Some people have the notion that borrowing money will put them on the “wall of shame.” “Nakakahiya kapag nalaman ng mga kamag-anak o kaibigan ko na may loans ako”—this is an all-too-common sentiment among Filipinos.
The stigma of loans makes people avoid them, as the common belief is it’s expensive to take out loans and pay them off. However, not all loans are bad. Kung gagamitin mo ang pera sa walang kabuluhang bagay, hindi talaga advisable na kumuha ka ng loan. Pero kung ito ay para sa ikabubuti ng sitwasyon mo tulad ng pag-aaral, pwede mong i-consider ang loans gaya ng student loans.
Like other types of loans, student loans may seem “expensive” at first, but the huge advantage is that they help you stretch your limited budget and provide you with better career opportunities in the future. That said, you need to manage your finances wisely so you can pay off your student loans faster and easier!
Here are five helpful tips para mabayaran mo on-time ang student loan mo.
Tip #1: Create a loan repayment budget (and stick to it).
If it’s your first time to avail of a student loan, you must allot money for loan repayment the next round you plan your monthly budget.
Kung tutuusin, madali naman gumawa ng budget. A budget is where you list your receivables (cash na makukuha mo, so pwede rito ang ayuda) and payables (any expenses na kailangan mong paglaanan ng pera, including savings).
Ang mas challenging ay kung paano mo susundin ang budget na ’to, especially if your payables are greater than your receivables.
Try to look for expenses that you can let go of and use the money you’ll save to fund your loan repayment. This may mean doing less online shopping or food delivery services, at least until you’ve closed out your loans.
Tip 2: Schedule automatic payments in your bank app.
Avoid missed or late loan payments at all costs by enrolling your bank account in autopay. This lets you avoid using the money in your bank account or payment app for other purposes since it already goes to loan repayment before you can spend it.
Mas mabuti rin ang automatic payment para siguradong hindi mo makakalimutan ang due date mo. It could happen na sa dami ng iniisip mo, hindi mo na namalayan kung anong petsa na. Lalo na kung may multiple installment plans ka where you track different repayment dates!
Speaking of which, if your due date happens to fall on petsa de peligro, consider setting your autopay on or ahead of time to avoid late penalty fees. Para maiwasan na rin na magastos ang pera sa ibang payables.
Tip #3: Split monthly payments into biweekly payments.
Mas magiging manageable ang pagbabayad mo ng student loans by making biweekly payments instead of monthly. Pareho ito sa concept ng credit card bills kung saan pwede mo dagdagan ang ibinibayad mo monthly—not just the minimum amount due—to shorten the time it will take to repay the loan.
With student loans, you can repay a big amount in up to 12 small installments. Kung mabigat para sa iyo ang monthly payment, you can still break down those installments by paying every other week. Then, you’ll only need to pay the other half when your monthly due date comes. The key is to break it down sa amount na pasok sa budget mo!
Tip #4: Look for a side gig.
Side hustles are a sure way to earn extra money. Discuss with your parents kung kakaririn mo ang pagiging working student all year round or during summer vacation at Christmas break lang muna.
Sa unang option, meron kang chance na magkaroon ng steady source of income, as long as may regular clients ang side gig mo. In this case, pwede ka tulungan ng parents or mga kapatid mo, especially kung home-based ang napili mong sideline.
Kung seasonal work naman, makakapag-full time status ka since naka-bakasyon ka sa school. Marami ka ring mapagpipiliang trabaho dahil high ang demand for seasonal workers, especially during the Christmas holiday. In a couple of months, makakaipon ka ng significant amount for your savings at loan payments.
Whichever you choose, make sure na studies pa rin ang priority mo.
Tip #5: Choose your loan provider.
Other loan providers charge interest rates that may be lower or higher than the one you’re currently paying. That’s why it’s important not to rush your loan application process. Avoid falling for sketchy ads na nakikita mo sa social media, guaranteeing fast loan approvals in 10 minutes—you’re stronger and wiser than that, friend!
Take time to compare what loan companies have to offer and avoid signing on the dotted line without doing the math first. Kung mag apply ka for a tuition installment plan, basahin mo muna ang Bukas contract mo. Everything you need to know is written there, and it’s all there for your best interest. (pun intended)
Besides the interest rate, dapat alam mo rin ang applicable terms and conditions, repayment options, penalty fees—it’s your responsibility to read through the fine print, as they’ll help you plan how to pay your student loans faster.
PS. Sa Bukas, may option ka to pay off your student loans faster! Kung gusto mong bayaran ang total amount ng installment plan mo nang mas maaga, pwedeng pwede! Ibigsabihin, you'll only pay interest for the months you consume. Hindi mo rin kailangan mag-worry about any early termination or penalties.
Spending money on education is necessary for one’s future, kaya naman if you need financial assistance to help continue your studies, we suggest you grab this opportunity to apply for a student loan na pasok sa budget at pangangailan mo! Bukas is ready to lend a helping hand through providing student loans or tuition installment plans mapa freshman college ka man o postgrad student. May magandang kinabukasan na naghihintay para sa’yo!
Learn more about how we make education affordable for thousands of Filipino students like you. Download the Bukas app today on Google Play! Kung gusto mo maging updated with our latest content and updates, you can connect with us on Facebook or reach us anytime via email!