Bank Loan To Pay Off Student Loan

Bank Loan To Pay Off Student Loan – I was 25 years old and knew it was time to go. I had already been working for the PETRONAS oil company for two years, but I knew that my future was not there.

But there was a problem – if I quit, I would have to return a lot of money. After all, he supported my studies for five years between 2002 and 2006.

Bank Loan To Pay Off Student Loan

According to the agreement, I had to serve two years in each tax year. So I had a ten year warranty on my work. After only two years of service, I have to return 80% of the money that helped me.

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I was terrified. I did not have money. But then I prayed and somehow believed that God would help me find a way to pay. So I stopped.

On my way out, I had to stop by the Academic Support Office at the Twin Towers. Smiley looked at my name on the computer and pressed a button. “Well, you’re a scientist,” he said, “that’s it.

– And the salary? I asked nervously. I was hoping they would send me a payment letter right away. And I half expected them to call security if I couldn’t pay.

The payment letter was delivered in 2014. March. It was through the collection company Maysky. The total amount PETRONAS spent on me was RM72,329.50 (US$20,665).

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Fortunately, the newsletter also came with a nice discount for Malaysia only. Pay the full amount within the specified time and I will receive a 40* percent discount.

At first I briefly considered not using the high payment discount. Another option allows you to spread the payment, but you have to pay the full amount. The time depends on your credit status. When I called Maysky to discuss, he told me I could extend my salary up to 7 years.

(And being a good person, I called them and asked what the interest-free repayment period was):

I was expecting one of the longer payback periods, like 35-40 years. 7 years didn’t look pretty. And it made no economic sense. 40% off was fine.

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Now I just needed to find a way to raise RM34,800 ($9,942) in less than twelve weeks.

I have been saving for the last five years in anticipation of this day. But I didn’t have enough saved up. I had about 10,000 in cash that I could easily withdraw. But if I want all the money, I have to sell all my liquid assets. Not what I wanted to do.

But I thought – Hey! It is true that there are other people like me who have trouble paying for school. They should have a loan with a low interest rate. So I continued my search. There are bank student loans, but again this is money to pay fees

Here’s something that has always bothered me: In the financial world, many professionals consider credit cards to be garbage.

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However, I will beg to differ. I think credit cards offer a lot of benefits – often for free – but

I don’t remember exactly when I came up with the idea of ​​using credit cards to pay off my student loans. Maybe it was a mixture of reading Mr. The GenXGenYGenZ blog is in the habit of collecting credit card points. At first I was just thinking about all the points I could get by paying with a credit card.

However, this would not solve my problem. If I went over 34.8k I would still pay that amount next month. I would just pay the bank instead of the debt collector.

And then I realized, Hey, why don’t I have a good conversion? Transfer money to another credit card and pay it over a longer period of time: for example, 6 months or 1 year.

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So I looked for news on the stock market. It was good, but I got what it came with

Now that I had a plan, I called Maysky to see if he would agree to foot the bill. They did. (And because of my love affair with American Express, I also asked if they accept AMEX. Unfortunately they don’t – only Visa and MasterCard).

In 2014 on April 1st I submitted documents confirming that I accepted the 40% discount and would pay the full amount by June 11th.

In the meantime, I called Maybank and asked for a MasterCard credit limit increase. After asking a few questions, he happily agreed. I then went to the nearest RHB branch to apply for an RHB credit card. It took about two weeks to receive the new credit card. And now I was ready.

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One afternoon in mid-May, I gave Maysky my credit card information. Within a few hours I received an SMS on my phone – the work was completed. Now it’s time for the second part of my plan.

Requesting a successful transfer is surprisingly easy. Just fill out a simple form and send your credit card statement. When I emailed the documents – it only took a few business days – then RHB informed me that my money transfer was successful. I checked my Maybank MasterCard balance online and sure enough it was gone!

I was happy. My plan worked well. My 34.8k Debt from the loan is now 6 months 5.8k.

I have all the payments ready in the calculator. RM5,800 a month was tough – it would drain my emergency fund, but six months would be manageable. I removed it without removing other items.

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However, three months later, in September 2014, another action appeared, this time from Maybank: a 12-month transfer that was also

And he denied all other charges. I don’t know if it was divine intervention or capitalism, but I had another idea.

Can I transfer my existing loan to Maybank and pay the balance within 12 months without interest?

I was not sure. It was like hacking the system. Transfer money from one bank to another and back without any fees. So I called all the banks to confirm. But he assured me everything was fine.

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So that’s what I did – I transferred the balance (3 months) to another 12 month plan, instead I changed the lump sum loan to a 15 month interest free loan.

This has worked for me, but I understand that the above methods may not work for everyone. Here are a few things to consider if you’re considering it.

The amount I paid was a RM50 fee (each) for the two credit cards I used.

And the benefits? 34,800 points (equivalent to RM139.2) for me, two very happy banks, a happy debt collection company and peace of mind knowing I’ve paid off my school loan. Thank you PETRONA. I will be forever grateful.

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I will be making my last student loan payment this September. In retrospect, quitting smoking was one of the best things I ever did. I’m glad that financial problems didn’t stop me from choosing the job I wanted. Finally it worked.

If you need money to pay off your student loans, know that there is help. You don’t have to be afraid like me. Search, ask and you will find resources. There are banks. There are many financial websites available these days. Here is.

In the original version of this article, I misspelled “30% off” when it was 40% off. From 58 to 34.8 thousand A 40% discount applies. Sorry for my bad math. If you’re facing mountains of student loan debt, you might be willing to do whatever it takes to pay it off. And while there are many ways to pay off your student loans faster, from cash flow to cash flow, you may be wondering if it makes sense to take out a student loan. Here’s what you need to know about getting a student loan and whether it’s worth it.

Personal loans are a popular loan for people who need help with large expenses, such as a wedding or an accident. It is also often used in debt consolidation. That’s because personal loans often have high interest rates and can save borrowers a lot of money by consolidating high-interest loans into smaller, more predictable payments.

Can I Use A Personal Loan To Pay Off My Student Loans?

However, when it comes to using your personal loans to pay off student loans, you should discuss this with your lender first. Some lenders have stricter requirements to allow personal loans to be used to pay off student loans.

If you are drowning in debt, there are several

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