If there’s one thing that students would be glad to never have to deal with ever again after graduation, more than math problems, it’s probably going to be student loans.

As unlikable as the topic may be, however, it remains to be a very important one. The good news is that you don’t need complex equations and computations to get it all sorted out. You might even be surprised to realize that inasmuch as it is a serious obligation, it is also a practical opportunity for you to build and improve your credit standing—something you’d definitely want set up as soon as possible.

Here are some simple, helpful tips on how you can better manage your student loans, such as by getting financial aid.

Come Up with a Repayment Plan

While you technically do not have to think about repaying your student loan while still in school, it’s never too early to plan out a repayment scheme so you don’t get overwhelmed later on.

Ideally, you should prioritize your debts based on the interest that you are paying on each and the tax advantages. Let’s say for example that you took out both private and federal loans for your education. Based on this equation, you can put your federal student loans last since you can claim a tax deduction based on accrued interest and pay off the private student loans that you accrued while studying at the San Francisco art school first. This simple plan will help you focus your efforts in the right direction and make it easier to get out of your student debt loan cycle.

Set a Budget

Setting a budget will help you ensure that you have enough funds available to work on your student debt repayment plan; it will also keep your expenditure on track. The moment you find your first job after school, set a tight budget and minimize your spending. If your goal is to clear off your student loan ASAP, you should aim to have much of your income going towards repaying your student loan debt.

If you are thinking about going back to school for a second degree or post-graduate degree, consider applying for grants and scholarships, or postpone your plans until the time you will have paid down your current student loan. Applying for student financial aid can do a lot to ease the financial burdens of going back to school. In fact, this is an option available even for undergraduates. Check with your preferred school as to their financial aid options available to find the right choice for you.

Consider Refinancing Your Student Loans

Refinancing your student loans is one of the best strategies that you can use to lower your student loan rate. Refinancing your student loan enables you to pay off your existing student debt and assume a new loan with a much lower interest rate. Fortunately, several student loan lenders out there are willing to help you refinance your current loan at a lower rate.

While refinancing your student loans, you will be free to choose either fixed or variable loan terms and interest rates that range from five to twenty years. To maximize your chances of being approved to refinance your existing student debt loan, make sure that you apply to multiple lenders.

Start Paying More than the Minimum

The minimum as the name suggests is the minimum amount of money that you are expected to pay every month. However, paying more than that doesn’t attract penalties, and it is good for you. You should keep in mind that doing this will reduce your student loan’s principal faster causing less interest to accrue.

Since the interest is usually calculated based on the remaining balance, the more you cut it down, the less the amount of interest that will accumulate. Make sure that you spare at least $100 each month to add to your expected minimum payment.