There are a few things that students could do to reduce loan costs, and they are actually quite easy to do!
Many lenders will offer an automatic payment option – with that enabled, students will receive a reduction of the loan’s interest rate. This can often lessen the rate by around .25% and is certainly helpful in another way – you won’t have to worry about missing a payment!
Another step to consider taking is to make payments while in school! While deferring payments may be a great option if you cannot make any payments, the deferment will be increasing the total cost of the loan over time. Of course, paying a full installment while taking classes will result in the lowest overall cost, but some may find it difficult while being a full-time student. Keep in mind though: something is better than nothing! Even making minor payments will help.
Any questions? Be sure to contact us today and we'll set you up with our financial aid experts!