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. Share your student loan advice and read other students tips on how to pay off your student loans.

Last updated on December 7 2016 by College Financial Aid Advice

Paying off Student Loans - Income Based Repayment Program

Paying off Student Loans
President Obama has taken regulatory measures to make student loan repayments easier. There are some income-based repayment programs that adjust your payments to cap at 10% of discretionary income, and loan forgiveness after 20 years. The loan forgiveness may occur after 10 years for those in public service.

For more information about this special federal government program to help paying off student loans and student loan debt forgiveness, see studentaid.ed.gov



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.

Share Your Tips About
Paying off Student Loans

Do you have some great tips to share about student loans for college? Enter our scholarship essay contest to win $1000 for college. Share your insights about the best student loans, how to pay for them, student loan debt forgiveness and more. See our Scholarship Rules

What Other Visitors Have Said
About Paying off Student Loans

Click below to see submissions from other visitors about paying off student loans.

Car Payment or House Payment 
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 …

Student Loans... More Student Loans... 
There are some people that get into college for free, but unfortunately a college degree does not come free for all and every household is not able to …

Student Loan Interest Rates Mean It May Take 20 Year to Pay 
Student loans seem like a great way to help get money for college. And they are. However when you are thinking of getting student loans there are some …

The Checklist Prep for Student Loans 
I did not have to take out any student loans during my undergraduate years. It is not surprising that when I was accepted into graduate school, I had …

Don't get distracted - pay off those student loans! 
There's an old experiment done with young children who were told that they could get to eat marshmallows if they waited patiently for them. The longer …

Lessons in Paying Back Student Loans 
Working in a low-income area after graduation for x amount of years could help you say "there goes my loans ". After doing plenty of research in order …

Can you ever get out of student loan debt? 
Many students receive thousands of dollars in student loans , making it difficult to pay off over time. Some students have no choice but to get student …

Helpful Advice About those College Loans!!! 
Trials and Tribulations of Paying Student Loans - When I was eighteen years old, I was “kicked out” of my house by my alcoholic parents. Rather than …

Advice for Paying Off Your Student Loans 
Pay It Off! Whew! You made it, you have your degree. Congratulations! Now comes the hard part (yes, harder than getting the degree), striking …

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