Repaying your student loans

These steps can help you make your loan payments on time, and maintain good credit, and save hundreds or even thousands of dollars on late fees.

Three high school students in caps and gowns holding diplomasGet your degree. Students who complete school are less likely to have trouble making their monthly payments. A college degree can lead you to a higher paying job and a better quality of life. Repay the smart way Ask your lender if they can automatically deduct your payments from your bank account. Also, ask if they offer an interest rate discount for making automatic payments.

Use the grace period
A hand holding a stamp that says: PAIDTry to get other bills paid off during the grace period (usually six months) before your first student loan payment is due. That will help you to repay your student loans when the time comes.

Make one extra payment
A person sitting at a desk paying billsTry saving up over the course of each year to make a one-time extra payment. Doing this will make a big difference in reducing your loan balance, the amount of the loan that you still owe.

If you can’t pay
If you’re unable to make a monthly payment, call your lender right away. Discuss options to postpone payments or adjust your repayment plan. Learn about postponing student loan payments.

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