Which of these might help you save money on a student loan?(1 point)

Responses

make your payments on the first day of every month
make your payments on the first day of every month

agree to automatic payments
agree to automatic payments

take a longer-term loan
take a longer-term loan

find a loan with a higher APR

1 answer

The option that might help you save money on a student loan is:

agree to automatic payments

Many lenders offer a discount on interest rates if you agree to set up automatic payments, which can save you money over the life of the loan.

The other options might not help you save money:

  • Making payments on the first day of every month doesn't inherently reduce the amount you owe.
  • Taking a longer-term loan often results in paying more interest over time, despite lower monthly payments.
  • Finding a loan with a higher APR would increase your overall cost.