Follow this rule when taking on student loan debtMany students need to take out loans to pay for college. Be smart about credit cardsIn college, you may be opening a credit card for the first time. Keep in mind that credit card interest rates are generally much higher than the ones on your student loans. “You can use that money to buy a textbook or a laptop or pay down a credit card,” she says. Use the extra funds to throw at everything from groceries to treats to interest payments on your student loans.