Repay your study debt

Are you done studying?

Are you done studying?

Then you must pay off your student loan. You do not have to start immediately: the start-up phase only starts on January 1 of the year after you have stopped studying. So if you finish studying in May 2014, your start-up phase will start on January 1, 2015. The start-up phase lasts two years and is a period in which you do not have to start repaying. By the way, you can pay off earlier if you want to: if you miss the money, it is of course useful to start paying back your student loan in advance. This means that your debt is paid off earlier and you pay less interest. You can always pay off earlier or more than you are obliged to: you do not pay a fine for this at Mio. (This works very differently from credit institutions and mortgage lenders!)

Repay your study debt: installments and interest

Repay your study debt: installments and interest

Of course you do not put the amount of study debt on the table in one go. That is also not necessary at Mio: as long as you repay your loan in 180 months (15 years), you will not hear them complain. With the new student finance system, this term has been extended to no less than 35 years. That does not mean that you actually have to take so long. After all, you pay interest during the time that a debt is still outstanding. The faster you pay off, the lower the amount that you ultimately pay in interest.

The interest that is calculated on your study debt is compound interest. This means that interest is also charged on your interest. The interest on your loan starts from the first month that you receive a student loan. As long as you receive a student loan, the interest rate is set annually. If your entitlement to student finance ends, the calculated interest is not determined annually, but every 5 years. The interest that you pay during the repayment of your study debt is not tax deductible.

Related Post

Payday loan help debt consolidation -Debt consolidation finance could help you

Depending on your situation, if the repayment of your monthly installments of credit becomes too high, you can opt for the solution of the debt consolidation, which has many advantages,

How much can I borrow?

Maximum loan The first question that often comes to consumers is the amount that can be borrowed. When assessing the maximum amount to be borrowed, we look at the income,

The benefits and characteristics of an online title loans

Borrowing money for the purchase of a car is becoming more common. Nowadays, in most cases, new cars are purchased on the basis of financing. When you take out an

Payday Loans of 10,000 . Are there?

There are a number of payday loans in the market that give us $ 10,000 or more. It is an extra money that we can access to buy what we