Do normal debt rules apply for student loans?
Student loans are a big concern for students and their families, but there are many misconceptions about this type of debt. When it comes to borrowing money, the normal approach is to self-fund where possible, and if you really must take out a loan, to pay it off in full as soon as you can.
However, when it comes to student loan repayments, the normal debt rules don’t apply. The loan is the better choice rather than self-funding tuition fees, and it’s not worth trying to pay off a student loan early. Let’s look into the way student loans operate and how you should manage them.