Here are nine key elements for graduates on how to structure your repayment plan so that your student loan does not have a severe or negative impact on your financial future.

  1. Make sure you take out a loan from a recognised and registered institution or bank.Ask your bank if you are unsure.

2. Keep track of your loan by knowing the available balance as well as your lender and

repayment status.

3. Control the growth of the debt by making regular payments as soon as you start to

earn salary.

4. As soon as you are employed draw up a budget and prioritise the repayment of your

loan. Commit to a timeframe for settling your loan and try to pay off your loan within

four years after your graduation.

5. Settling your study loan is your first financial obligation and the monthly installment

must be paid before you spend your salary on luxury or trendy items.

6. If you initially struggle to find employment, continue to paying off your loan. You might

not be in a financial position to pay installment and that it will be prudent to make

alternative arrangements with the lending institution for a more affordable installment.

Failure to honor payment and to fall in arrears with your installments will lead to a

bad credit rating.

7.  Always inform your lending institution about your current financial situation. Lending

institutions can penalise a client who fails to keep them informed.

8. If you are in doubt or need sound financial advice it is important to ask assistance

from a certified financial planner.