Should You Pay Down Your Student Loans During College?

Depending on the type of student loans you have, it might make sense to make payments while you’re payday loans Sylacauga AL still in school. Both federal and private student loans are typically deferred until after graduation, which means you’re not required to pay until then.

With federal loans, you’ll even get a six-month grace period after you leave school, and some private lenders also offer that benefit.

But if you have unsubsidized federal student loans or private student loans , interest starts accruing from the date of your student loan disbursement and also during the grace period.

Paying student loans while in school, even if it’s just to cover the interest, can lead to long-term savings, help build good financial habits early in your adult life and also help you pay off student loans early . Read more