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Home Blog Find Out How to Pay Off Your Debt While Still in School

Find Out How to Pay Off Your Debt While Still in School

Posted On: November 9, 2020 by The Middlefield Banking Company in: Budget Savings Student

Find Out How to Pay Off Your Debt While Still in School

Just because your student loan payments don’t start right after you graduate, the sooner you start making payments, the better. Paying for the college student life is tricky enough, so paying off debt at the same time might seem impossible, but it’s doable with a few lifestyle adjustments. Continue reading to find out the best ways to make payments before you even graduate.

Make it Automatic

One of the best ways to be dedicated to setting money aside is to set up automatic payments. By making it automatic, you won’t even have to think about the payments since the money will be going straight towards your student debt. Along with that, these payments become a habit and force you to make smart financial decisions.

Increase Your Income

It might seem obvious – if you want to make payments but can’t afford much to begin with, now’s a great time to pick up a side gig. The college life is busy as is, but there are ways to make time for some extra income. You can find remote work to do on your own time, get a weekend-only job or even get a paid internship. A paid internship would benefit your education, your resume and your finances all at once!

Try a Budgeting App

There are countless money management apps out there that make budgeting a breeze. Download an app such as Mint or PocketGuard to help you better manage your expenses. Visually seeing what you spend your money on puts your spending habits into perspective, allowing you to cut some unnecessary expenses and put that money towards your student debt.

Don’t Overborrow

It’s common for lenders to offer more money than you really need, but don’t be fooled by overborrowing and having to pay more interest. Only borrowing what you need will save you money down the road, which you can use towards more student loan payments.

Tackle the High Interest Rate First

Focus on the loan with the highest interest rate first, paying that one down to avoid more and more accruing interest. This is called the “debt avalanche method” and it’s great for paying off debt as quick as possible.

By starting your student loan payments as early as possible, you can save a substantial amount over time. Interest racks up, time flies by and before you know it you’re graduating and making monthly payments. Relieve yourself of future stress by getting a head start! Contact The Middlefield Banking Co. to open a savings account and learn more about the services we offer.