BANGALORE: One of the happiest moments in most students’ lives is crossing the stage at commencement and receiving their degree. However, this joy can quickly turn into dread, once a steady flow of notices start pouring in, announcing the first student loan payment is due. This can be the ultimate nightmare, especially if you have little knowledge of how to manage student loan.

Let’s have a look on how to manage student loans during financial crisis:

1. Don’t worry if you miss the EMI

Unlike personal loans, the repayment of education loan does not begin immediately. The education loan scheme provides a repayment holiday which is inclusive of the study period, plus a moratorium of one year or six months after getting the job, whichever is earlier. However, if you still default, your credit score gets affected, which is likely to create a problem when you apply for a loan in future.

 It is advisable to keep a buffer of at least three months before your EMIs begin. This way you will have some time in hand if you fail to get a job immediately or if there is any break in job. Here are a few options to consider if you are unable to pay off your debt.