How to Pay Off Student Loans While in College
Figuring out how to start paying off student loans while in school can also help you establish good financial habits early in your adult life.
It can help you budget your income in a way to prioritize your interest-only payments, and those monthly payments will also be reported to the credit bureaus, so you’ll also be able to establish your credit history. This will come in handy after you graduate and want to buy a car or a home or even just get a credit card.
Having a student loan repayment strategy is important, and deciding how to go about it will affect how much you save and how fast you can pay off your student loan debt. Here are the best ways to approach your goal of paying student loans while you’re still in school:
- Create a monthly budget
- Pay off high-interest loans first
- Set up automatic payments
- Choose a side hustle
Create a Budget
Creating a budget in college is important and can help you organize your finances to make sure you’re setting aside money every month to pay off student loans. (more…)