Category Archives: Finance


How To Repay Your Federal Student Loans

They say, “if you want to get rich, do not lose money”. Therefore, saving money should be your priority when it comes to student loans. Just click here to learn more about student financing. And the only way you can save even more is by understanding how you can repay your student loan with the following guide.

Find the right repayment plan that suits you

Several repayment plans are available for students wishing to service their loans for flexibility purposes. In case you are unaware of these plans, here is what you need to know:

  • Your lender will ask you to select a plan of your choice. If you fail to choose one, your lender will place you on the standard plan, which requires that you pay off your loans in 10 years.b534t5f3ae4456
  • You are free to switch to a plan of your choice during the repayment period
  • Your monthly installment is based on you monthly income
  • You can utilize a repayment estimator to figure out the repayment plan that best suits you

How to make your payments

Repayment can only be made through repayment servicers who handle all issues regarding billing of student loans. Therefore, know your servicer and his or her payment process.

Those who cannot afford to pay

If you are unable to make payments, do not ignore issues involving your loan. Learn the following options to help your loan have good standings:

  • Talk to your lenders to see if they can change your payment date
  • Switch to a different repayment plan
  • Consider consolidating student loans

Learn how to manage your student loans

Seek advice on how to change your repayment plan, postpone or reduce your payments, or consolidate your loans into one.
What about getting a loan forgiveness, cancellation or discharge?
b425rftysrf33If you are totally unable to pay your loans because you are jobless, or permanent disability has stricken you, consider contacting your lender. He or she will assess your case and see if you qualify. You may also be required to perform public services in exchange for forgiveness. Therefore, do not be stressed with your loan if you are unable to pay when your lender can forgive you.

Student loans must be repaid at the end of the day. Therefore, you must know how to approach his issue and save money and time by using this guide on how to conveniently repay your student loan.

Who Can Get A Loan In Singapore

Singapore just like other countries has a lot of lending companies who are offering different types of loan to those in need of extra cash. But not everyone is entitled to get a loan. If you are looking into transacting with a money lender, you have to meet the eligibility requirements. Any moneylender will have to review your profile and make a background check before they approve your application.

hjfdhfdhj4Who can apply?

Listed below are the common requirements to apply for a loan.

  • Must be a Singaporean citizen or a permanent resident

The documents required are: original identity card, latest payslips for the last 3 months, CPF contribution statements for the last 15 months, income tax statements as well as a proof of address such as an electricity bill, phone bill or any utility bill.

A foreigner is also entitled to a loan as long as he or she is living in Singapore and has a work pass or work permit.A foreigner will be required to show an original passport, payslips for the past three months, contract for the rented property, bank statement showing the monthly income, and also the employment contract or appointment letter with the work pass.

  • At least 21 years of age
  • Employed in a full-time basis

Amount of loan

The loanable amount depends on your income.You may be approved for as high as twice your monthly salary.hsdhshj7

Filing and processing of application

Normally, you need to go to the bank or to the office of the lending company to file your application.Some moneylenders allow the applicant to submit their applications online.But this is only good for short-term loans like a payday loan.Fill up the appropriate application form and attach the necessary documents. After submission, the moneylender will review your papers and may also do a background check on you.If you have established a good credit history, then it is more likely that your application will get approved.Processing takes 1 to 3 days. If your application has a positive result, you will be notified.You may then go back to the bank or the moneylender office to get your check/cash.Some companies can also arrange the money that they loan you to be deposited directly to your account.

Types of loan

There are different types of loan that you may apply for depending on your situation and circumstances.You may choose from a personal loan or payday loan, business loan, housing loan, car loan and many more.