Be A Loan Boss 
CLEO Singapore|September 2017

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.

Joseph DeManni
Be A Loan Boss 

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.

This story is from the September 2017 edition of CLEO Singapore.

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This story is from the September 2017 edition of CLEO Singapore.

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