Can you make student loan payments while still in school?

make-student-loan-payments-while-school

Generally, your first student loan payment won’t come due until six months after you graduate. However, many students want to start paying their loans off while still in school, particularly if they have a job or savings built up. You can start paying off your student loans at any time, and if it’s within your budget to do so, it can put you in better financial shape than your peers later on. Here are some financial strategies you can use to start paying down your loans in college. 

Start with a high interest loan

If you have more than one student loan, you should start paying down the one with the highest interest first. This will help you avoid interest payments later on in life that could hold you back from financial success. You should also focus on one loan at a time while you’re still in school so that you don’t have to worry about making multiple payments. 

Get creative with your side jobs

In order to pay off your loans while in college, you’ll need a job to bring in some income. If you’re busy, one of the best ways to make money is to look for work online that has a flexible schedule. Many companies now outsource their transcription, data entry, social media management, and other tasks online, and by picking up those jobs, you can make money without leaving your dorm room. 

Use an app to budget

Every college student should be keeping careful track of their finances, but this is particularly true if you are trying to pay off student loans at the same time. One of the easiest ways to do this is by using an app that helps you budget automatically, which takes the guesswork out of financial planning. 

Keep in mind that once you make your first student loan payment, you will need to keep making the payments each month. Be sure to budget ahead of time to make sure that’s in your means. If you miss a payment or make it late, it could affect your credit in the future. Smart planning from the time you take out a loan can make a big difference in the long run.