How To Regain Control of Your Student Loans When Policies Keep Shifting

Student loan debt is stressful enough on its own. Recent changes to repayment plans and forgiveness programs have made it even harder to keep up. If you’ve felt confused or worried about making the wrong move, you’re not alone.

Research from the University of Georgia shows that many borrowers express negative emotions about their student loans on social media, including sadness, fear, and anger. According to a WalletHub survey, 61% of college students regret how much they borrowed. 

While it might be tempting to ignore your loans completely, avoidance won’t make the balance disappear. Taking small, manageable steps can reduce your stress and help you regain control of your financial situation.

If you've been feeling overwhelmed by your student loans, here's how you can move forward with a clear plan. 

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Start with small steps to get out of student loan debt

When you're overwhelmed, getting started can be the hardest part. 

“Avoidance is a common response to anxiety,” says Brooke Sundin, a licensed marriage and family therapist at Light Minds Therapy. “When something feels too overwhelming to face, your brain tries to protect you by encouraging you to look the other way.”

Starting with baby steps, however, can help ease your anxiety and build momentum. 

“Taking one small action, like opening a statement or logging into your account without doing anything else, can begin to break this pattern and help your brain learn that you are safe and capable, even if it feels uncomfortable,” says Sundin.

1. Face the numbers

The first step is very basic: Sign in to your accounts and review all your student loans. 

“Try setting a timer for a short amount of time to look at your student loans,” recommends Kiki Jacobson, therapist, Certified Financial Education Instructor (CFEI), and founder of YourMoneyCounselor.com. “This will help reinforce the thought that this process will not last all day and reduce feelings of being overwhelmed before you even start.”

If you have federal student loans, log in to the Federal Student Aid website to see your loans. If you have private loans, sign in to your account on your loan servicer's website. 

Not sure who your loan servicer is? Find out by reviewing a free copy of your credit report at AnnualCreditReport.com. Despite the website name, free credit reports are available weekly.

Once you've logged in, take note of the important details: 

• Starting and current loan balance 
• Interest rate 
• Repayment plan and status 
• Monthly payment amount 
• Payment due date 

At this point, you don't have to make any changes. You're simply gathering information and gaining clarity on your student loan situation. 

2. Get expert help to create a smart student loan repayment strategy

If you're struggling to get out of avoidance mode, consider bringing in an expert, whether in student loans or mental health. 

“A student loan counselor can help with the practical aspects, such as payment options, forgiveness programs, and navigating the system,”  Sundin explains. “A mental health counselor can support you in addressing the emotional barriers that keep you stuck.” 

If student loan counseling is your priority, check out organizations that offer free or low-cost services, like the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA). You can also contact experts at The Institute of Student Loan Advisors (TISLA). 

A counselor can help track down your accounts, review your student loan information, and estimate your payments under different plans. They can also discuss forgiveness programs to see if you might be eligible. 

Together, you can build a plan to tackle your student debt that works for your personal budget. At the same time, keep in mind that you don't need to pay anyone to switch repayment plans, apply for consolidation, or refinance your loans. 

You can do all this on your own for free. But if you've been feeling underwater, calling in an expert could provide the support you need to find the best path forward.

3. Build a personalized plan to get out of student loan debt 

There’s no one-size-fits-all student loan repayment option. It's important to find a strategy and repayment plan that fits your circumstances. 

“The best system is one that feels emotionally manageable,” says Jacobson. “You don’t need an elaborate spreadsheet — keep it simple.”

Here are some steps you can take to build a personalized plan for managing your student debt: 

• Review repayment plan options: Federal student loans qualify for various repayment plans, including income-driven plans that adjust your payments according to your income and can lead to loan forgiveness. Private student loans aren't as flexible, but you may get to adjust your timeline or refinance your student loans for potentially better terms. 
• Take a look at your budget: Managing your income and expenses is the other piece of the puzzle. You need to get a snapshot of your cash flow so you know what you can realistically afford to pay each month. 
• Adjust your spending habits: If your budget is tight, consider where you can reduce spending. Maybe you're paying for subscriptions you no longer use or spending more on other non-essential expenses that you could scale back. By cutting certain spending habits, you may take some pressure off your budget and have an easier time affording your student loan payments. 

4. Use autopay to stay on track and reduce student loan interest

Using automatic payments can help you stay on track and avoid missing payments on your student loans. When you enroll in autopay, you give your loan servicer permission to withdraw your payment directly from your bank account each month. 

That way, you don't have to worry about payment due dates or falling behind, which can result in late fees and damage your credit. However, you will need to make sure you have enough in your bank account each month to cover the payment. 

Another autopay benefit is a potential interest rate discount. Many lenders offer a 0.25% rate reduction for using autopay, which can cut the long-term costs of your student loans. When you “set it and forget,” you'll make on-time payments and free up mental space for your other priorities. 

“Reducing the amount of mental tracking needed helps reduce the overwhelming feelings of trying to hold everything in your head,” says Jacobson.

5. Track your student loan progress with a simple check-in system

Even if you're using autopay, it's important to track your repayment progress. Consider setting aside time once a month to review your balances and make sure payments are posted to your account. 

Since circumstances change, consider whether your plan is still effective or if you need to make adjustments. For instance, you may wish to change repayment plans or recertify an income-driven plan if your income has changed. 

This is also a great time to celebrate your efforts. Acknowledge your consistency and commitment through the challenging work of managing student debt, even when you didn't feel prepared. 

“You don’t have to feel fully confident to take action,” says Jacobson. “Action often comes first, and then confidence follows.”