How to Handle My Student Loan
Your student loans helped put you through college, but now you have your degree, along with loans to pay back. Tackling your student loans might be overwhelming as you start your career. Your entry-level salary might not be enough to pay off your loans quickly, but that does not mean you have to start your career in dire financial straits.
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Instructions
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Start making payments as soon as you can. You have a six-month grace period after your graduation date in which you do not have to pay loans. However, if you have a job lined up and a salary coming in, start paying those loans back right away. The longer you put the payments off, the longer it will take you to repay your loans.
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Create a budget to determine how much you can pay back every month. The good news with student loans is that you don't have to pay them off right away. You can do it gradually. Look at your budget to determine how much you can put toward student loans every month, while considering other expenses, such as rent, utilities, car payments or credit card bills.
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Set up a payment plan. Once you know how much you can afford to pay every month, establish a payment plan with your lender that falls within your budget. Make the payments on time every month -- consider setting up an automatic payment -- to avoid late charges.
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Contact your lender right away if you have trouble making payments. Never skip loan payments without contacting your lender, as this can negatively impact your credit score. Your lender might allow you to defer, or stop, payments for a limited amount of time while you get your finances in order.
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Pay the loans off in full when you can. If you get a bonus or raise and can afford to pay your loans off completely without your budget taking a hit, do it. You are paying interest on your loans, so paying them off saves you money -- not to mention offers some much-needed relief.
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