Have a plan for your student loans, no matter the economy

Understanding your student debt is one of the best strategies to stay on top of your loans, regardless of how the economy is performing, says Betsy Mayotte, founder of The Institute of Student Loan Advisors.

There is typically a six-month grace period after graduation before you’re required to make your first student loan payment. Before this first payment is due, gather details like the types of loans you have and who holds them, advises Mayotte.

Then, know your expected income, your expenses and how your student loan payments will fit into your budget, says Coleman. This will limit any surprises once repayment begins.

Get free help managing your debt

Even in a slow economy, you can get student loan help from organizations like The Institute of Student Loan Advisors and the Student Borrower Protection Center that won’t charge anything. 

Whether you’re exploring how to pay your loans off faster or how to afford the monthly payments, nonprofit organizations like those available through the National Foundation for Credit Counseling can connect you with counselors and help you create an action plan, says Coleman.

However the economy unfolds, new grads can create a strong plan for their student loans that will serve them both in tough and robust economic times.