Once you've graduated and landed your first job, the task of paying back your student loan will have to become one of your top priorities. You'll need to figure out a repayment plan based on your budget and learn how to stick to it.

Luckily, there are many ways to make your repayment plan work for you and your family. Whether it's applying for interest relief or reducing your monthly payment to spread your plan over a greater number of months, no matter what your financial situation, you can make sure you keep your obligation to paying back your student loan.

By paying back your student loan, you'll avoid additional interest charges, loss of future student loan and grant assistance, collections, a bad credit rating, and loss of future income tax refunds and GST rebates.