Paying Off Loans While in School? Yes, You Can!
Student loans may seem like a distant worry for many while still in school, but did you know you can start paying them off even before graduation? Tackling student debt early can help reduce the total amount you’ll pay over time, and here are the best strategies to consider.
1. Make Interest-Only Payments
Even while you're still in school, you can make interest-only payments on your loans. This prevents the interest from accumulating and getting capitalized, which means your debt won't grow as much when it’s time to start paying off the principal. You can usually set this up directly with your loan servicer.
2. Use Your Extra Cash Wisely
Any extra money you have, whether it's from a part-time job, a scholarship, or other sources, can be used to pay down your student loans. Even small amounts can make a big difference, and paying off a little at a time can reduce your debt burden later on.
3. Look for Loan Forgiveness Programs
Certain professions—like teaching or public service work—offer loan forgiveness programs. If you plan to work in one of these fields, check for any options that could help reduce your debt while you’re still in school, or shortly after graduation.
4. Explore Employer Repayment Assistance
Some employers offer student loan repayment assistance as a benefit, even to employees still in school. If you're working part-time, ask your employer if they offer any student loan benefits—every little bit helps!
5. Create a Smart Budget with Life Planner
Budgeting and tracking your finances are key to staying on top of student loan payments. With Life Planner’s Expense Tracker and Budgeting Tools, you can easily monitor your income and set aside money for loan payments. The app helps you create a clear plan for your spending, including your loan obligations, so you never miss a payment or fall behind.
Take Charge of Your Future!
Don’t wait until after graduation to start tackling your student loan debt. By using these strategies, you can make a real dent in what you owe while still in school. And with tools like Life Planner, managing your finances has never been easier.
Want to take control of your financial future now? Download the Life Planner app today on Google Play or the App Store. Track your loans, create a budget, set savings goals, and more—everything you need to stay on top of your finances. Start your journey toward financial freedom today with Life Planner!