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Anna Milner
Joe Holder
English 125A
10 November 2020
Online student loan payment is the most convenient way for a
student to meet his financial obligation on time.
Online student loan payment the most convenient way for a student to meet
his financial obligation on time Enrolling for higher education can be quite
expensive for parents to pay and most of the students are opting for study loans
that require them to make online student loan payments to clear the loan. Getting
a student loan is not too difficult and the best part is the interest charged is quite
low for these loans to encourage people to go in for college education. And the
responsibility of paying it back lies on the student and this financial obligation
helps the student loan payment to stay focused on studies and do well in college.
A little about student loans Most banks and private financiers lend money
for a student to join college and complete his/her education without letting it
become a burden for the parents. These loans are offered at special interest rates
to encourage education and are much lower than the other loans. Most of the loans
have a holiday period, depending on the duration of the program and during this
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time it is not required of the student to pay the EMIs; only the interest part has to
be paid back.
Once the term of education is over and the student secures a job the
installments commence. Usually no collateral security is asked for these student
loans but they require a co applicant or a co obligant that stands like a guarantor
for the loan; mostly it is the parents who sign as a co obligant.
What are the responsibilities of the student who secures a student loan?
First of all the student should put in all efforts to do well in studies and complete
the course within the stipulated time. Once the education is completed they should
apply and secure a good job. As soon as the scheduled repayment begins the
student should commence paying the agreed loan installments without defaulting.
For repaying the loan they can avail of the online student loan payment facility
that makes it easier for them to pay instead of going to the bank or any other
financial institution every time they are required to pay.
Paying regularly within the stipulated time through online student loan
payment will help them secure a good credit rating that helps them later on when
they wish to avail bigger loans for buying vehicles or homes or for any other
purpose. Advantages of online student loan payment.
Main advantage in this system is that the borrower can make the payment
very conveniently without having to physically go to make the payment. This
system makes it very convenient for the student to track his/her account to see the
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outstanding balance or the due date of the installments or when the repayment
period commences, etc.
And the online student loan payment can be linked to the student’s bank
account so that the installments get automatically remitted to the loan account.
This way the student never misses any payments nor incurs overdue interest for
late payments. But it is the responsibility of the student to maintain sufficient
balance in the account.
Online student loan payment is the fastest and most convenient way for a
student to meet his/her financial obligation on time.