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Balancing work and college can be difficult, but it may be worth it to help curb education expenses. If you work, you may also be able to make payments to your college loans while you're in school. Even if you don't make loan payments, a job can still help a great deal.
It's a good idea to go to the bank and open a savings account. Try to put a certain percentage of each pay check in your savings account to cover the student loan interest that is accruing. Then when you graduate, you'll have a source of money for repaying the first few months of your loans. When possible, make payments toward the interest that accrues on your loans before they enter repayment. Accrued, unpaid interest is typically capitalized, which increases your loan balance and then interest accrues on the higher amount. Some lenders capitalize interest as frequently as quarterly, while others capitalize only at the end of grace and deferment periods, or when your loan enters repayment.
|Jennifer Mathes, Ph.D.|