It’s hard to believe that a few years ago, students had no option but to pay off their college loans for the duration of their degrees.

Now, they have a range of options available, ranging from a simple loan deferral to a variety of payment options including a graduated PLUS loan and a student loan repayment calculator.

But what if you want to save a little bit of money?

Here are a few options to consider if you’re unsure about whether you should pay off your student loans for school. 

If you’ve already taken out a loan from the bank for your degree, then you can defer payments up to 5 years. 

You can use the ‘Loans’ tab on your account and choose whether you want the loan to be deferred up to the age of 25.

If you are a parent, you can choose to have your child defer payments through their Parenting and Student Loans (PSL) arrangement.

If your child has an existing student loan, you may need to repay it at some point during their education.

If you are planning to take out a student debt loan during your studies, you should defer payments until they reach your graduation date.

This is because you will need to start paying back your student loan when you graduate, which is usually in your 20s or 30s.

You can find out more about deferment options in the PSL FAQ. 

In addition, you will have to start repaying the loan on time at the time of your graduation, unless you’re a parent or a grandparent who is planning to send their child to university. 

It’s important to note that you may be able to defer payment at the end of your student degree if you have a higher repayment plan, such as a loan repayment plan that covers all of your remaining debt.

If the loan has been deferred up until graduation, you are not required to pay it off immediately.

This means that you will be able save up to £4,000 a year by deferring your payments to the date you graduate.

However, you’ll have to pay back any remaining debt when you have paid it off.

If it’s your first time repaying, you might be better off starting in the early years and keeping your payments off until you get the opportunity to repay.

If there’s more than one option available to you, then it’s best to look at which one suits you best.

For example, if you plan to attend university for a Bachelor of Arts or a Master of Business Administration (MBA) and you want your student debt to be repaid within three years of graduation, then a deferred payment plan would be the best choice for you.

If, on the other hand, you want repayment to start in your late 20s and to start early at the beginning of your degree program, then student loan repayments are the best option. 

The best way to decide if you need to defer payments for school is to ask your university.

There are various student loan calculators available, but here are a couple of the best options for students: The Student Loan Calculator lets you see how much you could save by deferting payments until your graduation.

This calculator will work with any student loan plan, but it will only work for undergraduate or graduate student loans.

It’s also available in English and Spanish. 

Student loan calculator by BMO student loan calculator You can use this free student loan loan calculator to see how you can save up for your future education. 

This free calculator will tell you how much money you could potentially save by delaying payments.

You will be required to use your personal details to apply for the student loan and the loan will be funded by the BMO Trustee.

You must use this student loan tool for at least 12 months before you can apply for a loan. 

 Student Loan Calculator by student loan account This calculator will allow you to see your total potential savings, and you can use it to see which options are the most appropriate for you, whether it’s a student deferment or a loan forgiveness plan. 

Borrower has a wide range of student loan accounts available to its users. 

For example the Student Loan calculator by Student Loan Planner lets you use the calculator to get an idea of how much your student debts are worth. 

While this student calculator is a great way to compare student loans, there are many other calculators that will give you the most accurate information. 

Check out these student loan freebies