Getting an Early Start on Student Loan Repayment

You can start the process of student loan repayment while you are attending school. If you wait until after graduation in order to pay off your loan, you will find your monthly payments are much higher and you will take longer to pay off the loan. Start early, and make more than the required monthly contribution.

Work to Pay down Balance

It is best to work year-round in order to make the most money possible to repay your student loan. However, some students decide not to work while attending college because their grades suffer. Working during winter, summer or spring break is something that you can do to pay down your loans. Earning even a few thousand dollars a year to be contributed to your principal will greatly reduce the loan balance. 

Make Interest Payments While Attending School

You can make interest-only payments to prevent interest from compounding while you are in school. When you have the chance to make a larger than required payment during this time, contributing your extra funds will end up deducting a sum from the principal you must pay off upon graduation.

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