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Minimize Education Loan Costs: Pay Interest During Moratorium

SMEConnect-Desk

June 4, 2024

Economy

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Students should limit their education loans to essential expenses. Banks provide a moratorium on education loan repayments, typically lasting up to a year post-graduation or six months after employment, whichever comes first.

During the moratorium, interest accrues, so servicing the interest can reduce overall costs. Paying extra towards the principal also lowers the total interest.

Before taking a loan, students should check for university-bank partnerships, which may offer lower rates and faster processing.

Borrowing only what’s necessary and avoiding long repayment periods can keep interest payments in check.

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