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FinFIRST Blogs
Education Loan
How to pay for an education loan through part-time jobs?
Summary: Given the increased costs, an education loan can fund higher studies effectively. However, like other loans, there's an interest attached. Earlier education loan repayment is recommended, and a part-time job can help. Understand how to pay for an education loan through a part-time job.
A good higher education is important for jumpstarting your career. If you can secure a position at leading domestic or international institutes, it's the icing on the cake.
However, education costs are rising steadily at an inflationary rate of 10% per annum. Getting a degree has become expensive which is why education loans have become popular.
As per the government’s report, more than 4.6 lakh students have availed of an education loan to study in India or abroad. While the loan is available easily, you need to strategize how to pay for an education loan without incurring any financial burden. This is where a part-time job proves helpful. You can save your wages and pay off the loan early
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Here are some education loan repayment tips to consider -
Part-time job options
Some of the options that you can consider for a part-time job include the following -
- Barista at a coffee house
- Waiting tables at eateries
- Opening your own eatery or boutique
- Becoming a financial advisor and earning commission by selling insurance policies and other investment avenues
- Tutoring
- Graphic designing
- Content writing
- Part-time accountant or cashier, etc.
How to pay for an education loan through part-time jobs
After shortlisting a suitable job, you can use the following education loan repayment tips for reducing your debt –
- Get a job that has flexible working hours and pays by the hour. This would ensure that you don’t compromise on your studies and use the extra hours towards work
- Accumulate the wages that you get by working at a part-time job
- Do not be tempted to use the money to indulge in short-term or instant gratification like buying a new phone, or gadget, or splurging on a party.
- If you get additional hours, you can work two side jobs for additional income
- Save your income and put it into lucrative investment avenues that give higher returns. For instance, IDFC FIRST Bank offers savings accounts, fixed deposit accounts, recurring deposit accounts, and more that help you earn attractive returns.
Also read - Are you making these 5 mistakes with Education Loans?
Summing up
Why wait to complete your education before becoming financially responsible. Get a part-time job and alleviate the financial burden of education loan repayment. Start earning and pay off the loan, one EMI at a time. Use these tips and know how to pay for an education loan easily.
Ensure that you opt for an affordable education loan that doesn’t cause financial strain. The loan should fund your education and be stress-free so that you can devote your energy and attention to your studies; IDFC FIRST Bank Education Loan can do just that.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
