How to cope with study related stress? (Infographic)

Don’t let your outstanding study fees keep at you up at night

If you are struggling with outstanding study fees at your institution do not despair.  Students on average struggle with paying their study fees as well as entertaining their busy student lifestyles due to the fact that they usually have little or no income at all.

Although receiving those threatening SMS’s at the end of every week or month might cause feelings of fear and despair, don’t give up hope help might be easier to access than you think.

The best way to deal with debt is to be aware of the problem and to manage it so that you are in control.

Here are a few tips to help you gain control.

Don’t stress,

As the only education finance specialist in the country Eduloan wants to help you tie those loose ends.  All you need to do is, go on to our website: www.eduloan.co.za and fill out an application form.  You might also consider going to an Eduloan office situated conveniently for you on campus to find out what other choices you have in this regard.

Ignoring those letters wont make the problem go away

Your debt won’t just go away and if you choose to ignore the problem it will only get worse.  The best way to deal with debt is to deal with it head on, know how much you owe and correspond with those you owe informing them of your current situation. Keep copy of these emails and written letters.

Double your income

Most of the time your student loan / grant won’t cover all your expenses.  Apply for a waiter job or something that will secure another source of income.

Budgeting

Most of the time, working on a budget will entitle you to distribute your money accurately and help you not go without the essentials.

Advice is always welcome

Speak to our Eduloan client services agents right on campus for some sound advice.

Never give up!

Giving up will mean that your debt has gained control of you and your life and this will only make things worse for you and those around you.  Pay those that need paying or try your best at persuading them to accept the offer that you can make.

As the leading education finance specialist, Eduloan caters for all levels of tuition. Whether you need to settle your outstanding balance, looking to continue your studies or if you are already working and hope to improve your skills, we have a study loan solution for you. Visit our website for more information or SMS “edu” to 32150 & we’ll call you back! (SMS charged at R1).

Post-Study Financial Freedom – Why Is It So Important?

Whether you are thinking about applying for a study loan, in the process of your loan application or whether you have already committed to a study loan, the monthly repayments would most definitely play a role in your budgeting and planning. At Eduloan we ensure that your study loan is paid off by the time you complete your studies, but why is this so important?

Lowering Your Debt To Income Ratio (making sure your debt is as small as possible in relation to your income and does not have a large effect on your budget)

When you start working, it is important to plan your budget according to your income (how much you earn). When your study loan is paid off, you have one less debt to worry about when you allocate money to your living costs.

Having some extra money available at the end of the month

It is always a good idea to save for emergencies. If your study loan is paid off by the time you complete your studies, you can start saving money for those emergencies, a new car, a house and other expenses.

Planning for the future

It is very important to set yourself financial goals. A study loan is often the first financial commitment that many young people make. After your studies, you might want to buy a car, a house, take out annuities, set money aside for retirement and preparing for your own children’s futures could be some of the goals that you might have to set yourself.

By paying off your study loan by the time you complete your studies, you free yourself from that financial commitment. You can calculate your budget with our budget calculator and then view our quick-reference table to see what your installments will be. Visit www.eduloan.co.za today and contact us to find out how you can benefit from our study loan options.

Planning (And Sticking) To Your Budget

Students are notorious for being broke or short of cash. But how can you budget that little money that you earn from your part-time and weekend baby-sitting jobs to ensure that you make it to the end of the month? This week we take a look at budgeting and how you can stick to it!

A budget is a plan that you put together to account for your income and expenses. This means that you plan your money so that your expenses do not exceed your income and that you can reach your financial goals – whether they include saving for a car or anything else. If you stick to your budget, this can be a very important tool to make sure that you get to the end of the month without having to worry about your pockets being empty at the end of the month.

Make a list of your income

Make a list of all the income you receive in a month. This includes pocket money and any other money you receive from odd part time jobs as well as from any bursars. You can also include your study loan amount, since you will have to deduct your expenses from this as well.

