Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering

To pay off a student loan, should I save up a lump sum payoff payment or pay extra each month?
The interest accrues daily based on the amount you owe.  The less you owe the less the daily interest accrual.  The faster you pay it off the less you pay in the lifetime of the loan.  You are losing money if you bank money rather than applying it to the loan immediately.  Since student loans cannot be declared in bankruptcy and interest rates cannot be refinanced, or are nonnegotiable, then you should consider your student loan a priority in case your employment/income runs into problems.