How Much Milk Does A 1 Year Old Need Uk Student Loan Resolutions Amid Interest Rate Uncertainties Post Brexit

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Student Loan Resolutions Amid Interest Rate Uncertainties Post Brexit

After Brexit, there is a lot of noise around the repayment of student loans. Those new to the workforce are unsure of the best decision to make regarding their debts.

The main cause for concern is nascent inflation following a fall in the value of the pound following Britain’s formal exit from the EU. With a sharp rise in interest rates, high inflation and languishing wages, the debt burden is likely to soar for students and young workers under 30.

It is a well-known fact that UK students graduate with the highest level of debt (in the English-speaking world). Although you spent all of 2017 dreading high student loan costs, it’s important to start the new year 2018 with more practical and accessible resolutions.

A debt is a debt and must be repaid. You cannot escape financial obligations and live in debt until you are 50. Similarly, it would be unwise to increase homeowner loans and pay off your student debts in advance to save the cost of interest. So what should be the ideal approach to repaying student loans in 2018? Let’s find out below:

Calm. Set your earning goal!

Despite all these factors that challenge the decision to prepay a loan, it is important to remain calm and focused. When the economic landscape changes, it changes for everyone. So you’re not the only one affected by rising inflation or interest rates.

You should try to focus on a more productive approach such as planning for loan repayment without hurting your credit report. There’s no point in crying over spilled milk. You need to try to figure out when exactly you might be debt free with your current job. This will help keep you motivated and in tune with your financial goals. You can set up a typical 10-year loan repayment plan and calculate your monthly repayment share to be debt-free at the end of that year.

There are two paths to follow. You can choose to increase your monthly payment or work for a lump sum repayment to reach the goal in the next decade:

Increase your monthly student loan payment

This approach might seem like a tall order to many, especially at the start of their career. However, any contribution above the minimum monthly payment would help you reduce the amount of capital. Interest is always accrued on the principal balance and so you will end up reducing the cost of your loan. There is no prepayment penalty on student loans. This is one of the practical ways to reduce the burden of student loans at ease.

Make a student loan lump sum payment

If you don’t want to take small steps and want to see a remarkable improvement in your repayment goal, consider making a lump sum annual prepayment and greatly improving the principal each year. Here you need to ask your lender to process your payment for the principal only. This way, you could reduce the student loan burden more quickly.

Another approach: refinance your student loans

However, if you find your student loan too overwhelming, you can opt to refinance in 2018. You can save thousands of pounds over the full term if you refinance your loan now. You can consolidate your main university loan with other short-term loans at a lower interest rate. Many online loan partners help students secure low-rate student loans. You can choose a long-term loan ranging from 5 to 20 years with fixed or variable interest rates.

Overall, setting your goals transparently can help you achieve the goal more easily. As you set the repayment plan in 2018, you can certainly enjoy 2028 debt-free. Good luck !

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