Education can be an expensive affair. At times, even joint incomes are not sufficient to support children education. This is when student loans play an important role to fund one’s studies. You can take out a loan when you are entering college. Once you finish your graduation and find a job, you need to start paying off that loan.

But student loan can become a burden, especially when you do not find an ideal job quickly. Sometimes, even when you pass your exam  with flying colours and find a job that pays well, a loan could still loom over your head causing unnecessary stress.

In order for your student loan not to be a burden, you need to plan it and settle it efficiently. Check here for top tips on how to plan your student loan to keep your debt low.

1. Choose Your College Wisely

Do not go for an expensive college just because you can get a loan to afford the fees. Keep in mind your financial situation. Research on various colleges and find out how much they cost. Keeping the total expenses in mind, choose a college with reasonable fees that suit your family’s budget and savings.

2. Choose a Loan Scheme That Suits Your Budget

Student loans are offered by private institutions and well as the government. The interest rates differ on these loans. Loans offered by private financial institutions are generally more with high interest rates and compounded charges. So, get quotes from various financial institutions and compare them before taking up a loan.

3. Plan Your Expenses

Though it may seem tempting to spend money during your college days, think twice. Do not pile up unnecessary debt to support an unreasonable lifestyle. Plan all expenses properly. Budget your finances and spend carefully. Do not spend money on things that are not necessary.

4. Start to Save Money

Start saving from the time you start college, even if it is not a huge amount. This will help you become responsible in the future. The savings you accumulate during your college years can be used to repay your student loan once you graduate. Savings would help to lessen the burden of repaying a loan as soon as you are out of college.

5. Take a Part-time Job

There are various part-time jobs available for students. These jobs help you manage your day-to-day expenses as well as save money. Your education is quite important, so do not ruin your health or your studies with a part-time job. Get a job that allows you to study, sleep, and eat properly.

6. Pay During the Grace Period

Most student loans allow a grace period of 6 months, so that you have time to find a job after finishing college. If you have saved during your college years, then start to pay immediately once you finish college. Even though it is grace period, your loan will collect interest during this period. You will find yourself stuck with payable interest accumulated for 6 months when you start to repay our loan. Avoid this extra charges by starting your repayments right out of college.

7. Reduce Your Living Expenses

Settling a student loan can take years, hence, try to reduce unnecessary expenses as much as you can. Plan out your monthly expenses carefully. Do not spend much for an extravagant lifestyle even if you have a well-paying job. Sudden expenses can crop up and you can find funds lacking to pay your loan. So, do spend your money wisely.

8. Take Your Education Seriously

Most student loan defaulters are those who do not complete their college education. Without sufficient education, it is hard to find well-paying jobs. Working for a low-income job will definitely not help repay your loan. Remember, the money being spent on your education is your responsibility.

Make Best Use of Your Student Loan

Consider these tips to keep your student loan debt low. Student loans are a great tool to finance your education. So, get a loan that suits your needs and settle it as quickly as you can.

 

 

Growing companies in the trucking industry need consistent cash flow in order to meet their operational needs, take on new business, invest in new equipment, and make important repairs to keep their fleet on the road. Anyone who runs a trucking business knows that slow paying customers or customers with extended terms are one of the reasons why keeping positive cash flow can be a challenge. This is why a truck factoring company can eliminate cash flow freezes and improve overall business.

 

Freight factoring — also known as transport factoring — refers to the process of selling customer accounts receivable to a third-party factoring company at a discount. This type of factoring for trucking companies helps carriers keep a steady amount of cash on hand to reinvest in their business.Different from a bank loan, which carries with it a hefty interest rate, invoice factoring is a one-time financial transactionthat involves selling accounts receivable invoices for cash upfront.

Unlike banks, which actually profit from nonpayment of loans, a third-party factoring company like Accutrac Capital wants to see your trucking business succeed, because the more you grow your business, the more invoices you can continue to factor. Transportation factoring is a tool particularly well-suited to the transportation and trucking industry because the cash on hand it provides allows carriers to take on larger loads or contracts with slower paying customers. And of course, when slow paying customers or customers with extended terms no longer affect cash flow negatively, carriers are more eager to bring them on.

Trucking companies who regularly factor their invoices have instant access to the working capital they need — money that might otherwise be locked down for weeks or even months while waiting for customers to pay. Furthermore, factoring gives you the ability to attract potential customers, as it allows you to leverage and negotiate with suppliers and vendors. With valuable working capital on hand (instead of locked down as an unpaid invoice), you are able to negotiate more favourable terms, as well. In a nutshell, transportation factoring means improved probability for your trucking business overall.

Working with a reputable factoring company such as Accutrac Capital means access to favorable terms such as:

• Some of the most competitive transportation factoring fees in the industry
• Favorable advance rates up to 97%
• Zero application or due diligence fees
• Available same day funding
• Free AR management, as factoring companies collect unpaid invoices on your behalf
• Free risk management in the form of credit checks to vet prospective new customers and set limits
• Factoring for trucking companies comes with considerable perks including fleet fuel cards

Freight factoring is a mainstream financial tactic that can help carriers with cash flow problems. For many carrier fleets, the costs of daily operations can really add up. Because many fleets can’t afford to wait three months to receive payment on deliveries already made, more and more owners are relying on invoice factoring to bolster their available cash on hand. By working with a reliable factoring company, fleets can get money upfront and continue operations without a hitch.