Sometimes debt consolidation is not always the answer when it comes to paying your student loans. Yet another scenario is that you have gotten your debt consolidation package settled and are still finding it hard to make those monthly payments on time. If you have lowball your monthly payment to your federal or student loan lender and are still having problems paying it then you might have to figure on scaling back in your expenses.

To scale back on your expenses so you can start paying back your student loan it is a good idea to develop a budget. If you don’t have any idea of where to start on this then you need to start keeping a journal. Write down every expense that you make every day of every month. Be honest and write down all of your expenses whether they are big or small. By the end of your month you will probably be quite shocked at where all of your money goes. These are the areas of your life where you will need to cut back the most.

Yet another way to save money is to eat in and stop eating out. Many younger people spend quite a bit of money on junk food. The same goes for take out food like pizza.  Going out for drinks can also cost hundreds of dollars a months. Considerer eating and entertaining more at home and soon you will not only have money to pay off your consolidated student loan but you might actually be able to start saving money in another bank account.

Experts at budgeting and debt consolidation in general also recommend eating everything in your cupboards before you go grocery shopping. Food eats up a great deal of a monthly budget, as we tend to be impulsive when we go to a grocery store.  Make sure you make a list.

Yet another way to save money is to buy used or vintage clothing or furniture. Not only is this very economical but it is also the most ecologically correct way to live as well.

Yet another tip is to gather up what you own and try and sell it.  Sell what you don’t need on eBay or other places. Many people are amazed at how much money they can make by simply holding a lawn sale.

If you have already tried many of the tactics above and still cannot consolidate your student loan then your next tact should be to try and get a second job or get a higher paying job. Many student loans can also be refinanced a second time and even given a grace period due to personal duress if necessary.  These grace periods can give you a break from paying anything on the loan for a month or two so you can catch up with your finances. However these types of grace periods can be quite difficult to obtain unless you can demonstrate that you have been going through a period of hardship of some kind.