Plan your expenses

Make a list of all your expenses. Include your tuition fees, cost of textbooks, any study equipment you might require, your accommodation costs, the money you require for food as well as traveling expenses. You can also plan any expenses that might come about in the month like any birthday presents you might need to buy, maintenance costs on your car or even just holiday pocket money.

Split your expenses into categories

Take the list of your expenses and prioritise them. This is important because you might have to exclude something from your budget in the first month and make provision for it in the next month when you have less important things to budget for.

Once you have made your list of expenses and marked the most important ones, you can deduct your expenses from your income. Make sure that you are not in a negative balance. If you are in a negative balance, you will have to revise your expenses to ensure that you can pay for the most essential things.

Be realistic!

Try be as realistic as possible. If you are realistic, it will be much easier to stick to your budget. Check in on your spending every now and then throughout the month to make sure that you are well within budget.

You can visit our website to use our budget calculator. This will help you establish a basic budget. Remember that your budget might change from month-to-month and that you will have to keep your calendar in mind when you plan your budget. 

Getting Ready For Exams – 10 Things You Should Keep In Mind

With the looming exam season, we thought we would give you a couple of tips that you can keep in mind ahead of the upcoming exam period.

#1 – Make a study schedule

Compile a realistic study schedule. Not everyone works and studies at the same pace, keep this in mind and don’t always measure your schedule to your friends’. If you allocate too much time you might end up procrastinating and too little time can add even more pressure during exam time.

#2 – Ensure you have a good study environment

Prepare a good environment for you to use while you study. Ensure you will not be distracted and that you will have everything you need at hand. Avoid areas where your friends or siblings can distract you and if there are too many distractions at home, choose to study in a study room at school, college or university or use your nearest library. You know which environment is best for you!

#3 – Ask for past papers

Using past papers is a good way to get the hang of how teachers or lecturers approach the topics. Ask your teacher, lecturer, librarian, friends or siblings for past papers and ensure that the curriculum has not changed since these exam questions were set. These will also give you a good idea to gauge how much you still have to study or on which sections you might need to spend some more time on.

#4 – Ensure all your admin is up-to-date

Ensure you complete all necessary forms and submit your applications if you are applying for any further studies! We have opened our applications for 2014 study loans to allow you to pay all your administration fees well ahead of the exam season, to ensure that you avoid further stress.

#5 – Set yourself realistic goals

Set yourself daily goals. These will ensure that you feel like you are reaching benchmarks daily, especially if you have a large volume of work to study. When you reach your goals, be sure to reward yourself! Good examples of goals can include:

·         Study chapters 1 – 6 before lunch

·         Complete the mind-map for World War II today

·         Achieve 80% or more on a Mathematics past paper by Thursday

#6 – Give yourself some time off

Make sure you schedule some time off. You might find that taking regular breaks can benefit your concentration, but be realistic. Don’t reward yourself with an hour TV after every 30min of studying. Time off ensure that you have enough rest to function properly when you do study.

#7 – Exercise

The benefits of physical exercise, especially aerobics, have positive effects on the brain function. The increased blood flow will ensure your brain has the blood it requires to function at its best! Besides, getting out will give you a break and ensure you spend some time with family and friends too.

#8 – Use Colour

Don’t be shy to use colour while you study. Although few people have visual memories, colours can help you quickly identify common topics and it can even just make your studies more interesting.

#9 – Manage your stress

Don’t take on more responsibilities when you are in exam-mode. More responsibilities can contribute to more stress. We would also advise that you avoid unnecessary or stressful situations. Focus on the task at hand and take control or manage the stress before it takes control of you!

#10 – Don’t cram

It is never a good idea to leave studying till the last minute. Cramming might mean that you can spend time on other things, but cramming can also mean that it is easier to forget or can also contribute to even more stress.

Good luck for the upcoming exams!

8 Tips For Balancing ‘Self’ And ‘Responsibility’

With all the demands of your daily life, it could be difficult to pay enough attention to yourself as well as your responsibilities. Whether you are at school, college or university, every step of your education can have various demands. Here are some tips to ensure you start managing your time effectively and that you don’t fall under pressure leading to further stress in your life!

