Begin repaying your student loan according to the payment terms. Most student loans require that you begin payments within six months of graduation or if you drop below half-time enrollment.
When you graduate you will receive information about your repayment schedule. It is important to draw up a budget by the time you have to start paying back your loans.
Think hard about your post-graduate expenses. Things to include in your budget are fixed costs such as rent, insurance, utilities, and variable costs such as food, entertainment and phone. You should also set aside money for savings and medical emergencies. Add in your student loans and balance this budget with your income.
Consider debt consolidation as a way to pay back your student loans. Debt consolidation means that all of your student loans are combined into one loan, usually with a lower interest rate. It is a good way to ease the burden of paying back student loans.
Another great resource is a credit counselor. A credit counselor will help you draw up an airtight budget plan by making you account for all of your purchases. Counselors usually have other ideas on how to make debt more manageable.