How to Pay Off Your Student Loans?

This is the biggest question in every student’s mind by the end of graduation. You spend days thinking about the consequences if you couldn’t pay it before time. Our education system has made student loans such an havoc that people actually get horrified by the end of the final semester. You do not need to make a big trouble out of it because you will get a job, earn and eventually pay the debt off your chest in the stipulated time. There are a few things you need to keep in mind while planning to repay the amount:

  1. Calculate your EMI:

The first stage in any repayment of the debt is calculating the EMI. Calculate the EMI with the help of a student EMI calculator and frame your mind according to the amount shown. The calculation gives you an idea of the amount you will be required to pay every month so that you can plan ahead.

  1. Pay what you can afford:

You might not believe it but you can actually pay what you can afford. Do not go for the default repayment programme set up by the bank rather talk to the bank people and find a plan which suits you the best.

  1. Finding the suitable repayment programme:

Typically a standard 10-year repayment programme is set up by the bank so as to give you enough time and not burden you with the debt. If the standard 10 year repayment still beget you trouble then look for income drive repayment plans like Income Based Repayment (IBR), Pay As You Earn (PAYE), or Revised Pay As You Earn (RPAYE). These plans income driven repayment programmes set the payment according to your income. This will eventually be affordable for you and not feel like burden at any point. The only thing you need to take care of is paying the EMI every month. Be consistent and you will repay the amount in short time.


Your student loans aren’t going to clear like a magic. You will need to make a wise strategy which will also help you with repayment as well does not cause burden on your pockets. You will have to pay something even if you opt for a student loan forgiveness. The best way to repay the amount is finding a suitable repayment programme. Whether your bank is government or a private one you can still find the best plan your income can afford.

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