Depending on the interest rate of your educational loans, it can be better to keep them around. Save your money in the bank and budget for loan payments.
Sometimes it is useful to have that extra cushion in the bank instead of saving a small percentage in interest.
Most federal loans these days are at 6.8%, and max out at around $5,000/year for undergrads (which is only half the cost of tuition at a state uni here). Private loans tend to lean more towards 8-12%. Also, good luck even qualifying for the latter if you don't have a rich parent with collateral to cosign for you.
It's a good thought, but I think it's much less useful today than it was in the era of 2-3% interest student loans. My teachers always use amazingly low interest rates in math problems and then get all shocked when I mention how much even the government charges these days.
Sometimes it is useful to have that extra cushion in the bank instead of saving a small percentage in interest.