With interest accruing again beginning in September, it’s safe to say that student loans are back on your plate. Here’s the latest on student loan repayment options and how to fit this expense comfortably into your budget.

Following the start of your payments in October, there is a 12-month “on-ramp” to repayment, set up by the Biden administration.

You are expected to make payments during this window. However, if you miss payments, you will not enter default, missed loan payments will not go on your credit report, and your credit will not be harmed. With an average student loan balance of over $35,000, repaying will be an adjustment period for many, and this policy acknowledges such.

After this period, it’s a different ball game, so you’ll want to settle into making student loan payments to preserve your credit for the future.

Accruing interest is another reason to pay down your debt.

Student loan interest accrues daily, starting the day your loans are disbursed. Unpaid interest (unless the federal government pays your interest in a subsidized loan) is added on the principal (the amount you originally borrowed). Then, you will pay interest on the new higher (principal + interest) base.

Consistent student loan payments are important in order to tackle both interest and principal, so your outstanding balance decreases instead of grows.

A lot can change in three years.

Your contact information may be different, or your loan servicer may have changed. Visit your Federal Student Aid account to look up your current loan balance and find your loan servicer if needed. Then, you can find your monthly payment on your loan servicer’s website.

Be sure to update your contact information so that you receive all bills and communication about your loan.

Once you know your payment, think about how this expense can fit in with your finances. You may need to create or adjust your budget to find room for it.

Personal finance apps, like YNAB (You Need a Budget), can help you manage your money. You can sort through current expenses and find areas to trim to maintain your lifestyle, and continue investing for your future, while repaying your student loans. For that extra human touch, a financial planner can help you sort through your spending and keep you working toward your financial goals.

As you explore different options, specific reviews like this one will give you a feel for the customer experience and whether the product is likely to provide what you need.

Here are some ways to save time and money with your student loans.

First, setting up autopay, where your payment is taken directly out of your bank account, with your loan servicer will take 0.25% off your interest rate.

Secondly, if you can afford it, making extra payments can get you out of debt faster and save you money on interest. It’s important to note that a student debt payment gets applied to fees, interest, and principal in that order. To ensure your extra payments pay down the principal, you must tell your loan servicer that you want extra payments to be applied to the principal.

Finally, remember that student loan payments may be tax deductible if you qualify, so remember to include these payments back into your taxes this year.

As you consider these student loan repayment options, ask yourself if your budget allows for paying off your student loans quickly or if it requires that you pay the minimum amount each month:

Standard plan

Unless you choose otherwise, you will go into this plan. You will pay a set dollar amount each month for 10 years (within 10 to 30 years for Consolidation Loans.) With this loan, you’ll generally pay less over time.

Graduated repayment plan

Payments are lower at first and then increase, usually every two years. The amounts are set to ensure your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).

Income-driven repayment (IDR) plan

Monthly payments on your student loan are based on your income. Under an IDR plan, your payments might be lower if your income is lower or you have a larger family. For instance, qualified borrowers pay no more than 10% of discretionary income under the popular SAVE Plan.

How can you be sure which plan works best for you? The U.S. Department of Education’s Loan Simulator estimates student loan payments among the different repayment options to help you decide what’s right for your needs.

There are loan forgiveness options, but the requirements are pretty strict. Specific programs are in place for the following eligible groups:

• Government employees

• Teachers

• Nonprofit employees

• Medical professionals

• Those with severe disabilities

• Those whose school misled them or closed

• Borrowers on IDR plans who’ve paid for 20 or 25 years

You can learn more about these programs and qualifications here.

No discussion about repaying student loans would be complete without mentioning private loans.?

Consolidating your loans and paying them off by taking out a private loan held by a bank or neobank is also an option. However, you must also consider that you give up access to government forgiveness, forbearance, and income-driven repayment by paying off federal student loans. For this reason, bank and online loans are generally more popular for consolidating and lowering payments for private student loans, other loans, and credit card debt.

Consider what terms you gain and lose by going private. Be sure to read reviews from customers of banks and online lenders to get a feel for their quality of service and expertise.

You have several resources, both free and paid, that are available to help you repay your student loans.

Your loan servicer can help you understand your payments, repayment plans, and loan forgiveness programs. However, with the recent deluge of calls from borrowers trying to figure out their loans, it may be hard to get someone in person immediately. Another free resource is the Federal Student Aid Information Center. Representatives can help you with your StudentAid.gov account.

To get more holistic help on how to fit student loans into your finances, financial consultants can be your guide for a fee — some specialize in student loans, such as Student Loan Tutor.

As you begin repaying student loans, know that you have options. You can pay debt down quickly to save money on interest or adjust payments lower if your income demands it.

Use this “on-ramp” time to seek resources or advice from pros to get your finances on track. Make an informed decision about a business by reviewing ratings and reading reviews to determine if they specialize in the expertise you need.

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