Planet with rings and stars
Ascent Blog

The Essential Guide to Creating a Student Loan Repayment Plan

Feb 04, 2025 | By: Lisa Mach
Categories: For College Students, For Cosigners

While managing your student loans can be intimidating, there are ways to simplify staying on top of repayment! It is important to organize information such as what type of student loan you have, certain dates you need to know, your repayment plan, and how to track your payment progress in a way that makes it easy to stay on top of. In this guide, we’ll break down how you can organize and manage your student loan repayment without stress. 

The Cost of Missing Payments 

Staying disorganized with your student loans could turn into some serious financial consequences. Losing track of payments could lead to missing payments, which then could lead to late fees, higher interest rates, and this could put your credit score in jeopardy. Don’t let your student loans become a long-term burden and take care of your future by being prepared and staying organized today.  

Your Student Loan Options 

First off: to manage your student loan repayment, you have to understand what type of loan you have. Do you have a federal student loan, a private student loan, or both? Gather the information you need about your loans, including the amounts, interest rates, and due dates. These key details will help you stay organized and avoid missing payments. Where can you get this information? Try checking your loan documents in an online dashboard or account. Make sure you know how to contact your loan servicer, which is the company that handles your payments, in case you have questions or concerns. 

Creating your Payment Plan 

Once you’ve gotten a clear understanding of your loans, you’re ready to create a payment plan! Most student loans have monthly minimum payments, which are the smallest amount that you are required to pay each month. However, paying more than the minimum payment can help you pay off your loan faster! If your budget allows it, or if you’re able to, paying more than the minimum can make a huge difference over time, and lower the amount of student loan interest you will pay in the future. With Ascent, there are no early repayment fees!  

To stay on top of your monthly payment, and avoid missing one, you can enroll in automatic payments where the funds are automatically taken out of your bank account. Here at Ascent, we offer borrowers a 0.25%-1.00% discount on every payment when you are signed up for autopay*. If autopay is not available for you, or if you want another way to keep track of your payments, set personal reminders such as adding a reminder in your digital calendar or writing it in your physical calendar – however you keep track of important school or work deadlines. The key to having a successful plan is finding one that works for you. 

Track your Payment Progress  

After you’ve created a payment plan, it is essential to stay on top of your repayment by tracking your progress. Keeping track of your payment history and loan balance can help spot any potential discrepancies and see how far you’ve gotten. In addition, stay in touch with your loan servicer as they can provide updates on your account and let you know of any issues relating to your payments. Keeping an open line of communication with your servicer is a way to be proactive with your loan, so that you’re never caught off guard. Ascent has an app that makes it easy for you to manage your loans whenever and wherever you may be. The AscentConnect App allows you to make payments, set up autopay, check your updated loan details or balance, and more. 

Extra Way to Pay: Scholarships 

Applying to scholarships is an additional way to get funding for your student loan repayment. There are scholarships available for undergraduate and graduate students. Most scholarship applications are free, and it doesn’t hurt to apply – the key is to never stop applying! Even if you don’t think you’d be a good fit, you never know. Every scholarship that you are awarded can go toward reducing your loan balance or your expenses. The more you apply, the better your chances of being awarded some financial aid. Ascent has given away over $330,000 in scholarship giveaways to date. Apply now and make sure you sign up for our newsletter to stay up to date with future opportunities to win dollars for school.  

Paying Off Your Student Loans: 

Understanding your student loan type, creating a repayment plan, tracking your progress, and finding ways to reduce expenses are key steps in effectively managing your student loan repayment. While paying off student loans can feel overwhelming, breaking the process into manageable steps can make it easier and more manageable. Stay consistent with your student loan payments, and while it may take time, you’ll pay off your loans sooner than you think!  

* The final ACH discount approved depends on the borrower’s credit history, verifiable cost of attendance, and is subject to credit approval and verification of application information. Automatic Payment Discount of 0.25% is for credit-based loans and a 1.00% discount is for outcomes-based loans when you enroll in automatic payments. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. Automatic Payment Discount of 0.25% available for Credit-Based Loans and Bootcamp Loans and an Automatic Payment Discount of 1.00% available for Undergraduate Outcomes-Based Loans. Learn more at AscentFunding.com/Ts&Cs. 

Symbol icon

Join the Ascent community!

Stay in the loop with finance tips, scholarship resources, product updates, and more.

Don't miss out! Take advantage of new lower rates on college loans, starting at 3.39% Annual Percentage Rate (APR)*

Apply Now

See rates and repayment examples