Tip #1 – Schedule your time

Schedule your time and make sure that you get to all your responsibilities daily.

Tip #2 – Listen to your body

Your body will tell you if you’re tired or hungry. Don’t ignore the warning signs!  Your body requires rest and food to make sure that it functions properly – which is key especially during exam periods.

Tip #3 – Exercise

Exercise ensures a healthy mind and body. Going for a run could help clear your mind or going to gym might give you added perspective.

Tip #4 – Set goals for yourself

By setting goals, you can guarantee that your schedule works for you and you will have a great sense of achievement. Be sure to set realistic goals!

Tip #5 – Have responsible relationships

Ensure that you engage in relationships that are good for you. Learn to manage your relationships, mainly because it is very easy to be drawn into someone else’s life or problems. Striking a balance in life is key.

Tip #6 – Learn to say no

If you feel uncomfortable or if you know that you will not have enough time to do something or go somewhere, do not commit yourself to doing something that you will not be able to achieve!

Tip #7 – Do something for yourself and for others

Take the time to do something you love or enjoy to make sure that you get into the best headspace! Doing something for others can also be rewarding, so think about doing something for someone else too.

Tip #8 – Reward Yourself

Whether you enjoy some extra time on the soccer field, or one more hour with a novel, reward yourself for maintaining balance.

Why don’t you draw up a schedule and mark your average daily activities on the sheet in different colours. Pay attention to the volume of time that you might allocate to one activity, responsibility or task that might disrupt the balance of “self” and “responsibility”. If you are worried about your time management or if you are finding it difficult to reach a balance, schedule an appointment with your counselor at school, college or university. Ask your parents and friends for help if needed!

What You Need to Know About Your Student Loan

Q&A with Eduloan’s Financial Guru

Whether you have your heart set on a certificate, diploma or degree at one of South Africa’s finest tertiary institutions or whether you want to further your education while working, an Eduloan study loan will help you unlock your potential.

It might be a good idea to establish some basic facts about a study loan before you dive into your studies. We chat to Eduloan’s Chief Financial Officer, David Scholtz, who explains the ins-and-outs of your student loan:

Q: What are the benefits of committing to a study loan with Eduloan?

Your study loan is made to your affordability criteria, ensuring you never feel the pressures of being overburdened.  Registration fees, outstanding study fees and other additional costs associated with your studies are covered by our study loans - all you have to worry about is achieving your educational goals. Whether you are looking to increase your salary through improved qualifications, qualify for a better job position or just for personal enrichment, Eduloan will be your partner for your educational journey.
You don't need to put down a deposit and we pay the amount you owe for your studies directly to the institution and then deduct the instalments from your salary or bank account each month, which means no admin for you. Finally, you get repayment periods of 6 to 24 months.

Q: What do I need to apply for a study loan?

Applying to Eduloan is easy! If you are not full time employed, anyone who is can sponsor you. You will need to complete and sign our loan application form (you can download this information from our website) and include the following documents:

• a quotation from the educational institution reflecting your name and student number, the study program, the balance outstanding (if applicable);
• a certified copy of your South African Identity Document;
• you or your sponsor's pay slip (not older than 3 months);
• you or your sponsor's bank statements for the last 3 months. If you or your sponsor are self-employed, we require you or your sponsor's business bank statements for the last 6 months and proof of business ownership as well as you or your sponsor’s certified ID and a quote from the institution.

Once you have compiled all of your document and completed the application form, you can apply online, visit your Eduloan office on campus or giving us a call on 0860 55 55 44.

Q: How do I know how much I can afford?

Eduloan will do an affordability assessment by using the income and expenditure information provided on your loan application form, and by looking at your accounts on the Credit Bureau and a register called the National Loans Register. Based on this, Eduloan will determine whether you can afford the full loan amount you've requested, or alternatively the amount that you would qualify for. Please note that Eduloan will not grant a study loan that is more than the amount that you owe the institution, as the money is paid directly to your account at the educational institution. You can also use our Instalment Calculator as an indication to calculate how much your monthly repayments would be based on your loan requirements.

Q: What if I don’t earn a salary?

