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Tips for Grads: Paying Back Student Loans

Group of college friends at graduation

Four years have come and gone and now you have your degree, along with those pesky student loans you may have been trying to ignore. Paying back your student loans doesn’t have to be scary. Consider these tips to help successfully pay back your student loans.

Make a budget.

Keep track of what is going in and out of your bank account. Pulling together a monthly budget will help to ensure you have the funds available to pay back your loans. Budgeting is key to building a successful financial future. Use our budgeting worksheet to get started.

Automatic payments.

Loan payments can often be spread out, while this can help with cash flow, it can be tricky to remember when each loan is due. Setting up automatic payments ensures you stay on track.

Pay off higher interest rates first.

Most of your loans will have varying interest rates. It’s a best practice to direct any extra funds you may pay to those higher interest rate loans first. This will help save money on interest payments and get you out of debt faster.


Consolidating loans can help simplify and potentially help reduce your monthly payments. Doing this can also increase the term of your loan, so make sure this is a good option for your situation by consulting your financial advisor.

Make extra payments.

When you have a little extra cash on hand don’t hesitate to make an extra payment. This will help pay off your debt faster. Tax returns and bonuses are great times to make the extra effort!

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.