Skip to Content
Farmers & Merchants Bank & Trust
  • 1-800-789-6617
  • Contact Us
  • Locations & Hours
Facebook Icon Menu
  • Home
  • Business
    • Commercial Loans
    • Business Checking Accounts
    • Savings & Money Market Accounts
    • eBanking
    • Business Credit Cards
    • Deposit Rates
  • Personal
    • eBanking
    • Checking Accounts
    • Savings & Money Market Accounts
    • CDs and IRAs
    • Deposit Rates
    • Fraud & Identity Theft
    • Galaxies Unlimited Kids Club
    • Horizons Unlimited Senior Club
    • Personal Credit Cards
    • Debit Cards
  • Trust
    • Trust Services
  • Lending
    • Commercial Loans
    • Mortgage Loans
    • Consumer Loans
    • Personal Credit Cards
    • Business Credit Cards
    • NMLSR Numbers
    • HELOC Special
  • About Us
    • Mission and History
    • Meet the FMBT Team
    • Security & Privacy
    • Hi-Q
      • Advisor Resource Tab
    • Locations & Hours
  • Blog
  • Careers
Online Banking

Money Matters Blog

Home Blog 5 Steps Towards Tackling Your Student Loans
  • Aa
  • Aa
  • Aa

5 Steps Towards Tackling Your Student Loans

Posted On: August 10, 2020 by Farmers & Merchants Bank & Trust in: Budget Save

  • 0 Comments
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • Email
5 Steps Towards Tackling Your Student Loans

Whether you’re currently a college student or have graduated and are ready to tackle your debt, there’s no better time than now to start paying off your loans. It’s not an easy job, but the feeling of being debt-free is unlike any other. Keep reading to learn the five steps to take towards getting rid of your student loans. 

1. Pay more than the minimum 

No matter how small the amount of added money each month is, paying more than the minimum is one of the best ways to drastically reduce your debt faster. Even if the most you can afford to stack on is $15, it will add up and you’ll be glad you did it. And chances are you won’t miss that $15 at the end of the month.

2. Create a debt payment plan

Making a plan will not only help you stay on track, but it will make you feel accomplished and more motivated to reach your goals. Map out how much you make each month, what expenses you have, how much you have to pay off in student loans and make a plan with a timeline. One tried and true strategy is to focus all of your extra money on your smallest loan, which is the fastest way to eliminate one monthly payment. Then redirect that loan’s monthly payment and anything extra to the next smallest, and so on. Soon you’ll be well on your way to being debt free!

3. Set up a tight budget 

Living the cheap college life doesn’t always get to end once you graduate. The tighter your budget is, the faster you can tackle those student loans. Analyze your current budget and make adjustments, remembering that student loans are temporary and this is a short-term budget. The sooner those loans are paid off, the sooner you can start enjoying more financial freedom.

4. Pick up a side gig 

Maybe you have free time on weekends, allowing you to pick up a serving job at a restaurant. If you don’t have that time, consider selling your used clothes or turning a hobby into a side gig. Whatever method you choose to increase your income, be sure to put the money you make directly towards your student loans to pay them off faster. 

5. Make automatic payments 

One of the best ways to make sure you’re paying enough every month is to set up autopay. Not only does having the money taken directly out of your account each month hold you accountable for paying, but it also allows you to just work and not worry about how much to pay and when to pay it. 

This time period of being in debt is just temporary – if you start paying now and work hard, you can pay off your debt sooner than you expect. We hope you give these tips a try and that they will help you tackle your student loans quickly so you can live a loan-free life! Contact us to learn more about the services we offer.

Tags: debt, student loans

0 comments

Featured Blogs

  • FMBT’s Response to Silicon Valley & Signature Bank Failures

  • Cybersecurity for Beginners

    Cybersecurity for Beginners

    Categories: Cyber Security

  • Categories
  • Recent
  • Archives
  • Budget
  • Community
  • Cyber Security
  • Family
  • General
  • Mortgages
  • Retirement
  • Save
  • Seasonal
  • FMBT’s Response to Silicon Valley & Signature Bank Failures
  • Stay Safe Online While Holiday Shopping
  • Special, Yet Inexpensive Christmas Gift Ideas
  • How to Know if it’s the Right Time to Refinance
  • Finance Tips for Soon-To-Be Newlyweds
  • Most Common Money Mistakes to Avoid in Your 30s
  • 5 Steps Towards Tackling Your Student Loans
  • Smart Money Choices for First-Time Parents
  • Finance Tips Your Kids Should Know Before College
  • Tom Maxwell and FMBT Recognized by Marinette School District
  • March 2023
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • Personal
  • Business

Online Banking

Enroll Forgot Password?

Online Banking

Forgot password or PIN?
  • Deposit Rates
  • Order Checks
  • Financial Education Center
  • Contact Us

Popular Visited Pages

  • eBanking for Individuals and Families
  • Meet the FMBT Team
  • Locations & Hours
  • Contact Us
  • Your Hub for Hi-Q
  • Checking Accounts
  • Deposit Rates
  • Careers at FMBT
  • Our Mission and History
  • Mortgage & Home Loans
  • Security & Privacy
  • Commercial Loans
  • Business Checking Accounts
  • Blog
  • Calculators

Contact Information

Ludington:  (715) 735-6617

Roosevelt:  (715) 732-4411

Crivitz:  (715) 854-7445

EZ Access Banking:  (877) 735-4228

Lost/Stolen Debit Card?:  (833) 613-0441

Lost/Stolen Credit Card?:  (866) 552-8855

Routing #:  075901037 *

* Not to be used for wire transfers. Please call us for wire instructions.

© 2023 Farmers & Merchants Bank & Trust. All rights reserved.
Privacy Policy | Mobile Privacy Policy | Terms of Use | USA Patriot Act | Website Accessibility Notice | Sitemap
Financial site created and powered by VGM Forbin.

  • FDIC Logo
  • Equal Housing Logo
Back to Top
Close
  • Home
  • Business
    • Commercial Loans
    • Business Checking Accounts
    • Savings & Money Market Accounts
    • eBanking
    • Business Credit Cards
    • Deposit Rates
    • Back
  • Personal
    • eBanking
    • Checking Accounts
    • Savings & Money Market Accounts
    • CDs and IRAs
    • Deposit Rates
    • Fraud & Identity Theft
    • Galaxies Unlimited Kids Club
    • Horizons Unlimited Senior Club
    • Personal Credit Cards
    • Debit Cards
    • Back
  • Trust
    • Trust Services
    • Back
  • Lending
    • Commercial Loans
    • Mortgage Loans
    • Consumer Loans
    • Personal Credit Cards
    • Business Credit Cards
    • NMLSR Numbers
    • HELOC Special
    • Back
  • About Us
    • Mission and History
    • Meet the FMBT Team
    • Security & Privacy
    • Hi-Q
      • Advisor Resource Tab
    • Locations & Hours
    • Back
  • Blog
  • Careers
  • Search