Student loans is a troublesome burden that most young adults carry. Coming up with the quickest way to pay it off is only in your best interest. Find out how!

2. • STUDENT LOANS CAN BE A TROUBLESOME BURDEN.
• ALTHOUGH THE INTEREST RATES FOR MALAYSIAN STUDENT LOANS SUCH AS PTPTN, IS
LOW(1%), THERE IS STILL AN ADDITIONAL AMOUNT TO YOUR LOAN TO BE PAID.
• WHEN ADDED WITH OTHER LOANS SUCH AS HOUSING AND CAR LOAN, YOU COULD
END UP OWING A HUGE AMOUNT.
• YOU BEGIN YOUR WORKING LIFE WITH A DEBT, WHICH CAN BE QUITE DISCOURAGING.

3. SO COMING UP WITH THE QUICKEST
WAY TO PAY OFF STUDENT LOANS IS
ONLY IN YOUR BEST INTEREST.

4. DETERMINE THE DEBT
• FIRST, ANALYSE HOW MUCH YOU OWE IN TOTAL (YOU MAY HAVE MORE THAN ONE
STUDENT LOAN; FOR EXAMPLE FOR DIPLOMA AND DEGREE).
• IF YOU’RE CARRYING ONLY ONE LOAN, YOU MIGHT WANT TO CONSIDER ADDING ANY
OTHER DEBT YOU HAVE TO REALLY WIPE THE SLATE CLEAN.
• ONCE YOU GET TO YOUR TOTAL DEBT AMOUNT, YOUR GOAL IS SET.

5. TERMS AND CONDITIONS
• ALL LOANS HAVE THEM THE RESPECTIVE INTEREST RATES, PENALTIES, DUE DATES, AND
LATE FEES THAT COME WITH HOLDING A DEBT.
• THESE ITEMS ALL HAVE THE POTENTIAL TO INCREASE YOUR AMOUNT DUE OVER TIME.
• KNOW THE TERMS THAT COME WITH EACH OF YOUR LOANS AND BE AWARE OF THE RISKS.
YOU’LL NEED THIS INFORMATION.

6. PRIORITY PLANNING
• NOW THAT YOU KNOW YOUR T&CS, MAKE YOUR PLAN BASED BY PLACING THE LOANS THAT
HAVE THE HIGHEST INTEREST RATES AND PENALTIES AT THE TOP OF YOUR LIST.
• PAY EXTRA THAN THE MINIMUM MONTHLY PAYMENT TOWARDS THE LOANS AT THE TOP OF
THE LIST (REFER TO NEXT SLIDE)
• CONTINUE DOING THIS EVERY MONTH UNTIL THE MOST TAXING BALANCE IS PAID DOWN.
• THEN ADD THAT EXTRA MONEY TO THE NEXT ONE ON YOUR PRIORITY LIST AND SO ON.

7. SET A MINIMUM PAYMENT
• AFTER ADDING UP YOUR TOTAL DEBT,
TAKE A LOOK AT THE MINIMUM MONTHLY PAYMENTS YOU NEED TO MAKE EACH MONTH.
• THEN, DETERMINE IF YOU CAN AFFORD TO PAY MORE. FOR EXAMPLE,
• IF YOUR MINIMUM MONTHLY COMMITMENT IS $200+$100 = $300. CAN YOU AFFORD TO PAY $350?
• IF SO, THAT WOULD BE A GOOD START TOWARDS PAYING THESE LOANS DOWN QUICKER.
• IF YOU ARE STRUGGLING TO MAKE EVEN THE $350 A MONTH, YOU MAY WANT TO CONSIDER A
DEBT CONSOLIDATION PLAN (REFER TO NEXT SLIDE).

8. WHAT IS DEBT CONSOLIDATION PLAN?
• THE COMBINING OF SEVERAL UNSECURED DEBTS INTO A SINGLE, NEW LOAN THAT IS MORE
PREFERRED.
• IT INVOLVES TAKING OUT A NEW LOAN TO PAY OFF A NUMBER OF OTHER DEBTS.
• THE NEW LOAN MAY RESULT IN A LOWER INTEREST RATE, LOWER MONTHLY PAYMENT OR BOTH.
• CONSUMERS CAN USE DEBT CONSOLIDATION AS A TOOL TO MAKE IT EASIER TO GET OUT OF
STUDENT LOAN DEBT, CREDIT CARD DEBT AND OTHER TYPES OF DEBT THAT AREN’T TIED TO AN
ASSET.

9. OUR TIP
• SOMETIMES THE LOANS WITH THE HIGHEST INTEREST RATE COULD BE ONE OF A HUGE AMOUNT.
• PAYING OFF THIS LOAN MIGHT TAKE A VERY LONG TIME AND YOU MIGHT GET DEMOTIVATED IN
THE PROCESS.
• SO PRIORITIZING LOANS WHICH HAVE A SMALLER AMOUNT, CAN ALLOW YOU TO REPAY A LOAN
QUICKLY.
• THE MORALE BOOST YOU WILL GET FROM SETTLING ONE LOAN OFF COMPLETELY CAN KEEP YOU
GOING.