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Step 1
Budget your finances. It is essential to create a budget so you can keep track of how much money is coming into your bank account, and how much money you are paying to cover expenses.
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Step 2
Identify areas in which you can cut back on spending. Look at your budget and focus on areas in which you spend a lot of money. Consider ways to spend less. For example, if you spend most of your money on groceries, find ways to spend less (e.g. shopping at a farmers' market or buying a Costco membership to buy food in bulk). Money saved through restricting unnecessary shopping can be devoted to paying off your college student loans.
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Step 3
Consolidate your student loans. Contact your loan provider, financial institution or bank (e.g. Sallie Mae) and ask if you are eligible to consolidate multiple student loans. Streamlining your student loans makes payments easier. It also helps to combine interest rates to take advantage of lower rates and save money in loan payments in the long run.
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Step 4
Ask for student loan payment deferrals if you are unable to make your student loan payments on time. Individuals who have lost their job or are undergoing economic hardship can sometimes defer student loan payments. This is especially true for student recipients of U.S. federal government loans, such as the Perkins or Stafford loan program.
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Step 5
Focus on paying off your student loan sooner than later. The longer you plan to pay off your student loan, the more you end up paying in interest. You may be paying less per month in student loan repayments, but an extended loan repayment plan means you end up paying much more in interest.
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Step 6
Check to see what tax benefits you can get from paying your student loan. This can help you save more money and devote more of your budget to getting rid of student loan debt. Depending on your tax bracket and job, you may be able to deduct your student loan payments from your income. Consult a financial adviser or tax preparer to determine your eligibility.
