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.

A federal judge dismissed a civil rights lawsuit by a former LSU professor fired in 2015 for using vulgar language in her classroom. The formerly-tenured education professor alleged that LSU violated her First Amendment free speech rights and that their sexual harassment policies are unconstitutional.

College Professor Canned for Cussing

January 16, 2018 3:55 PM
by Susan Dutca
A federal judge dismissed a civil rights lawsuit by a former LSU professor fired in 2015 for using vulgar language in her classroom. The formerly-tenured education professor alleged that LSU violated
The University of California, Berkeley is working to end the detention of one of its undocumented students who was detained by the Department of Homeland Security after allegedly overstaying his visa. The university's chancellor and student activists are keen on taking all appropriate actions to support the student's interests so that he may continue his studies and his life as a valued member of [the] community.

Berkeley Battling for Release of Luis Mora

January 9, 2018 1:21 PM
by Susan Dutca
The University of California, Berkeley is working to end the detention of one of its undocumented students who was detained by the Department of Homeland Security after allegedly overstaying his

    What better time to start afresh than in the New Year? Make it your New Year's resolution to win scholarships for college in 2018. To help you get a head start on your 2018 scholarship search and scholarship application process, we've made a list scholarships in 2018. Remember to also log in and check your scholarship matches often for even more scholarship opportunities. Here's a look at your first scholarships in 2018:

New Year, New You, New Scholarships in 2018

January 1, 2018 3:20 PM
by Susan Dutca
What better time to start afresh than in the New Year? Make it your New Year's resolution to win scholarships for college in 2018. To help you get a head start on your 2018 scholarship search
Just because marijuana has been legalized in some states, doesn't mean that it has become legal at colleges in those states. Colleges could face a huge penalty if they are caught infringing on the law.

College Weed Laws at Odds with Some State Laws

December 19, 2017 12:50 PM
by Susan Dutca
Just because marijuana has been legalized in some states, doesn't mean that it has become legal at colleges in those states. Colleges could face a huge penalty if they are caught infringing on the
Photo by Rebecca Lurye/Hartford Courant
Midway through his It's OK to be White speech at the University of Connecticut, Conservative commentator Lucian Wintrich was arrested and charged with attempted larceny and disorderly conduct after he grabbed a woman who had swiped his notes off his lectern. The charges have since been dropped and in a reversal, the woman was arrested and charged with attempted larceny and disorderly conduct.

"It's OK to Be White" Protestor Turns Herself In

December 12, 2017 1:12 PM
by Susan Dutca
Photo by Rebecca Lurye/Hartford Courant Midway through his "It's OK to be White" speech at the University of Connecticut, Conservative commentator Lucian Wintrich was arrested and charged with

    'Oh what fun it is to win scholarships to help pay for college! We've curated a selection of the best scholarships to apply for before the year is over. (Considering the 3.7 million scholarships we have, it was no easy task). Check out this list of 2017 scholarships and get a jump start on your financial aid package for next year by winning scholarships for college. :

End of the Year 2017 Scholarships

November 30, 2017 8:26 AM
by Susan Dutca
'Oh what fun it is to win scholarships to help pay for college! We've curated a selection of the best scholarships to apply for before the year is over. (Considering the 3.7 million
Pop-punk band Diet Cig has canceled its scheduled appearance at Messiah College due to the college's really serious anti-LGBT policies. The band has stated they have no desire to support or benefit from an institution that discriminates against LGBT students/faculty/staff.

Band to Messiah College: “No Gay? No Play”

November 28, 2017 11:00 AM
by Susan Dutca
Pop-punk band Diet Cig has canceled its scheduled appearance at Messiah College due to the college's "really serious anti-LGBT policies." The band has stated they have "no desire to support or