Interest on student loans

[Kitty Hawk, ADN, RN]

Hello....

Can anyone tell me if there's a big advangtage to paying the interest ahead of time on the student loans? This would be the info that comes from AES I have the stafford loans. (sub and unsub)

Right now it's something like 12.00 but further down on the page it states 0.00 due. I think I was told I could pay it, or I could wait until the end of the loan term. I'm trying to figure out if it would be a plus to start chipping away at it now, or if it really doesn't matter.

Thanks

[AnnaN5]

For subsidized loans interest does not accrue while you are going to school but for unsubsidized loans interest accrues while you are going to school but you do not have to pay until you are out of school.

I would assume that if you can afford to pay the interest while you are going to school that it would save you money in the end since as the interest accrues you will be paying on interest on it. (did that make sense?! :rotfl: ) If you have a very large loan paying the interest before it compounds would save you money. There is probably a calculator of some sort on the internet that will tell you how much interest will accrue on X amount of dollars after so many years.

Hello....

Can anyone tell me if there's a big advangtage to paying the interest ahead of time on the student loans? This would be the info that comes from AES I have the stafford loans. (sub and unsub)

Right now it's something like 12.00 but further down on the page it states 0.00 due. I think I was told I could pay it, or I could wait until the end of the loan term. I'm trying to figure out if it would be a plus to start chipping away at it now, or if it really doesn't matter.

Thanks

Michele