With student loan payments set to resume soon for millions of borrowers, many are left wondering how they will be able to manage the financial burden of repaying their loans. The COVID-19 pandemic put a pause on student loan payments and interest accrual, providing relief to many struggling borrowers. However, that relief is coming to an end, and it’s important for borrowers to have a plan in place for when payments resume.

Here are some tips on how to pay back student loans once payments resume:

1. Take Stock of Your Finances: The first step in preparing to resume student loan payments is to take a close look at your finances. Calculate your monthly expenses and income to determine how much you can afford to allocate towards loan payments. This will help you create a realistic budget that includes your student loan payments.

2. Explore Repayment Options: There are several repayment options available for federal student loans. These include income-driven repayment plans, which base your monthly payments on your income and family size. These plans can help make your payments more manageable, especially if you are struggling financially.

3. Consider Refinancing or Consolidating Loans: If you have multiple student loans with high interest rates, you may want to consider refinancing or consolidating them. Refinancing can help lower your interest rate and save you money over the life of the loan. However, keep in mind that by refinancing federal loans, you may lose access to certain benefits like income-driven repayment plans and loan forgiveness programs.

4. Make Extra Payments: If you can afford it, consider making extra payments towards your student loans. This can help you pay off your loans faster and save money on interest. Even small additional payments can add up over time and make a dent in your loan balance.

5. Seek Help if You’re Struggling: If you are having trouble making your student loan payments, don’t be afraid to seek help. Reach out to your loan servicer to discuss your options, such as deferment, forbearance, or loan forgiveness programs. There are also non-profit organizations and financial advisors that can provide guidance and assistance with managing your student loan debt.

Paying back student loans can be a daunting task, but with careful planning and budgeting, you can make it more manageable. By exploring repayment options, refinancing your loans, making extra payments, and seeking help if needed, you can take control of your student loan debt and work towards becoming debt-free. Remember, you are not alone in this journey, and there are resources available to help you every step of the way.