Repay Loans or Pay School for 3L directly?
Posted: Fri Jun 24, 2016 9:27 am
Rising 3L at Mich.
Last year I had a 1L SA, and I used the money I earned as a SA to pay Mich directly for my tuition, ultimately reducing the amount that I had to borrow from Stafford/GradPlus for 2L. At the time, this made sense because I didn't have to borrow for 1L, so there weren't any loans to begin repaying.
This year I'm an SA again, and I'm wondering if it makes more sense to use the money I earn over the summer to make some early payments on my student loans in order to prevent the interest from continuing to accrue. Or should I do the same thing that I did last year and just pay the school directly so that I borrow less for 3L year?
Anyone have any experience on this? I'm just trying to figure out what makes the most sense long-term.
Last year I had a 1L SA, and I used the money I earned as a SA to pay Mich directly for my tuition, ultimately reducing the amount that I had to borrow from Stafford/GradPlus for 2L. At the time, this made sense because I didn't have to borrow for 1L, so there weren't any loans to begin repaying.
This year I'm an SA again, and I'm wondering if it makes more sense to use the money I earn over the summer to make some early payments on my student loans in order to prevent the interest from continuing to accrue. Or should I do the same thing that I did last year and just pay the school directly so that I borrow less for 3L year?
Anyone have any experience on this? I'm just trying to figure out what makes the most sense long-term.