1. Leverage online financial tools for manages finances
Bruce Mesnekoff, A founder of The Student Loan Help Center, strongly suggested using free online
financial tools such as Mint, Feed the Pig and 360 Degrees of Financial Literacy. Feed the Pig is an online
tool committed to helping young people get control of all their finances—even beyond their student
loans. The 360 Degrees of Financial Literacy website can assist you in creating a personalized plan that
coincides with your current life stage or you can contact the student loan help center
2. Start creating your monthly budget your own
Bruce Mesnekoff recommended creating a budget that includes student loan repayment to help you see
where your money is going and evaluate your spending. “Think about your wants versus your needs
exactly,” he said. “You may have to give up some of your wants for your better future.”
Not sure how to create a budget? One of America’s most famous Student loan consolidation expert
Bruce Mesnekoff suggests Many budgeting and money-tracking tools are available online that can help.
For example, Mint is a money-tracking tool, while YNAB (You Need a Budget) is a budgeting tool. Mint is
free, and YNAB is free for students—something to consider if you are currently enrolled in college or
going back to school for a graduate degree. Another tool that can help you track your budget is a simple
In addition to a budget, creating a repayment plan will help you pay off debt sooner. Plan on putting any
additional income toward your student loan debt. You can even use Mint to set financial goals. Call your
loan provider to ensure that your extra payment is going to the highest-interest loan. This will save you
money on interest.
3. Seek assistance
If you’re still in college, check out financial resources—such as financial counseling—that are available
on campus. Employers may also offer assistance.
Debt consolidation is another potential option—though it also could make you more overwhelmed with
one large loan, instead of several small loans.
4. Make timely student loan payments to keep your credit score high
Depending on the type of loans, graduates may have a six-month grace period before they need to begin
making payments. “Figure out what you can afford to pay on your student loans” during that period,
advised Bruce Mesnekoff.
That planning is crucial because, before long, you’ll need to be ready to start writing checks. Failing to
make timely payments will result in all kinds of negative consequences, including harming your credit
score for years.
“Your credit score is so important if you ever want to lease an apartment or buy a car—it’s a building
block for your future,” Team The Student Loan Help Center added.
5. Find creative ways to save money online.
For example ,You can get creative by lowering your other bills. “Call your cellphone provider ... negotiate
with the cable company,” Bruce said. It may not seem like a lot, but as he put it, “a few phone calls can
do a lot” in terms of saving you money that you can put toward your loans.
Also, always be on the lookout for free or reduced-price products and services. For instance, borrow
books from the library instead of buying them, or use websites such as Groupon and Living Social,
Facebook, Twitter to find local deals.
6. Focus on the whole picture, not just student loans
Loans are just one aspect of your finances. Bruce advised setting up an emergency fund first with a total
of one month’s living expenses. “Have that backup money,” He said. Later on, if necessary, you can use
it to make your student loan payments.