One thing they don’t teach you in school? How to pay for it. Here’s a cheat sheet on how to conquer one of the trickiest parts of adulting: paying off your debt.
We all know degrees are expensive, but did you know that Singaporeans pay one of the highest university tuition fees in the world? In fact, a study by the Economist Intelligence Unit in 2015 revealed that a four-year degree costs more than half of a person’s yearly income. But if you need that degree, you need that degree, and that’s where student loans can come in.
Learning how to manage your debt is a vital skill, so here’s a guide on how to be a loan boss and keep those invisible payments under control. We’re going to focus on education loans here, but the principles are the same for other kinds loans.
Research
You probably know this if you’ve already finished university, but several banks offer loans. However, no two loans (student or otherwise) are created equal. “Before committing to any loan, perform research across lenders in the industry,” says Citibank’s Head of Portfolio Lending, Cards and Personal Loans, Pratik Bhattacharjee.
First, check to see if the interest rate is flat or monthly. A flat interest rate is calculated from the size of the initial loan and is the same every month. A monthly rate is calculated from whatever the remaining amount is that month. Generally, a monthly rate will cost less over time because as you pay off your debt, the interest added onto each payment is reduced.
هذه القصة مأخوذة من طبعة September 2017 من CLEO Singapore.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة September 2017 من CLEO Singapore.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Staying Clean
Go green! Here, find out about Lush’s non-stop mission for sustainability and reducing impacts on the environment.
#ASK Team CLEO
Add these to your cart ASAP, so that you get your skin sorted from A to Z.
Pastel Goth
Wanna stand out from the typical blush toned lipstick crowd?
What Eco Beauty Means In The Biz
This is just the vegan-ning. We break down what’s what, and why you need to be a convert for your skin’s sake.
Power To Your Flower
Skincare for down there? Believe there is — as we roadtested TWO L(I)PS products that were created for the skin in our bikini area.
Stephanie Poetri Talks Career And Life After Going Viral
The internet can and will make you famous. Here's how Stephanie Poetri Made her hit song in just two hours.
The Fame Game
With so many celeb beauty lines in the market (and underway), do we honestly need them all?
Try A Plant Based Cleanse So That You Know What You're In For
Think you want to turn plant-based? #TeamCLEO took on a seven-day cleanse and this is how it went.
She's All That
To all the films we fell in love with! #TeamCLEO caught up with Lana Condor for the newest To All the Boys: P.S. I Still Love You.
Women, Power!
Time to tune in to some empowered women characters. On your watch list: The Witcher and Sex Education which are both on Netflix.