A study loan is one of the most unpleasant types of loans, because this loan is usually taken when the young person has not yet started his life and after the graduation he has to start paying back the loan, even if he does not yet have an independent job. Credit commitments are a heavy burden for any person, but it seems to be more difficult for young people who have just started their lives, and have to think about how to repay the bank the thousands of euros they owe. That is why today I will try to give at least some suggestions on how to repay this loan sooner so that you can finally start living without a debt and with no monthly payments to the bank.
Live With Parents
When a person has just graduated from university, he wants to start his own life and do it with his own home, his car and possibly family-building, but I think I should take a little bit of time and live with my parents for a few years has been partially or fully repaid. If you have to pay for rent, credits and still have to live with one single salary, which is definitely not the biggest, then definitely it will not be easy and it is better to start living with your parents at the beginning. Living in a parent’s home is definitely not an easy choice, because all the people around you are sure that they have already started their lives and are no longer living with their parents, but looking at all these people live on credit and have mostly taken on parades to buy housing or spending a large part of their income to pay for rent, then it is better to endure and start your “adult” life a little later, but do it more seriously and without debt.
Use all the excess money to repay your loans
It should be self-evident, but all your earned money should be paid to the bank for the repayment of this study loan, not to spend on entertainment or other unnecessary things. If you live with your parents, then your expenses are likely to be minimal and you can afford a large part of your salary to pay for the loan rather than just paying the minimum payment. If you have unnecessary funds in some form of hunting, inheritance, or other, then that money would also be self-evidently used for faster repayment of the loan so that it would quickly get out of this study loan hole and would not have to pay high interest to the bank or private creditors.
Work Multiple Jobs
While we are still young and have a lot of energy, we have the ability to work several jobs and spend 10-12 hours a day working to achieve our goals and stand faster on our feet. If you’re really determined to work 16 hours a day, you can work 2 full-time jobs a month and repay all your credits in a few years. And if you have been bitten by the so-called “entrepreneur insect” then it is even better to start your own business and then devote all your time to growing this business to create financial stability within a few years and no longer have to think about money and the related problems.
Start a Family with Children
If you want to start a family and have a plan to create offspring in the near future, be sure to use a public loan repayment program where you can get a percentage discount for each family child and reduce the amount of credit you pay back. Of course, children should not be created just to reduce the amount of credit, but because you want it, and in general, I think children should only be made after 30 years, but that is another story for another article.
Rent instead of buying
If you can’t live with your parents, or it’s just not possible, then you prefer to rent an apartment at the beginning rather than buy it because it is possible to terminate the contract at any time with less expenses, but if you take a loan, then sowing will not be, and taking another huge credit in addition to study credit is not a work of mind!
Latvia is one of the most conscious countries in the field of study and student loans, because on average every year 3000-6000 people take these credits, and every year these loans are essentially decreasing and in 2013 year. It was the smallest since the beginning of the credit scoring since 2001, which means that our young people have realized that taking credit for studies is a frenzy, but those who are not yet so conscientious about using the points above!