“Debt is like an epidemic; when it grows, you should battle against it.”
You cannot wait for the money to approach if you want to climb up your career ladder. Most of the students rely on debt to pursue their higher education. Part-time jobs do not let you earn sufficient money to tide over your regular expenses as well as education funds.
Getting student loans in Ireland is easy if your credit history is not extremely poor and your academic performance has been up to the par, but more than one-third of the students face difficulty paying off. Consequently, they find themselves tied up with a permanent debt cycle. If you are struggling to manage your loan, follow these ways to get other people to settle your dues.
Join An Employer Who Offers Student Debt Benefit
Employers provide several benefits to their employees. Of late, some employers have added student debt benefit program in the existing list of employees’ benefits. Many companies are out there that are helping students with paying off their student debts.
If you want to take advantage of student debt employers’ contribution program, you should immediately do Google search for such employers. If you do not get much information about it, you should ask the interviewer if the company is providing the benefit. Do not forget that it may take some time to find a company that provides such a benefit.
Provide Voluntary Services
Some organizations provide a small number of funds if you offer volunteer services. There are several programs like disaster management in which you can participate to get some money. Volunteering does not attract huge money, but you can still use those funds toward your debt payment. Create a profile and list down social services you are interested in, for instance, homelessness, spreading awareness, etc. These non-profit projects can help you earn a stipend from €250 to €1000.
Play Online Quiz
There are several online apps that invite students from across the country to be in for the competition and win a few Euros. Such competitions are generally knowledge-based. As long as you have knowledge about your academics and what is happening in the country or world, you can easily earn several thousand Euros.
Even though you are not an expert at playing the online quiz, you should take participate. Chances are you win the game and you can use the winning amount to pay off your student loan. Browse platforms that allow students to play the quiz. Some competition organizers directly contribute the winning amount to your debt.
What If Neither Of The Aforementioned Tips Fulfills Your Needs?
- Refinance your student loans
Refinancing allows you to consolidate your existing loans into a new one at a lower interest rate. Now you will have to pay one monthly installment to your current lender. Your lender will help you get the best deal based on the size of your loan.
- Increase your monthly repayment limit
If you try to pay more than the scheduled amount, you will be able to get rid of debt soon. However, paying extra amount will not lower down your interest rate but the principal will significantly diminish.
Taking out a student loan in Ireland is not a bad idea, but make sure that you will be able to repay your debt on scheduled dates.
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