Loans are hard enough to take out, but once we have them, we can forget about them for a little while. We tend to not think about the debt piling up and instead live in the finances of the moment.

This is a dangerous tactic, because many factors make loan interest your worst enemy!

The current interest rate is fixed at 4.66%. While this might not seem like much, it is slowly accruing each day you are in school. Consider beginning to make small payment to pay this off so interest does not build on top of interest.

You are going to be required to start making those payments the second you graduate or drop below half time enrollment. You can even surpass the price of your original loan if you don’t begin payments while still in school.

Despite annoyances it may cause, paying a small amount each month to take care of the accruing interest will help save you hundreds of dollars.

Be smart with your money and your future!