Seven Tips for Repaying Your Student Loans


May 22, 2015
by Suada Kolovic
If you're a recent college graduate, chances are you’ll have to start paying off your student loans sooner than you think. And even with the economy in a slump, don’t expect a free pass on not paying your loans. Are you starting to panic? Well, don’t! There’s a ton of advice out there to help students stay on track and courtesy of the U.S. News and World Report, here are seven tips for repaying your student loans.

If you're a recent college graduate, chances are you’ll have to start paying off your student loans sooner than you think. And even with the economy in a slump, don’t expect a free pass on not paying your loans. Are you starting to panic? Well, don’t! There’s a ton of advice out there to help students stay on track and courtesy of the U.S. News and World Report, here are seven tips for repaying your student loans.

  • Repay you student loans automatically. Make things easier on yourself by setting up automatic withdrawals from your bank account. This reduces the chance of late or missing payments.
  • Aim for 10 years. The traditional repayment period for student loans is 10 years and ideally you'll be able to pay off all your debt within that time period. If you end up struggling with your monthly payments, however, you could stretch out your loans to 20 or even 30 years. Your monthly payments will become more manageable but you will end up paying a lot more in interest.
  • Stay organized. Having multiple student loans can be a challenge to keep track of but with the government's National Student Loan Data System, you’ll be able to track all your federal student loans in one place.
  • Pay off the loans with the highest interest rates first. A high interest rate costs you every month and compounds that amount you owe every month you aren’t paying off the entire balance.
  • Consider IBR. The IBR is a federal Income-Based Repayment program that allows a borrower to repay his or her federal loans based on what is affordable and not what is owed.
  • Keep abreast of student loan developments. Staying informed is just as important as making your payments. Familiarize yourself with websites that are devoted to college debt issues like Project on Student Debt and the National Consumer Law Center's Student Loan Borrower Assistance Project.
  • Contact the Federal Student Aid Ombudsman. Sometimes your relationship with a lender can go belly-up. If you end up in a dispute, the Federal Student Aid Ombudsman may be able to help resolve the issue.

Are there any tips you'd like to add? Share your suggestions in the comments section.

College is expensive, Scholarships.com is completely free. Pay for your college education with as much free college scholarship money as possible. By applying to all the awards you qualify for, you can be sure to not miss a single opportunity in paying for your college expenses - including tuition, fees, room and board. Get matched to college scholarships instantly and start applying today by conducting a free college scholarship search at Scholarships.com.

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 

Alexandra S.  on  5/27/2015 5:56:37 PM commented:

If you are staying over State or another country, do yourself a favor and do not spend the majority of your money on "expensive" food and souvenirs or else you will end up like my sister, flat broke and owe your parents over $500. Loans are important to manage but cross that boarder when you get to it manage the money that you have now first.

 Photo obtained by ABC News.

A gun-toting Tennessee college senior showed her support for President Trump and guns while holding her shirt up to reveal her handgun in her graduation photos to show who [she is] as a person. The photo, which went viral on Twitter, gained both positive and negative feedback - some of which claimed she was brandishing a firearm for a photo shoot or showing it off to try and look cool.

Gun-Toting College Girl Faces Backlash for Grad Photo

April 10, 2018 11:05 AM
by Susan Dutca
Photo obtained by ABC News. A gun-toting Tennessee college senior showed her support for President Trump and guns while holding her shirt up to reveal her handgun in her graduation photos to
A former University of Central Florida football player who lost his athletic scholarship for his YouTube antics is now suing the university for allegedly violating his constitutional rights. In its defense, the university claims he violated NCAA rules on players not making money from their likeness and reputation.

College Student Loses Scholarship, Sues School

March 20, 2018 2:46 PM
by Susan Dutca
A former University of Central Florida football player who lost his athletic scholarship for his "YouTube antics" is now suing the university for allegedly violating his constitutional rights. In its
An autistic Orange Coast College student who was barred from campus is suing the institution for $5 million, claiming it mistreated him. The civil lawsuit was filed after an altercation where the student was pepper-sprayed and arrested for felony vandalism and misdemeanor charges.

Autistic Student Alleges Assault, Sues College for $5M

March 13, 2018 2:56 PM
by Susan Dutca
An autistic Orange Coast College student who was barred from campus is suing the institution for $5 million, claiming it mistreated him. The civil lawsuit was filed after an altercation where the

    You don't need to have the luck of the Irish to apply for and win these March scholarships. If you want to see a little more green in your future to help pay your college tuition, you will need to explore, review and apply for these March 2018 scholarships. If you prefer to get a list of personalized scholarships for which you qualify instead, conduct a free scholarship search here.

Land Your Pot of Gold with March 2018 Scholarships

March 7, 2018 3:52 PM
by Susan Dutca
You don't need to have the luck of the Irish to apply for and win these March scholarships. If you want to see a little more green in your future to help pay your college tuition, you will need
A new Stanford Student group, the Stanford Students Against Addictive Devices (SSAD) led a student-protest over the weekend asking Apple for help in getting its users to put their phones down. Led by computer science majors, the group wants to bring awareness to the public health issue which, research shows, can have serious implications for people's mental and physical health.

Stanford Students Call on Apple to Combat Phone Addiction

March 6, 2018 1:56 PM
by Susan Dutca
A new Stanford Student group, the Stanford Students Against Addictive Devices (SSAD) led a student-protest over the weekend asking Apple for help in getting its users to put their phones down. Led by