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Paying off student loan is one of the many exit strategies that are helping the graduates in the UK, who are graduating with approximate £44,000 debts running on their heads. This figure is indeed a record high, and it becomes essential to think of the strategies for minimising the repayments by adjusting within the structure of short term loan for the students. The Higher Education Policy Institute (HEPI) has working out action plan to place tougher sanctions on graduates who have refused paying back their student loan; larger chunk in this category includes those who have moved to another country. HEPI is serious enough to treat such loan offenders as tax evaders, benefits fraudsters, and call for their arrest. From a distance, this seems to appear sensible and righteous. The moment any student enrols himself or herself into the university, an agreement is signed with authorities. The fund is offered to complete desired course within the timeframe and the graduating student have to repay back after the earning begins. Amidst the critical issues associated with repayment modalities, what really matters is the way you strategise on your loan repayments. Here is the credible advice of strategising your loan repayments: First Option - The Loan Upfront should be Paid Off When the student is seriously considering of the option to repay the loan, he or she is going to remain debt free. But the problem here is that graduates may very likely have several thousand pounds to pay. It is a completely confusing state of affairs for the graduate students who are planning to take next step in building the career. It is worth noticing that short term loan for the students will not affect the credit file, and therefore, could not affect the ability of graduates for borrowing in the future. Lenders on the other hand, would definitely ask for the accountability of debts during the mortgage application procedures. Second Option – Minimum Needed Repayments should be made by the Graduates In a scenario where the graduates have begun earning £21,000 or above, annually, they are going to repay 9pc of their income above this earning, with repayments spread out depending on earnings. The principal benefit of this option is for the low wage earners, who either have to repay a little amount (equivalent to RPI) or nothing at all. The category of earning graduates has to pay rates of interest on the sum owned. The key problem associated with this type of option is that student loans in the UK are currently attracting 5.5pc, which may be the reason that slows repayments leads to higher costs. Third Option – Use Extra Cash and “Overpay” the Loan Good and more practical options to work in favour of graduate students who are running in huge debts is to make voluntary payments to lender and make a good reduction of the debts. The graduates with high wage earning will be better off, as they will repay the loan quickly and interest rates would be reduced considerably. In the end, strategies and options should be worked out keeping in view the element of logic. The more efficiency you show, better are your prospects to lead a financially balanced life as well as reap the benefits from her.
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