Start with an inventory
List each loan, its balance, interest rate, servicer, loan type and payment due date. Separate federal loans from private loans because protections and repayment options differ. Use your StudentAid.gov account to review federal records and lender statements for private balances. Keep contact details current so important notices reach you.
Borrowing for school
Compare grants, scholarships, work income and school costs before borrowing. Evaluate the full cost of attendance and realistic earnings after graduation, not just this semester’s bill. Federal and private offers can have different fees, interest terms and cosigner requirements. Borrowing less today reduces the fixed payment competing with future rent, transportation and savings.
Choosing repayment
For federal loans, use the official repayment calculator and your servicer to confirm plans currently available for your loan type. Income-related options, eligibility and forgiveness rules can change. Compare monthly affordability, total interest and projected time in repayment. A lower required payment does not automatically mean a lower lifetime cost.
Consolidation and refinancing
Federal consolidation and private refinancing are different transactions. A private refinance of federal debt generally gives up federal protections, repayment options and potential forgiveness benefits. Compare that loss with any rate savings before signing. If pursuing Public Service Loan Forgiveness, verify employer, loan and payment eligibility with Federal Student Aid and retain records.
When payments are hard
Contact the servicer before missing a payment and ask about available assistance and its interest consequences. Do not pay a stranger for a promise of guaranteed forgiveness. If making extra payments, ask how they will be applied and confirm statements afterward. Keep a written log of requests and responses. Check official guidance before acting on a social-media claim.
Your action checklist
Choose one step to complete this week.
Go to the source
Check these official resources for current rules and details.