If you are like many students, college is the first time you will need to manage money on a budget and the first time you will have any major debt. You may choose to use a college loan to cover your expenses. Repaying your student loan early can help you get out of debt sooner, and online banking can help you review all your expenses in one place so you know how manageable it is for you to start paying down loans.
Use a student loan repayment calculator to find the best loan option for you
Student loans for college are an important tool when financing your education. However, unlike scholarships, work-study programs or other college financial aid, you will eventually need to start paying back any loans you have. A student loan repayment calculator can help you determine how much of a loan you need and which repayment structure will work best with your current income. Once you know the type of loan you need, the calculator can also help you determine how much you should contribute monthly to pay off your loan in a timely manner.
How do I access online student banking?
When you head off to school, it’s a good idea to open a student checking account at a bank near your university. Having a student account will help you manage direct deposit paychecks, purchase books or meals, and stash that extra cash from mom and dad. You can also use this account to pay credit card bills or student loans for college. Once you have a checking account, you can sign up for online student banking and begin managing funds and making payments on your college loan online.
Start paying your student loans with online banking
Online banking can help you structure your finances to budget and make payments toward your college loan while you’re still in school. Plus, with online student banking, you can set up both one-time and recurring payments, depending on how much control you want to have, or how much your income fluctuates. Set up multiple payees, manage more than one account, check balances, pay bills and more with online student banking. Even if your college loan is deferred until after you graduate, you can use online banking to set aside money each month to pay it off. If you have a loan payment structure where you must make payments in college, the budgeting and bill pay resources of online student banking can be even more beneficial.
Why make early payments on college loans?
You may be thinking, “I just borrowed this money because I don’t have it. Why would I start paying it back?” Even as little as $10.00 a month towards the principal can make a dent in future payments. Plus, making payments on your online loans can improve your credit for future borrowing. Speak to your lender about college loans and learn more about how you can start paying student loans with online student banking.