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Business and Technology News from NUS

Month: June 2017

Students Loans – Important Aspects That NUS Students Cannot Overlook

[Disclaimer: This is an uncensored and unedited article submitted by a student at NUS. We have recently experienced cases of students publishing articles on BizTech that contain advertisements or spam, and we are deeply sorry for such cases. In those cases, we removed the articles promptly thanks to whistleblowing from our readers. If you believe this article contains any subtle advertisements, spam or offensive content, please report it for us to review. Thank you.]

Let’s put tech & business aside for a moment and focus on the topic of student loans – something that all NUS students can relate to. Prolonging a debt payment is not the best idea and can lead to less than desirable outcomes. Regardless of whether you have taken out a student loan or short term loan, paying it off and offloading this financial burden should be your top priority.

Unfortunately, not every student is able to do the same and ends up getting caught up in a vicious cycle of debt. This particular situation troubles many. Being a student, you hinders you from concentrating in your studies. It becomes a nightmare especially when there’s an exam that you have to write within a couple of days.

It doesn’t always have to be scary. If you take a planned and organized approach to paying off your education loan, you will not only feel a sense of relief, but it will allow you to have one less thing to distract you from better concentrating on your studies.

Here are some tips for better financial management. After all, being a student, it is your onus to deal with the loan judiciously.

Tips for better debt management for students

  1. Organize your loans

First and foremost, take control of your loans. You cannot afford to give up your peace of mind just because of these loans. Organize your loans by taking an account of all the loans that you have availed, regardless of whether it is from a private lender or any other loan service provider.

Calculate the total amount that you owe to each of them, the monthly payment for each loan, and list them according to descending rates of interest. Alternatively, you could also ask for a credit report to find the status of your loans.

Make a note of all the loans that you have availed for admission or funding for your higher education.

  1. Explore alternative repayment options

Generally, you will be able to enjoy alternative repayment options if you have guaranteed federal loans. Once you have found out how much you finally owe from the list in the previous step, you can opt for a so called “income driven loan repayment plan”. In this repayment plan, you have the provision to “cap” your student loan repayment amounts every month between 10% and 20%. As far as the repayment period is concerned, you can opt for a repayment period that varies from 20 years to 25 years.

Otherwise you can find detailed information from your loan service lender. Experts are of the opinion that instead of opting for taking out other types of loans to repay your existing student loan, using this alternative option is perhaps the best.

In fact, many students have tried to take out payday loans to pay off their education loan, which is not a method that works for all.

  1. Do you qualify for refinancing?

Having a good credit definitely pays off in the long run. If you have had a good credit history and your credit report reflects the same, you can be a promising candidate for refinancing your student loans.

There are many service providers offering loans that are ready to negotiate with students who are finding it difficult to service their loans.

Under such circumstances, these service providers work out ways to help students in making their repayment process smooth and hassle free. How is it done? They allow you to make the repayment at better terms and consequently alter the terms on the loans that existed when you had taken out the loan initially.

In other words, you get the privilege to enjoy the benefits of the student loan, on better terms. They might even look at reducing the rate of interest or reduce your monthly amount that you are entitled to pay.

As such, if you are hesitant in taking out education loan for funding your studies, you can relax a little knowing there are many ways to make payment for the debt.

How to Find the Best Co-Working Space In Singapore for NUS Startups

[Disclaimer: This is an uncensored and unedited article submitted by a student at NUS. We have recently experienced cases of students publishing articles on BizTech that contain advertisements or spam, and we are deeply sorry for such cases. In those cases, we removed the articles promptly thanks to whistleblowing from our readers. If you believe this article contains any subtle advertisements, spam or offensive content, please report it for us to review. Thank you.]

 

Singapore houses one of the most expensive real estate markets. It’s great for the property investors but poses serious challenge for the cash-lean budding startups in the island. But things are changing fast in the Asian country. Today Singapore has paved the way for many co-working spaces that assure professional and highly affordable office space for new ventures. In fact, the Singapore government has offered funds to build more shared working spaces to encourage the enterprising millennials. The Singapore CBD hosts the lion’s share of co-working spaces in the island and tech startups are one of the largest occupiers here.

The co-working spaces here are much cheaper compared to buying or renting independent commercial spaces and also guarantee free access to many crucial office amenities. Here are some tips on how to find the best co-working space in Singapore for your tech startup.

Consider your needs

Not every co-working space is created same and hence all the shared offices won’t be equally suitable for your startup. Thus, you should be clear about your needs first before finalizing a shared office.

  • How much space would you need to accommodate all your employees?
  • Are you looking to incorporate a couple of more employees sometime soon?
  • What would be the most preferred office location for you and your employees?
  • Would you need to organize business events?
  • Would it be better if the location offers learning opportunities?
  • Would you need private rooms for confidential meetings with clients?

Know where to find

A good lot of NUS alumni have their own tech startups today. Given the economical benefits of shared offices, chances are high that most of them have their ventures perched in a co-working location. So, check out with your seniors and see if they recommend you some potential shared office in Singapore CBD.

Otherwise, you can check out shared office space in Singapore online. There are websites that particularly specialize in commercial locations and has got a designated section for co-working buildings. These websites feature the properties with pictures and compact descriptions to help you with an informed decision.

Lease options

What are the lease options offered by the shared working space? It’s better to settle with a reliable location that extends month-to-month agreement. This way, you can leave the office the next month only if it does not suit you. If it does not offer monthly agreements, there should be at least a 3-month lease facility.

Check the location personally

This is one of the most important tips for choosing best co-working space for your startup. Experts always advise taking a complete tour of the office space to understand the actual physical environment of the location. There are a number of things you have to check. For example, a shared office might claim to provide free internet but you have to verify whether it offers enough bandwidth for your business. Here are some of the things you should check personally.

Ergonomic & comfortable furniture– When you are starting a new venture, longer working hours are the most common. Ergonomic working environ is crucial here to ensure you don’t hurt your back and neck while working overtime.

Adequate lighting– Make sure the location is equipped with sufficient lighting for optimum productivity.

Easy ventilation– takes a deep breath and check whether it feels stuffy inside. If so, its better you get out and look for another co-working space. A claustrophobic environment is unhealthy and does not allow easy flow of production.

Tech amenities-Don’t forget the quality of the printers, copiers, scanners, internet and other shared tech amenities offered by the co-working space.

Talk to the professionals– You must interact with other businesses in the shared location to get a feel of the overall community and professional environment. Do they look friendly enough? Do they seem serious about work? If you don’t feel comfortable in their presence, look elsewhere.

Educational & networking opportunities– It’s amazing if your co-working space often hosts networking & social events as well as provide business workshops for tech startups.

You must also check out the breakout spaces and private nooks. Then, obviously it’s simply great if your chosen shared office assures a nice kitchen well-stocked with pastries and cookies.

Make sure to study at least 4-5 potential locations first prior to signing up the agreement.

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