Learn to manage your student loan debt before your college graduation. All loan borrowers must complete exit counseling so that they better understand the responsibility of paying back their student loan debt. Take advantage of this service and pay attention to the information being taught. The more knowledge you have about your debt, the better prepared you'll be when your first payment is due.
Calculate how much money you'll have available to put towards your student loan debt each month. If you aren't making enough to pay the minimum amount on your lender's standard payment plan, don't panic. There are other payment plans available to you, including extended, graduated and income-sensitive repayment plans. Graduated income plans are a popular choice for recent graduates, because the payments start off low and give them time to secure a higher-paying career before their payments increase.
Consider consolidating your loans if you are in debt to more than one lender. Not only can this decrease the amount owed each month, but it will simplify your finances and make it less likely that you'll forget a payment. All federal student loans can be consolidated, including federal Stafford loans, Perkins loans and PLUS loans.
Automate your student loan payments so that your payments are always received on time. Many lenders offer special interest rate incentives to their most reliable borrowers, decreasing the total amount paid over the life of the loan. These deals are usually only applicable to borrowers who make their payments on time for the first 24 to 36 months, a status you'll be more likely to achieve when you authorize your lender to take the payments directly from your checking account.
Contact your lender immediately if you are experiencing an economic hardship. Depending on your situation, you may be eligible to suspend your payments through a deferment until your financial situation changes. When you show a genuine interest in learning to manage your student loan debt responsibly, your lender will be more likely to work with you.