If you are not full time employed anyone can apply for a study loan on your behalf, as long as they are in full time employment and provided that the Eduloan monthly instalments does not exceed 25% (based on a one year loan) of your sponsor's monthly basic salary.

Q: What is an interest rate and how is it calculated?

As we all know by now, debt is the amount of money you have to pay back to the person or institution (such as banks or retail stores) from which you borrowed. This amount consists of two parts – the actual borrowed amount, also known as principal debt or capital amount and the interest. Interest is the compensation paid to the person or institutions who lend you the money. It is normally expressed as a percentage of the borrowed amount, e.g. 15% per year. Therefore, it is wise to repay your debt on a monthly basis and not skip payments, as this will significantly reduce the amount of interest you repay at the end of the day. This is relevant to most debt incurred, like credit cards, clothing accounts, car finance etc.

Compound interest occurs when interest is added to the principal debt or capital amount, so that from that moment on, the interest that has been added also itself earns interest. This addition of interest to the principal debt is called compounding. A bank account, for example, may have its interest compounded every year: in this case, an account with R1000 initial principal debt and 20% interest per year would have a balance of R1200 at the end of the first year, R1440 at the end of the second year, and so on.

The effective interest rate is the interest rate on your debt restated from the nominal interest rates as an interest rate with annual compound interest payable in arrears. It is used to compare the annual interest between loans with different compounding terms (daily, monthly, annually, or other). Thus, the quicker you repay your principal debt, the less your effective interest rates will be.

The more diligent you are in repaying your debt, the more controlled the interest on your debt will be. In the end, the sooner you pay off your debt, the less time there will be for the interest to accumulate.

Q: Are there any hidden costs that I should know about?

At Eduloan, there are fixed monthly installments for your study loan which includes an affordable loan origination fee and monthly administration fee, which allows you to budget more effectively. There are no hidden fees and the payment periods are flexible according to your specific needs.

Q: What does my study loan cover?

Your study loan covers a whole lot of student related necessities such as registration fees, books, tool-kits, laptops, tablets and even accommodation for the duration of your studies, as well as your study tuition itself.

Eduloan has solutions for full-time and part-time students and even offer you the opportunity to deduct your fixed monthly repayments from your salary. For more information and to speak to one of our Eduloan consultants, visit our website (www.eduloan.co.za), like our page on Facebook (www.facebook.com/EduloanSA) and follow us on Twitter (@EduloanSA).

Getting ready for matric exams?

What you need to succeed

At Eduloan we aim to unlock your potential, so we have compiled a list of things that you can keep in mind while getting ready for your matric exams:

Study Tip One

Focus on time management! Compile a study schedule. Plan your time in advance and be realistic. Everyone is different so there is no prescribed schedule, but make sure that you don’t start too early and risk burning out, or start studying too late and then run out of time to prepare sufficiently. Listen to your body clock, this will allow you to establish when you should be studying (during the day or at night). You have to break up your studies to make sure you are concentrating and it is also good to work towards a goal and then to reward yourself if you do.

Study Tip Two

Get your hands on a study guide. A study guide is also a good resource to getting insight into the way questions are asked. Study guides sum up the curriculum pretty well and often include sample questions after each chapter.  Chat to your teachers about where you can get these.

Study Tip Three

Start a study group. By setting up a time to meet you study towards a deadline. Whether you give each member in the group a topic or whether you use the group to discuss certain topics, it is a good way for you to alternate your study schedule and gain additional knowledge from others as well.

Study Tip Four

Ask friends and family for past papers. You can also buy these online or from various book stores. Past papers are great for getting used to the way in which certain information is questioned in exams. Practice these to test your knowledge and to make sure you are not caught off guard just because a question is posed in a different manner.

Study Tip Five

Select your study space carefully. Whether it is at a library, at home or in an empty class room at school, make sure that you have all the resources and textbooks at hand so that you do not have to interrupt your studies. It could be a good idea to make sure that your study location is quiet and that you won’t be interrupted by family members, loud noises or peers.

