Apply these responsible financial management principles, as you repay your student loans:
Consider the advantages of loan forgiveness programs. These programs are available to students who agree to work in high-need fields like nursing and education. Enrolling in the military often makes you eligible for loan forgiveness. Essentially, you commit to work or serve for a designated period of time, in exchange for complete or partial loan forgiveness.
Make student loan payments on time. In some cases, your interest rate may qualify for reduction after you make a certain number of consecutive on-time payments. If you have a cosigner, he or she may be released from responsibility for the loan, once you have exhibited a required level of consistency with your repayments. Defaulting on your student loans has far-reaching consequences, so it is never an option.
Manage your loan repayment schedule using online calculators. If you are considering a consolidation loan, use these tools to quickly determine your total loan repayment obligation.
Take advantage of federal education tax incentives, like the student loan interest deduction and Hope Scholarship Credit.