I just started working and I would like to start paying off my Unsubsidized loan ($1000 for the Fall Semester), I was planning on paying $200 a week, and after six weeks I could successfully pay it off. Or should I wait and save up $1000 and pay it off all at once, because I’m uncertain how all of this works.
You can pay off as you go. Contact the loan holder. We paid off my D’s interest while she was in college so nothing accrued beyond the loan amount.
In fact you would be better off paying sooner instead of waiting. Interest accumulates continuously. So waiting will mean that you pay more interest.
Yes, yes, a thousand time yes!! Paying interest as you go is really smart - and if you can pay extra to eat at the principle, that is even better. https://www.magnifymoney.com/blog/college-students-and-recent-grads/student-loan-interest-how-does-it-work-when-im-in-school782297204/