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Can I change the lender of student loan? Can I start making payments while still in college?

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Is it possible to change a lender in the middle of paying back a student loan? I have another question. Can I start making the payments, whatever I can, when I am still in college? I plan to budget and save a certain amount from my part-time job. Will the interest charges get reduced if I am able to repay a certain amount of my student loan during studying?

Have you taken out a federal student loan? Then only you can switch lenders if you consolidate your loans or apply for Public Student Loan Forgiveness or Total Disability Discharge. And yes, you can pay off the principal early by making pre-payments while studying. But make sure, your payments are applied to the principal, not the interest. And try to pay off the interest within the 6-month grace period.

Sub: #1 posted on Fri, 08/09/2019 - 23:57

Craigh.terry Craigh.terry

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You start paying your student loan when you're still in school. In fact, there are plenty of benefits of repaying student loans early. The first benefit of prepaying the student loan is that you'll be in a much better financial shape than others. Look at your loans and find out which one charges the highest interest rate. Make payments on that loan to get rid of it as soon as possible.

Sub: #2 posted on Sat, 08/10/2019 - 00:08

Nick Jonas Nick Jonas

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You didn't mention the type of your student loan. Please come with more details to get the proper answer.

Sub: #3 posted on Fri, 08/16/2019 - 06:08

Sanders Patricia Sanders Patricia

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