Repaying your student loans may be easier than you think. With a little organization and planning you can set yourself up to successfully repay your loans. Here are some tips to consider when paying off your student loans.

Know how much you owe

Gather all your student loan documents (federal and private) and make sure you know the terms of each loan; including the payment amounts, payment due dates, who you pay and when you need to start repaying (typically 6 months after you leave school). Look at the payment due dates, see if they are spread out or bunched into one part of the month. To make cash flow easier you might try spreading out the payment dates across the month. Speak with your lender to see if this is possible. Be sure to factor the payments into your monthly budget.

Make it automatic

Setting up automatic payments from your personal checking account may help you manage your monthly student loan payments. You won’t have to worry about making individual payments and you may also have the potential to manage your monthly payments, as some lenders provide a lower interest rate if you sign up for automatic payments.

Pay off debt with higher interest rates first

The interest rates you have on your loans probably are all different. If you direct any extra money to your highest interest rate loan first, you may pay off your loan faster and pay less interest.


Refinancing all your existing federal and/or private student loans into one new private consolidation loan can potentially reduce your monthly payment and help simplify your monthly payments. The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both. By extending the loan term you may pay more in interest over the life of the loan.

Know when to ask for help

If you’re facing financial hardship and find it difficult to make your private student loan payments, you might be able to apply for forbearance. Forbearance isn’t forgiveness – you’ll ultimately have to pay the loan in full. But this may allow you to postpone your payments and ease your current cash crunch. Federal loans offer deferment options for certain circumstances such as military service, in addition to several repayment options so check with your loan servicer or the U.S. Department of Education to learn more.

Setting up a plan and paying off your student loans as soon as possible will help you free up valuable cash for life’s other necessities.

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