How do you pay off your student loans & still manage to survive post-grad life?

There's no two words that can strike terror into a college kid's heart like: student loans. Oooh we just got chills. It's something that unfortunately, you're going to have to make a gameplan for even before you don your cap and gown. Here's some things to remember when you find yourself wondering, "how do you pay off student loans?."

What's your repayment plan?

Based on the type of loan you got, you will be eligible for certain types of repayment plans. That will dictate how much a month you'll pay and to whom. If you have a direct loan through the Federal Family Education Loan Program (FEEL) that's owned by the U.S. Department of Education, you'll be making payment to your loan servicer.

If you received a loan through FEEL, but it's not owned by the Department of Education, then you'll be dealing with the lender, like a bank. If you used the Federal Perkins Loan, then your school is your loan servicer so you can reach out to them to see how they receive repayments.

How do you send the money where it needs to go?

If you're at all confused about where or how you're supposed to be paying back your loan, ask your university's financial aid office or the National Student Loan Data System.

You can basically mail your payments where they need to go each month. Your loan servicer or lender won't necessarily alert you that a payment is due the way utilties bills come in. It's on your to know when to send in a payment.

Side not: make sure to alert your loan servicer if you move to a new address.

A lot of people end up chose electronic debiting. You can set up a payment system with your loan servicer or lender so that a set amount comes out of your account every month and goes straight to them. That way you don't have to think about it. It'll automatically happen.

Now about surviving post-grad

Your student loans are going to be a part of your life for while, but don't let that stop you from having fun. Obviously budgeting is key when you're first starting out so make sure you have your rent, utilities, and student loans in order first. After that, try to treat yourself in small ways or go out with friends. Don't completely deprive yourself. Just watch your money responsibily and the loans will slowly, but surely get smaller.