Many students have to apply for the financial aid to cover their studying expenses, such as tuition fee, book fee, insurance, living expenses, accommodation, transportation, etc. But after graduation the people collide with the problem of debt repayment and it can cause serious financial problems. To avoid such problems the student has to know maim methods of effective loan management. The repayment of the student’s loan can influence a lot on the future credit history of the debtor. If the debtor misses the monthly payments, his credit score reduces and in the future this person will have problems with receiving of the mortgages, credit cards and private loans. But fortunately there are four simple steps which can help the debtor to deal with student loan debts.
 
The first method is to pay the bills in time. Before starting of the repayment period the student has half year of so – called grace period. During this period the debtor does not have to make the payments and to pay the interest rates. During this period the graduates have to find well – paid job with stable income. Those students who often forget about the payment deadlines can use the service of automatically payment. In this case essential sum of money will be automatically transferred from the account of the debtor to the lender’s account. If the debtor nevertheless can not avoid the late repayment or non – payment, he has to inform the lender beforehand.
 
The next advice is to choose the most appropriate and convenient repayment plan. Usually the lenders offer their clients flexible repayment options and terms. Those debtors who have instable incomes must choose the income-sensitive system of repayment. This plan takes into account the current financial status of the debtor. Those graduates, who have stale high salary, must choose the standard repayment plan.
 
Those debtors who have several student loans have to apply for the student loan consolidation. In the case of consolidation the debtors received new manageable loan with one monthly payment to one lender and lower interest rates.
 
The last possible method is to defer the repayment period. There are some cases when the debtors can defer their loan repayment. This period can last three years.