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How does student loan interest work?

Student loan interest works by adding a percentage of the loan amount to your outstanding balance over time. This interest rate represents the cost of borrowing money.

When you make monthly payments, a portion of the payment is allocated towards covering the accrued interest, while the remaining amount goes towards reducing the principal balance (the original loan amount).

Choosing a lower interest rate can help you save money over the life of the loan and accelerate the process of paying off your debt.

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