Study Tip Six

Ask questions. Don’t be afraid to ask your teachers questions. Many teachers will give you time to ask them questions or to attend additional revision classes. Make use of this resource!

Study Tip Seven

Make sure you complete any administration requirements like tertiary applications and student loan applications well in advance of your exam period so that you are not distracted or unnecessarily stressed. Keep in mind that most universities and colleges open applications in April and some close as early as 30 June. You do not have to wait for your preliminary exam results as many of them only accept your grade 11 end-of-year exam results. You can also apply for your study loan early to make sure all your focus is exactly where it should be – on passing your Matric exams.

For more information and to speak to one of our Eduloan consultants, visit our website (www.eduloan.co.za), like our page on Facebook (www.facebook.com/EduloanSA) and follow us on Twitter (@EduloanSA).

Pick up a book & expand your world on World Book Day

In the busy world we live in, a lot of us don’t have the time or the patience to read. Now that television, video games and movies are so readily available and easy to consume, we often associate reading books as something we had to do in school.  Many of us would shudder at the thought of reading a book for pleasure.

But since today is World Book Day, we thought we should remind you just how amazing reading can be and what it can do for you.

1. Enhanced brainpower

Reading a book will help you optimise your brain and improve in almost every area of your life. People who read have higher intelligence and more general knowledge than those who don’t. Research has found that reading, in general, makes you smarter and it keeps you sharp as you age. No matter what you want to do or become, you can’t do it without more knowledge and reading is an excellent way to get more information on your future plans and where you want to go.

2. Reading reduces stress

By simply opening a book, you allow yourself to be invited into a fantasy world that distracts you from your daily stressors. If you’ve had a stressful day, a book can easily distract you and get your thoughts off your worries for a while. Reading is the best way to relax. Reading an amazing fiction book is perfect right before bed time. Sometimes it’s hard to put the book down if it’s really good, but you’ll still be relaxed.

3. Improved logical thinking

If you’ve ever read a murder mystery and managed to work out who the murderer is before it’s revealed by the author, you’ll know that analytical thinking is boosted by reading. Readers improve their general knowledge, and more importantly are able to spot patterns and clues quicker. If you can spot patterns quicker, your analytical skills receive a boost.

4. Build your vocabulary

It’s no secret that reading increases your vocabulary and improves your spelling, but did you know that reading increases your vocabulary more than talking or direct teaching? Reading forces us to look at and try to understand words that we might not have seen or heard recently. Knowing what other people are saying and using the perfect words to convey your feelings is a critical part of boosting your brainpower.

5. Improved creativity

Reading books takes you to places you’ve never been, and as a reader you might often wonder how a writer can piece together real or fictional events with such accuracy and detail. Reading about places you’ve never been to (or even places that don’t exist) opens your mind up to new possibilities and allows you to be more creative in your own thinking.

Here are some common reasons why we don’t read and the ways you can get around them:

I don’t have enough time

Try to set aside ten or fifteen minutes every day for reading. Whether it’s just before going to sleep, while travelling in the bus to work or even while eating, you might just find that this little bit of “me” time will become your favourite time of the day.

I don’t have the patience

For those who have never sat down and read a novel of their own choosing, finding the patience to get into the book might be an uphill task, as the activity is so unfamiliar. Perseverance is the key here, so make it a habit to read for a few minutes every day. Once you get into the book you’ll find it easier to get stuck into it.

Books are boring

There are millions of books in existence, each one on a different topic, portraying different scenarios and covering dozens of different genres. Therefore, all books cannot be the same and all authors certainly cannot be the same. Take the time to make a list of the things that might be of interest to you (you could base this on the type of movies you like to watch, or the activities you enjoy). If you don’t like the first book that you try, remember not to give up on the idea of reading. You’re bound to find something that you like if you keep on looking.

Books are too expensive

If you find that bookshops don’t suit your budget, the best place to start a love affair with reading is at your local library. The books may be slightly older than the latest novels at the book store, but the good news is that books don’t have expiry dates like food at the supermarket!

“Reading takes us away from home, but more importantly, it finds homes for us everywhere.” - Hazel Rochman