How to Keep My Student Loans Organized: Tips and Tools for Success

Between paychecks, bills, and student loan payments, staying on top of your finances can seem like an insurmountable task. That’s why keeping organized is so important — though that's easier said than done.

When it comes to student debt, getting organized will help you manage repayment while reducing your stress. If you’ve been wondering how to keep your student loans organized, this guide will walk you through all the practical tips and tricks you need to know to get a handle on your finances.

Understand the types of student loans

There are several types of student loans, so first figure out which category your loans fall into. The main distinction is federal versus private loans. Different rules apply to these two types.

Identify federal versus private loans

Federal student loans are through the U.S. Department of Education and represent most student loan debt. Around 92.4% of student loan debt is in federal loans. But how do you know which you have so you know how to keep your student loans organized?

Check your loan documents to see whether you have federal or private student loans. If your documents include the “U.S. Department of Education” or the name of a federal loan program like the Federal Family Education Loan (FFEL) Program or the William D. Ford Federal Direct Loan Program, it’s a federal loan. You can also log into your account on studentaid.gov to see all your federal loan and grant amounts, if applicable.

If your loan documents are from a bank, credit union, or other private lender, that’s a private student loan.

Gather all loan documentation in one place

Student loans contain many documents detailing the loan terms, amounts, repayment schedules, and other key information. Hold onto these documents for your records, so keep them all together in a designated place.

Create a dedicated folder for your loans

Once you collect all your loan documentation, put the papers in a dedicated folder. If you have digital copies, create a digital folder to keep them all in one place on your computer. That way, they’ll be very easy to locate whenever you need to refer back to them.

Use a spreadsheet to track loan details

Your next step is creating a spreadsheet to help you track all your student loan details.

Record loan amounts, interest rates, and servicer information

In your spreadsheet, enter:

• The balance on each of your loans
• The interest rates
• Information about the loan servicer

Add any other details you want to know about your loans at a glance.

Establish repayment timelines and deadlines

Then, enter the repayment schedule you must meet for each loan, including minimum monthly payments. You can choose to repay your loans faster, but this is the official deadline for repayment.

Create a realistic budget for repayment

As exciting as it would be to pay off your student loans immediately, that generally isn’t realistic. Instead, create a realistic budget for repaying your loans bit by bit — it’s the best way to keep your student loans organized and eliminate your debt.

Make a note of all your monthly expenses. Some expenses are fixed, meaning they don’t change from month to month. Your rent or mortgage, car, and student loan payments generally fit in this category. You also have variable expenses that do change monthly. These include food expenses, medical costs, and entertainment purchases. Average these expenses out over the past six months to one year to get a sense of how much you spend on each.

Total your fixed expenses and estimate of your monthly variable expenses, then subtract that total from your monthly take-home salary. If your salary is higher, the difference tells you how much extra money you have each month to put toward your student debt. Use this calculation to create a manageable budget for repaying your loans without compromising your ability to meet your other financial obligations.

Consider loan consolidation or refinancing options

If you aren’t sure how to keep your student loans organized, explore consolidation and refinancing options. This can be a good option if you have several student loan accounts or loans with high interest rates.

Loan consolidation is when you combine multiple loans into one larger balance with a single interest rate. That way, you only have to worry about managing one student loan payment per month and may even be able to bring down your interest rate.

Refinancing is when you replace your existing student loan with a newer one that has a lower interest rate. If student loan interest rates are currently lower than the rate on your loan, you can refinance to save on interest payments.

Prioritize loans for payment using debt strategies

If your goal is to eliminate debt faster, you can choose from two strategies: the debt snowball method or the debt avalanche method. Experts debate which is better, so pick whichever you think will work best.

The debt snowball method

In the debt snowball method, list all your debt accounts from smallest to largest current balance. For example, assume you have a $2,000 credit card balance, $10,000 in student loans, and a $16,000 car loan. Put as much money as possible toward the smallest balance while making minimum payments on the other debts. Once you eliminate the smallest balance, you move on to the next smallest, and so on, until you have eliminated all your debt.

The idea behind the snowball method is that eliminating the smallest balance first gives you a psychological boost. It gets the ball rolling in your debt-elimination journey and helps motivate you to keep going.

The debt avalanche method

The other primary method for paying off debt is the debt avalanche method. In this method, you list all your debt balances from largest to smallest interest rates. For example, you might have a credit card balance with 25% interest, a personal loan with 9% interest, and a student loan with 6.5% interest. Even the best personal loan options typically have higher interest rates than federal student loans.

Focus on paying off the debt with the highest interest rate first while making minimum payments on the rest. Once you eliminate that debt balance, you move on to the balance with the next-highest interest rate until you’re debt-free.

Financial experts like this method because it can save you money on interest payments. Since debts with higher interest rates are more “expensive,” eliminating them sooner will reduce the total interest you pay. Typically, student loans have relatively low interest rates compared to other types of debt, so pay them off after your other debt balances in the avalanche method.

Stay informed about loan forgiveness programs

In some cases, you may be eligible for student loan forgiveness programs. If you meet the eligibility criteria, these programs cancel (“forgive”) some or all of your debt. For example, the Public Service Loan Forgiveness (PSLF) program forgives the remaining balance of your loans after you have made 120 qualifying monthly payments while working full-time for a qualifying employer in childcare or education.

Keep up with the news about loan forgiveness programs, and take advantage if you’re eligible.

Monitor your credit report for accuracy

Student loans affect your credit score, so keep an eye on your credit report and verify everything is accurate. You can get a free credit report from each of the three nationwide credit bureaus — TransUnion, Experian, and Equifax — once per year by visiting annualcreditreport.com.

Review and adjust your repayment plan as needed

Your student loan repayment plan should fit your life, not the other way around. Revisit your plan as needed to keep your student loans organized. Make any necessary adjustments to progress toward your financial goals. If you’re considering new loans, rely on MoneyAtlas, a platform for expert comparisons of banking, credit cards, investments, and loans, to help you make an informed decision. Start comparing financial products today.