Repercussions to paying interest only: the lender may impose a fee for not meeting the minimum payment, the principal would never decrease and the total loan payoff amount would be higher than regular payments. If you’re having trouble making monthly payments, see if the student loan will allow you to switch to an extended payment plan or if you qualify for a forbearance – either will cost you more in the long run, but may allow you to meet your monthly bills.
Did you mean “principal only” payments instead of regular payments? Chances are the terms of the loan would require you pay off the interest balance each month. Many loans allow you to dictate how additional payments (above and beyond the minimum monthly payment) are applied to the loan. You can choose to make a principal only payment and reduce the principal more than having an additional payment split between interest and principal. One advantage to paying some interest with that additional payment is that it may push out the next payment due date, giving you a buffer in case an emergency happens in the future.

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