Tips from Certified Public Accountants (CPAs) on how to effectively pay back your student loans.

1. Managing Student
Loan Debt

2. Managing Student Loan Debt
PICPA
The Pennsylvania Institute of Certified Public
Accountants
PICPA is a professional association of more
than 22,000 CPAs working together to improve
the profession and serve the public interest.

3. Managing Student Loan Debt
Know What You Owe
Important information to know about your
loan(s):
• How much is the principle?
• How much is the interest?
• How much is the monthly payment?

4. Managing Student Loan Debt
Know Who You Owe
Important information to know about your
loan(s):
• Are they federal or private?
– Slightly different rules and powers apply
to federal and private lenders.

5. Managing Student Loan Debt
Debt Reduction
First step in debt reduction is making a budget!
• Calculate how much you make
• Record how much you spend
• See where you can save money
• Create a goal to pay down student loan debt

6. Managing Student Loan Debt
Pay Off Sooner
• Always pay the minimum, try to pay more.
• Set monthly payments as high as you can
afford to pay off quicker.
• You’ll save on interest and end up paying
less overall!

7. Managing Student Loan Debt
Pay Off Sooner
• Pay the loan with the highest interest rate
off first.
• Look into consolidation.
• Non-traditional students may be able to get
a home-equity line of credit.

8. Managing Student Loan Debt
Struggling to Pay
If you’re struggling to make your student loan
payments, don’t stop paying them! This will
hurt your credit, and may have serious
consequences.
There are other options to help you manage
your loan payments.

9. Managing Student Loan Debt
Struggling to Pay
• Repayment Options –Standard plan may not
be the best fit
• Deferment or Forbearance—May be able to
put loan payments on hold depending on
your situation
• Cancellation of Debt– Can be granted in very
select circumstances

10. Managing Student Loan Debt
Note about Bankruptcy
Personal bankruptcy will (usually) not get rid of
student loan debt.
Need to get a cancellation of debt from the
lender to forgive the debt.

11. Managing Student Loan Debt
Resources
• PICPA’s College Savings page
www.picpa.org/collegesavings
• 360 Degrees of Financial Literacy
www.360financialliteracy.org
• U.S. Department of Education
www.college.gov

12. Managing Student Loan Debt
Questions?