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Congratulations! You got accepted into your dream school after years of hard work, but most likely you will have to take out student loans to get through it. You're probably thinking, "Oh, I can start paying my student debt off when I graduate in four years and have a steady job." However, you should actually start paying off your debts while you're in school because there are no penalties to starting early. In all actuality, starting the process while you're in school can be very beneficial. Here are three things you can do while you're at school to save money and years off of your debt repayment so you don't have to dread it after graduating.


It might be tempting to use your student loan money on things like food or going out with your new college friends or buying unnecessary things but this is not going to help you in the long run because this will run your student loans up to a much higher amount. If you can help it don't touch that money for non-tuition related reasons and find budget savvy ways for the rest of your expenses. This may seem like an obvious tip but many students do this and end up owing thousands more in student loans because they use their loans for other things. Use that money wisely!


The interest on any student loans that are unsubsidized will continue to accrue while you're in school, including any grace, forbearance and deferment periods. The interest capitalizes when the repayment begins when you graduate, meaning the balance you owe grows and you end up paying interest on a larger amount.

Consider making small payments on your interest while you're in school if you can because that can cut a considerable amount of time and money off your debt. This will help because it will cut your loans from compounding interest fees on top of your original loan amount. If you make monthly interest payments while the interest accrues you avoid the dread of paying more than you originally borrowed


If you can afford to make extra payments while in school to save on interest costs and accelerate repayment so you can be debt free years sooner. The earlier you start the better off you will be on your debt repayment journey, there are zero penalties for starting early and a ton of pros.

Whenever you are able to find any extra money in your bank, for example through stimulus payments, birthday money from grandma or when you sell your extra clothes or shoes, use a portion of that money to make payments towards your student loans so you can become debt free faster and use that money towards the better things in life.

Budgeting student loans payments into your budget while you're still in school can seem like an impossible task, which is why MSUFCU now offers all its members the Changed app to make the impossible a little bit more possible. The app is free for all MSUFCU members!

We'll be an average graduate here
Loan Amount (what you might end up owing after graduating): $37,014
Interest Rate: 5.8%
Term: 20 years

Interest Paid on Loan Amount -
• $19,320 (Using Changed = $40 saved per month) vs $25,608 (Without Changed)
Payback Period -
• 16 Years (Using Changed) vs 20 Years (Without Changed)
Total Amount Paid -
• $56,334 (Using Changed) vs $62,622 (Without Changed)

The iOS app for MSUFCU The Android app for MSUFCU

How Changed works

The Changed app aligns with your natural spending habits so you don't have to worry about complicated budgeting tactics. It also allows its members to schedule additional payments without you dealing with your servicers directly. Using the Changed app can help you automate your debt repayments and help you pay off your student loans much faster. The Changed app also allows you to boost your repayments and make payments anytime you'd like, making it the best option to pay off your student loans without even noticing it. It was designed to help you pay off your student loans and has already helped thousands of people take years off of their loans and save you money in the background all while you enjoy your life to the fullest!

Small differences can make a huge impact in your life, which is the ethos the Changed app was founded on, as they've helped send around 20 million in student loans since they started. We hope these tips can give you a leg up and be in the best financial position when you graduate.

Student Loan Debt Statistics
Average Student Loan Interest Rate in 2022
How Long Does It Take to Repay a Student Loan?

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