After you complete the “4 Things Student Loan Borrowers Must Do Before Leaving School” you’ll have a grace period before your repayment starts. A bit of a breather, but we have now four things that you will want to do when your repayment finally starts. So, study up!

1. Make on-time payments

This one seems like a no brainer. But its important that you make all your payments to your loan servicers on time. It can be easy to fall behind. If you feel yourself slipping apply for a forbearance to stay current on your loans.

2. Enroll in Automatic Debit

Now this may not be for everyone but it does make payments simple. If you know you can afford it and budgeted correct go ahead and sign up for automatic debit. If you have direct loans you may get a 0.25% interest rate deduction, you’ll have to check your servicers website for information.

3. Know your options if you can’t make your loan payment

If you don’t make your payment on time your loan will be delinquent and late fees can be charged to you. As mentioned before forbearance is a good place to start when needing to delay payments, especially, if you’re looking for a short-term solution. Everyone gets three years’ worth of forbearance time. Make sure you use yours wisely. If you need a longer-term plan you can consider one of many deferment options.

4. Reduce your federal income taxes

You might be eligible to deduct a portion of the student loan interest you paid on your federal tax return. IRS Form 1098-E shows reported student loan interest payments, check with the IRS or a tax advisor to see if you qualify for the deduction