Thoughts of becoming a defaulter have been doing rounds in your mind and frankly this seems to be the commonest of worries among students. Two of the most common worries disturbing minds of senior students are 1) employment and 2) repayment of the outstanding amount. in a the time when the global melt down has led wrinkles to appear on foreheads, students on the verge of graduating are finding it tough to deal with the employment crunch creating ripples across the globe. Lately a data revealed that workers falling under the age, 20-24 years are mostly fighting unemployment.
Yes, grads are really finding it difficult to repay student loans they had borrowed, for completion of a higher education course because of the trembling employment scenario. Data and research provide enough statistical records that talk about the fact that almost 9% of borrowers have their names enlisted in the default group. The figure rose from 7% in the year, 2008.
No, you have not entered a dead lane. A few brain-works can really make it easier for you to avail a job and settle your debts. After all a prospective job and a handsome paycheck makes all the difference. Avoiding student loan default becomes easier when you have struck the right chords of success. Here is a look at the 6 effective ways you can save yourself from a defaulted status:
Understand the odds underneath: as per data research and analysis, it has been found out that default rates widely vary. Default cases noted at 2 year level is much low. Why? This is simply, because the academic costs are meager. However, the default rates rise as you take a look at the reports for the 4 year level. Worrying won’t help unless you take the effort of finding out the default rate for each institution from the educational department run by the Federal Government.
Get employed fast: The mightiest of all odds is to find a job for yourself; especially in a time when you hardly have few choices to explore. Your default risk can be lowered once you bag a job and this will certainly call for acquiring an advanced degree certifying your knowledge and skills over a key area. Fluency in communicative skills, critical thinking and quantitative reasoning are majorly considered prior to employing an individual for a particular post. Getting enrolled in an elective course can give your career the perfect boost you had been looking for.
Aim for the best: Make sure your dreams become a reality. Aim for a career that would help you reap the best for your future. As you aim for a particular career it is less likely of you to get derailed mid way. In course of time you are sure to find yourself an employment opportunity that would help pay off your loans faster. Thus, fears of staying unemployed can be averted at ease when you have stepped in to a bright career path.
Aim for a higher pay: if your salary fails to comply with your expectations you are most likely to become a defaulter. To avert such situations make sure you go off the boundaries and limitations of distance to get employed in a company or secure a position offering high financial prospects for the earner.