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How would you feel if your insurance premiums could pay off a student loan?

August 20, 2015

In the July issue we introduced you to the concept of using insurance premiums to pay off yours or someone else’s student loan. Here is how the concept works:

“Tammy has been a secondary school teacher for three years. Her student loan is slowly reducing thru her monthly salary deductions. In a couple of years she wants to buy a house but is concerned about the bank discounting her eligibility due to her outstanding student loan.

She is excited about being a Feejoa member and using Repay to speed up her loan repayments. The more she can pay off her student loan the more she has to spend on a house. Tammy has car, contents and health insurance. By shifting over to a Repay aligned insurance company 5% of her monthly premium is going to reduce her student loan. She pays the same premium and has a similar insurance policies.

Seeing her loan reduce each month Tammy asked her mum and dad to become benefactors. They have moved their insurances over to a Repay aligned insurance company – life, income cover, house, rental, contents and boat. Tammy’s parents are able to help her reduce her student loan debt while continuing to have their assets insured.

Tammy is now talking to other family members and friends to see if they will become benefactors and help her reduce her debt.”

To learn more about paying off your student loan quicker go to repay.co.nz and sign up contact me.

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