If you’re anything like millions of other college students and former college students, you might have student loans, or you might be considering them as a way to help finance your education. Managing your loans can be tricky though, if you don’t have a head for finances.

It doesn’t help that many students subscribe to a “set it and forget it” policy when it comes to their loans, and they don’t think about them at all while they’re in college—after all, college is for fun, not loan payments and conversations with loan servicers.

Before you even consider private loans, file the FAFSA and see what you qualify for federally. Federal loans offer better flexibility and protections for students when it comes to repayment and they almost always have lower interest rates than private loans.

Think about what you’re going to be doing after graduation. Consider both what you can afford with minimal student loans and your potential salary after graduation. These should both be factors when you make your college list and choose between financial aid packages.

Chances are, when you apply for federal financial aid, you’ll qualify for more loans than you actually need to cover your cost of attendance at an institution. Take out the minimum amount you need each year to cover your costs after all other forms of aid are applied.

Your student loans are for your education. They’re not for a European vacation. They’re not for a new wardrobe. They’re not for a car payment. Use them only for your education; if you’ve accidentally taken out too much money, make a payment or use it for next year’s tuition.

Unsubsidized federal loans begin accruing interest right away—and over four years that amount can really add up. Putting money toward that interest right away will save you hundreds of dollars later on.

If you can only afford to pay the minimum each month, that’s okay. If you have any wiggle room, though, pay extra. Even cutting out one Starbucks drink a week and putting an extra $20 toward each loan payment is going to save you money on interest in the long run.

Depending on your career and how much money you make after graduation, you may struggle to repay your loans. Talk to your loan servicer about switching repayment plans; there are options that will extend the life of the loan while decreasing payments to a portion of your income.

Today is the last day to register for the June 15 sitting of the #MCAT without having to pay a late fee.

If you plan on sitting for the #ACT on June 8, today is the last day to upload your photo!

When you get a disappointing financial aid package from a school, you may feel that you need to turn down the school’s offer of acceptance. There are a few things you can try, though. blog.studentcaffe.com/financial-aid-…

Stay in contact with your loan servicer throughout the life of your loans, especially if you have questions about payments or repayment plans. Your servicer can help you understand deferment and forbearance, too, if you find that you’re struggling to make your payments at all.

“A real friend is one who walks in when the rest of the world walks out.” - Walter Winchell #WordsofWisdom

Why didn’t the nose want to go to school? Because it was tired of getting picked on! #jokeoftheday

Good luck to everyone who took the #MCAT today! We hope you knocked it out of the park!

We are sorry to announce that Student Caffé is on indefinite hiatus. We will be taking a break from Twitter, but encourage you to visit our site to learn about higher education, financial aid, and your future options. studentcaffe.com