How To Have Your Student Loan Work For You, Instead of Against You After College

So you graduated from college, went on your last vacation you will ever have, which your parents pay for everything and had a great graduation party (which racked up a few thousand in monetary gifts). Now you’ll be starting your first full-time job in less than a month.  Well first, let me say congratulations! You survived 4 (in some cases 5) years of schooling and got a job.  I know you feel on top of the world right now but it’s time to face reality. Your parents are done paying your phone bill, buying your clothes, and spoiling you.

The grace period on your student loan (s) is over and it’s time to pay up! You also just received your first paycheck and the money is nice! Before you run to the mall or go online to buy that thing you’ve been coveting, take a moment to think about your priorities. Do you want to be paying for your bachelor’s degree until you’re 40? Probably not (and if you do, this article is not for you). Part of being a financially responsible adult means living within your means and setting yourself up for success. You can do this by creating a budget and paying your bills on time. Always pay more than the minimum payments on your student loan if you are financially able to do so. I personally pay the maximum monthly payment plus something extra each month.

If you are currently an undergraduate student, start repaying your student loans now (if you can afford it). Maybe your parents are offering to help you with your loans while you’re still in school. TAKE THEM UP ON THE OFFER.  The interest on your loans is constantly accruing, so starting the repayment process in college can only help you. Also, if you are entitled to a refund check (because you borrowed a little more money than you needed), do not squander it! When I received my first refund check during my freshman year, I gave it to my mom. Why? Because she co-signed my loan and she was already helping me repay it, so I thought she deserved it.  When I received another refund check a few semesters later, my mom told me to keep it and I deposited it in my savings account. Now, please don’t be one of those people who complain about how expensive textbooks are this semester and then treat yourself to an XBOX or Luis Vuitton Bag with your next refund check.  That XBOX and Luis Vuitton bag can’t buy you food or pay your bills.

Finally, if you really want to make your student loans work for you, learn to live on less. Sometimes you have to deny giving yourself the things you want so you can focus on what you need. Pay your bills, pay your savings account, and pay Jesus (if you believe in tithing). Yes it’s okay to treat yourself from time to time because you work hard, but make sure your expenses are in order first. There is nothing cute about looking good/having nice things, but struggling to pay your debts.  Be a responsible adult and gradually free yourself from the burden that is student loans.

Here is some other tips how Student Loan can work you (See Below):

  1. It can improve your credit score because it is considered to be credit. But it can work against you if you don’t pay your monthly payment on time
  2. If your credit score is now a perfect 650 or up from paying off your loan on time (on a monthly basis). It can help you when it comes time to become a First-Time Home Buyer
  3. As mentioned above, it is best to pay off the interest while in College. Why? it can also decrease your monthly payment compare to someone who decide to pay off there student loan when they graduate. This means Paying= interest, principle, …… & so much more
  4. The many benefits to paying your interest while in College, which most Private and Non-Private Loan vendors don’t tell you. Is if you lost your full-time job that you have been at for 3+yrs. today &  now you have to collect unemployment. Some vendors will put you on a special deferment called lost of employment, which you will have to provide them with PROOF. Yes, proof!!! such as a Letter from the State Department of Labor and your prior job, which would comes from Human Resource. This will put a hold on interest being built on your loan

Best of Luck to the Future Leaders of Tomorrow. Don’t forget to visit us again. See You Soon, xo. Subscribe & Follow.

Author: Ashley is a Lifestyle Blogger who is a New Jersey native. Her goal is to uplift and inspire readers through her journey. To find out more about Ashley  visit her blog at

  • Catherine Heigle
    October 18, 2016

    I would add to this, make a point to meet with your college’s financial aid department. There are good people in those departments who specialize in helping to figure all this out. When I finished grad school two years ago, I scheduled a meeting and sat down with someone for about 45 minutes. She was able to go through everything (since the university had it all tracked in their computers), help me make a plan, and then let me know of a grant program through the university that gave me $750 toward my loans for each year I was paying them. Two years after finishing my master’s degree, I made the last payment on $17,500 of loans, in part thanks to the organization of that meeting. The staffer was so surprised and pleased I did that – she said hardly anyone does, but it can be SO useful.

    • Christy
      October 24, 2016

      That’s not just the best anrsew. It’s the bestest answer!

  • Sache't
    October 18, 2016

    very good tips

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