Know who you owe and how much you owe.
- Understand if your loan is from Uncle Sam (the federal government) or Aunt Sallie (Sallie Mae or another private lender). If you are unsure, call your lender or check your credit report.
- Be responsible. Know your monthly payment amounts and due dates.
- Managing your money means managing your lifestyle.
- Prioritize payments you must make every month, and make sure your student loan is one of them.
- Pay more than the minimum amount due each month.
- If you get a raise or tax refund, use part or all of it to increase your monthly loan payment.
- The faster you pay off your loan, the less you'll spend in the long run.
- If you run into trouble, don't hide from it, don't be embarrassed by it, and don't give up. Stay positive, focused, and look for solutions.
- Call your lender or touch base with your cosigner, if you have one.
- Be passionate about managing your money wisely and effectively.
- You can't make your student loans disappear magically overnight, but you can make a plan for paying them off.
In addition to Dee-1's tips for paying back student loans, Sallie Mae.com is a one-stop resource for straightforward, comprehensive tools. It features a monthly budget worksheet, loan payment calculators, and information about payment options, including the company's Graduated Repayment Period. The Graduated Repayment Period allows graduates with eligible Sallie Mae loans in good standing to make 12 months of interest-only payments before they transition into making full principal and interest payments. Sallie Mae customers may also be eligible to receive a 0.25 percent interest rate reduction when they enroll to make scheduled monthly payments by automatic debit.This week, Sallie Mae also unveiled a new mobile app — available for Apple and Android — to help customers manage their accounts and make payments from smartphones. Access to loan information, including current balance, total amount due, interest rate, and payment history, plus the ability to make loan payments, are now all at a customer's fingertips. For more about Dee-1's collaboration with Sallie Mae, watch his " Tips for Paying Down Student Loans" video and visit www.Salliemae.com/Dee1. For more information about saving, planning, and paying for college, visit SallieMae.com. Sallie Mae (NASDAQ: SLM) is the nation's saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.