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Step 7: Keep a Budget and Know When You Need the Help of a Financial Professional

Step 1: Know what you borrowed, from whom you borrowed, and who services the loans.

Step 2: Know the "relative cost" of your student loans.

Step 3: Know your grace periods, deferment options, and forbearance options.

Step 4: Know your "decision points" and keep a calendar.

Step 5: Run the numbers before choosing a repayment option or consolidating your student loans.

Step 6: Commit to keeping good records.

Step 7: Keep a budget and know when you need the help of a financial professional.

Step 8: Know and use your support systems.

Knowing basic information about your student loans may be only the first step in managing your student loan debt. However, another important factor is maintaining your financial health, often determined by your understanding and application of budgeting. Call it a spending plan if that makes it sound less like an unpleasant task. But the point is that getting in the habit of showing self-discipline with your finances will benefit you far beyond your school and residency years. The FIRST fact sheet on Budgeting is a good place to begin if you need help in getting started.

When you reach a point of trying to make major financial decisions, and want advice from a professional, you may wish to contract the services of a financial planner or advisor.