Student loans are a fact of life for most college students and graduates. However, student loan debt can be challenging to manage in a way that works for your budget and earnings potential. Luckily, there are several ways to make paying off your student loans easier than ever before. Here’s how to simplify the process:
Get On Your Servicer’s Email List.
If you have a student loan, you can sign up to get email notifications from your servicer about payment changes, deferment or forbearance, and the end of grace periods. This is especially helpful if you have a graduate student loan because many different repayment plans are available. You can save money by switching from one repayment plan to another!
Sign Up For Autopay.
You can also sign up for autopay, which is a great way to simplify your payments and avoid late fees. You must link your checking account, and the student loan servicer will automatically withdraw monthly payments. This method can be beneficial if you have a fixed income and want to avoid making manual payments each month.
Autopay might be an option if you’re paying off graduate student loans, but it’s only sometimes available on these types of loans because they tend to make less regular payments than undergrad loans do. If this works well for you, check out our guide on how much money you’ll save by signing up for autopay!
Consolidate Multiple Loans Into One.
Consolidating multiple loans into one loan is a smart way to simplify your student loan payments. Consolidating can lower your monthly payment, lower your interest rate, and extend the term of your loan. If you’re struggling with paying off multiple private loans, consolidating them into one federal loan could help you qualify for repayment plans like Income-Based Repayment or Pay As You Earn.
Try To Make Payments As Early As Possible.
It’s always better to pay more than the minimum amount, especially if you can afford it. If not, try to make extra payments at least once a year – preferably before the end of each year. If you are making extra payments on your student loans, make sure they are in full amounts and not partial payments.
Sign Up For A Mobile App To Track Your Spending.
- Sign up for a mobile app to track your spending.
- Using a mobile app to track your spending can help you understand where your money is going, and it can also help you save money by making it easier to see which purchases are worth the extra expense. Mobile apps like Tally or You Need A Budget are great tools for setting goals, such as paying off student loans or saving up for something special. By using them regularly and tracking what you spend each day, these apps will become an important part of your routine!
SoFi experts say, “Using a student loan calculator can help provide a reliable estimate of how much a loan will cost you in the long term.”
You can make paying your student loans easier with the right tools and knowledge. Many students need to learn that consolidation is an option, so ask your loan servicer about it. If you’re wondering how to get started with budgeting, plenty of free apps can help!