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Which is a better payment toward student loan?
I have two years worth of loans and am still in college. I have some money saved up right now. Should I start making interest payments or make one large payment toward them? Which would be more beneficial if i can afford either?
1 Answer
- KaitlynLv 57 years agoFavorite Answer
If these loans are still deferred, any payment you make will go towards the interest. If you can pay monthly, that is great. If you can make one-lump sum, that will cut down more of the interest. Either way is going to help you, but the larger payment may be better as you are getting rid of more of the interest at one time. If you pay all the interest down at once, you then could make monthly payments on the future interest that will accrue.
