Paying off Student Loans

Need help paying off student loans? You aren't alone. Learn about how to pay down your debt and get student loan debt forgiveness. Read other student loan advice and rtips on how to pay off your student loans.

Paying off Student Loans - Income Based and Other Repayment Programs

If you are looking for help in paying off student loans, you should first look at some of the federal programs for this effort. There are programs aimed to help groups of people such as:

Career based - those who work in specific jobs

Income based payment program - those who paid regularly on their loans, which can be limited or forgiven after so many years, based upon income

School based - those who attended certain schools, typically not-for-profit schools who made false claims to students about job prospects

For more information about federal government programs to help paying off student loans and student loan debt forgiveness, see Student Loan Debt Forgiveness.

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Student Loan Advice

The decision to take out student loans is a big one. Before you do, read about some advice from other students. Paying off student loans is so much harder than taking the loan money!

The Unknown (Crystal, New Mexico)

At the end of my program upon signing my exit papers, I was hit with a hefty debt. I was astonished by the amount, it was jaw dropping. Looking over the numbers and the interest for two student loans, that if I decided to pay the minimum amount then I will be paying it off well into my 40's, and I'm 22 now.

Saving Your Money: The Best Way To Pay Off A Student Loan! (Justin, Chicago, IL)

The first way you can pay back your loan successfully is, saving. Saving is the biggest part of paying back student loans. If you don’t save your money, then most likely the longer it’ll take to pay them off! That means no splurging on wants, dining out every other weekend, and spending irresponsibly.

Growing Exponentially (Katie, Colorado)

The first bill I received from my college student lender spurred me to reevaluate my spending. I became a statistic…an adult living with their parents. My second full-time job became all about saving. I saved money any way that I could. By consolidating my student loans, I was able to bring my interest rates under control. I also set up an auto-draft system with my lender, thereby raising my credit score and further controlling my cash flow.

Don’t Default on your Student Loans (Brooke, Texas)

Don’t default on your student loan!!!! The lenders loaned you the money in good faith and trust you to pay it back. Once you graduate it may take you sometime to find work or you may find a job that does not pay enough for you to pay on your student loans. Simply, call the lender and explain your situation and they will either give you a forbearance or some sort of payment arrangement to help you out so that your loans will not go into default.

Don't get distracted - pay off those student loans! (Megan, New Jersey)

In my experience, graduates tend to feel that having completed their degree they should be launched into a status of adulthood which may include a quality of life beyond their means. Adults should have nice things, a fancier apartment or condo, or perhaps an upgrade to their car. However, these upgrades may occur before their salaries are at a level which can support these added expenses and still be able to pay back college loans at a high level. My personal approach was to buy a used car that was inexpensive but still in good condition long term, stay with my roommate and split rent, and pay down my college debt with almost all of my leftover money. I tried not to think about what other friends were doing - their vacations and cruises and new cars which required monthly payments. After 2 years, I felt as though I had doubled my salary at work because I was debt free!

They Can't Take Away Your Degree (Adriana, Texas)

I have learned that I earned my degree and no one can take it away from me. Furthermore, I have learned to call the direct loan department of education and ask for all the options available. This is helpful so you don't get stuck with the 10 year standard plan right off the bat. I chose to file the proper paper work to qualify for the Income Contingent Repayment which was based on your income.

Car Payment or House Payment (Jedidiah, Maine)

The story I heard often from my parent was how their friends co-signed loans for their children and now the payment was larger than their mortgage. These friends belly-ached on how their young adult child has graduated but their post college job did not bring in enough funds to make monthly payments. The parent paid one loan and their children paid the other. As a result my parent voiced how they would not sign any loans for me or my other four siblings.

Paying Off Student Loans: Family Lessons (Brandon, USA)

My older brother attended college as well for two years, but sadly, became a statistic much like nearly half of all college kids and dropped out, leaving my parents with nearly $40,000 more debt. At times, this has stressed my parents to the breaking point.

So my tip would be to pay off your own debts and not rely on family. If you go to college and take out a loan to do so, that is YOUR loan no matter who cosigns. You are making an agreement to pay back the money you were loaned and should have the dignity to do so.

There Goes My Loans (Jirmiah, Illinois)

Student loan forgiveness programs and job opportunities are the best options to reduce loans. What a joy!

There's No Place Like Home (Caitlin, Colorado)

So, what must we do to tackle this prideful monster inside all of us? Many of you won't like the answer; I certainly don't. But here's the thing, you proud people: you simply cannot pay off your debt along with all of your other living expenses.

So, move home! Move home with your parents; remember them? Those ones that sent you off with tearful eyes and hopeful words? Those ones that will, most of the time, accept you back with open arms? Move back there. Chances are, they are going to give you a tad more freedom now that you're legally an adult.

Just make sure you demonstrate the amount of maturity (no matter how little) that you have gained in your years of learning. In other words, pick up after yourself. Contribute to the cooking and cleaning; maybe even pay a little bit of the rent or house payment. Don't worry, a small contribution won't stop you from paying off your college debt. It will simply show your parents that the money, time and effort were well spent on your college experience.

Pay off Student Loans (Heather, Utah)

As I graduated at 20 years old with my Bachelor's in Science in Computer Science, I now realized I was on my own... with $90,000 in student loans. At first, I was overwhelmed and thinking 'What did I just do? I have doomed myself into a spiral of financial insecurity!'. Well, that's not entirely true. After 2 years, I finally got a job that I’m qualified for. I can now put $400/month extra on one particular loan - principal payments only.

You have to realize you cannot get everything you want. Deal with the torn up couch for a little while longer, or the junker you have been driving. In the end, paying off your student loans will all be worth it. And people who do make fun of what you have...well, they will be the ones paying for 30 years to pay off their loans. Know you are doing the right thing.

Paying Off Student Loans: Know What You Are Getting Into! (Dawn, Pennsylvania)

Don't be like me, a 32 year old single mother paying off her debt in student loans, with no degree, wondering how I can make my dream come true. When considering schools, know how much it will cost. Ask for grant money. Apply for scholarships.

Last Resort (Danielle, Oregon)

Being a transfer student can mess up your financial aid when you transfer in the middle of the year. No one told me that. I went from being fully covered with Pell Grants to having to take out quite a few loans because part of the grants were already used by my previous school. If I hadn't have done that I would've been fully covered.

Student Loan Debt Help (Nita, Florida)

We are very new at this whole college and loan thing and we are learning as we go, but one glaring concern we have observed in the loan award system is that students and parents can be awarded more loans than are actually needed to finance their education. For two semesters running, our son has received checks from student loan money that were not needed for his bill. This money feels like a "bonus check" when in reality, it is borrowed money! We are choosing to reapply this money right away to our loans, rather than leaving it in a bank account that could easily look like a rainy day account.

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More Tips Student Loans

Find out about the best student loan rates before you take out a student loan.

Student Loan Overview

Federal Student Loans

Dependent or Independent Student

Federal Plus Loan

Consolidating Student Loans

Student Loan Debt Forgiveness

Paying off Student Loans

Sallie Mae Student Loans

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