There are basically four options for paying off your student loan. Your cheapest and quickest option is to go with the standard 10 year plan. Your interest rate is the lowest, which means you’re paying the least amount of interest, and the term is relatively short. The downside is that your monthly payments are going to be higher than your other options, but if you find a good paying job out of college, this is probably your best bet.

If you take an entry level position with some opportunity for growth, you can often take advanate of a graduated payment option. This means you’ll increase the amount you pay as your income increases, typically going up every couple of years for the term of the loan.

Becuase most loans give you up to 15 years to pay them off, if you find a job with variable income, you can still work out a viable payment plan. People who are paid on commission or who’s business is seasonal can often make payments that are proportional to their monthly income.

If monthly payments are your limiting factor, you can opt for a longer term, often up to 30 years. This will give you the lowest monthly payment, but in the end you’ll be paying the highest amount of finance charges — sometimes amounting to double the original amount of your loan.

Student loan consolidation is another well-trodden path chosen by graduates each year. It allows you to put together your separate student loans into one big loan. Debt consolidation will bundle your student loans into one, with a single loan amount which will be much lesser than paying multiple loans. Some also choose consolidation because it’s easier to keep track of the bill.There are also federal student loan consolidation options that you should be sure to pursue.

At the end of the day, remember that banks just want their money and will often work with you to create a workable payment plan.That’ll make sure the banks get their moneya and you’re able to live within your budget.

You can find more tips on saving money at The Money Blog.