10 Tips for Repaying Student Loans

Budget and Save
No, it’s not as fun to stash money away when you’re a student as is it to spend it, but it’s worth it. ©Alliance/iStock/Thinkstock

Create a budget while you're in college. Start with fixed expenses like rent, utilities and phone, then add things that might be more flexible, like food, gas, fun and savings -- not necessarily in that order. If you can, add the student loan to your budget and begin to pay it down.

Look for ways to save or see if you can get more hours at work. If you earn extra money, put it toward your loan. The faster you can pay down the principal, the less you'll have to pay in interest over the life of the loan. If you don't have experience with budgets, look online. There are many templates to be found.

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