To reduce your total loan cost, you must make extra payments. Although you may not be able to avoid making monthly payments, paying extra amounts can help you save money eventually. If you have a student loan with a variable interest rate, you will have to keep making payments until the end of your education. Deferments are available for various reasons, such as returning to school, enrolling in an internship, or completing a residency program.To reduce the total loan cost, you can make extra payments during the grace period. Although you don’t have to pay off your entire loan during this grace period, making small monthly payments will help you pay off your debt faster. Besides, you can also make one-time payments when you can afford it. To make your payments easier, you can even make them online, over the phone, or by mail. This will help you pay off your student loan more quickly.Moreover, making full payments while you are in school will help you pay the least amount of interest over the life of your student loan. However, many students don’t have the means to make full payments while they are in school, so opting for an income-based or extended repayment plan will help them reduce their total loan cost.