3 answers
Nicolas
Student
Columbia, South Carolina
2
Questions
Asked
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What are some good strategies to use to begin paying off student loans while I am in college so I can avoid as many additional fees from things like interest rates?
I want to minimize the amount of money I owe after graduation but will not have a regular full time job during the school terms.
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2 answers
Wong Loke Yuen
Head of Programme cum Senior Lecturer
645
Answers
Johor Bahru, Johor, Malaysia
Updated
Wong’s Answer
Hi Nicolas. One of the best things you can do is start making small payments while you're still in school. Most student loans don't require you to pay anything until after you graduate, but interest often builds up during that time. When that interest gets added to your total loan amount, you end up paying interest on top of interest. To avoid that, try paying a little each month just to cover the interest, if possible.
Another helpful strategy is to create a simple budget and stick to it. Write down how much money you earn (from a part-time job, scholarships, or family support) and what you spend it on (like food, rent, and transportation). Once you know where your money goes, decide how much you can set aside each month for your loans. Even a small amount can make a difference. Budgeting might sound boring, but it's one of the best ways to stay in control and avoid borrowing more money than you need.
If you have time, try to find a part-time or summer job that fits your schedule. Working a few hours a week at a campus job, tutoring, or helping in a lab can give you extra money for small loan payments or school expenses. The goal is to borrow less and reduce how much interest builds up.
Finally, you need to keep your loan details organized and understand your repayment terms. Know your interest rates, due dates, and lender contact information. Some students forget about this until graduation, but understanding it early helps you plan smarter.
Another helpful strategy is to create a simple budget and stick to it. Write down how much money you earn (from a part-time job, scholarships, or family support) and what you spend it on (like food, rent, and transportation). Once you know where your money goes, decide how much you can set aside each month for your loans. Even a small amount can make a difference. Budgeting might sound boring, but it's one of the best ways to stay in control and avoid borrowing more money than you need.
If you have time, try to find a part-time or summer job that fits your schedule. Working a few hours a week at a campus job, tutoring, or helping in a lab can give you extra money for small loan payments or school expenses. The goal is to borrow less and reduce how much interest builds up.
Finally, you need to keep your loan details organized and understand your repayment terms. Know your interest rates, due dates, and lender contact information. Some students forget about this until graduation, but understanding it early helps you plan smarter.
Cara S
Chemist
4
Answers
Vancouver, Washington
Updated
Cara’s Answer
I would recommend trying to get a part time job on campus if your schedule will allow it. Then you can dedicate a portion of that income to getting ahead on your loans. Also, the experience you get can be really helpful to build your resume. I got my first job specifically because of experience I was able to get working in a lab while still in school. Even if you cannot get a job related to your major/field of study, having some professional experience definitely gives you an edge when applying for jobs out of college.
I know student loans can be overwhelming! Do what you can to pay them off little by little and you will get there! Best of luck!
I know student loans can be overwhelming! Do what you can to pay them off little by little and you will get there! Best of luck!
Thank you so much for the advice.
Nicolas