A student loan is the first credit management experience for many students and can significantly affect your credit history. To establish and maintain a good credit history, it’s important to take proactive steps to repay your student loan successfully.

Develop a monthly budget. Creating a budget – also known as a spending plan – helps you decide where to spend your money. If you already have a budget, adapt your current plan to include your monthly student loan payment before the grace period (for a Stafford loan) or post-enrollment deferment period (for a Grad PLUS loan) ends. Repaying your student loan is not optional; your loan payments are just as important as any other fixed monthly expense, like rent or car payments.