyright © 2023. Potentash, In Partnership with Decima