When Should You Check Up on Your Student Loans?

These days, it's relatively simple to set up student loan payments on autopay and forget all about them. Unfortunately, though convenient, the set-it-and-forget-it approach can wind up costing you if it means missing opportunities to save on interest. It's smart to occasionally re-examine the terms of your student loan, check for updates on the lender's website and remain aware of your student loans as part of your overall financial situation. You don't need to check in on your loans every day -- or every week -- but you should keep them in mind whenever any of the following life events happen.

[See: 15 Financial Steps to Take Your First Year After Graduation.]

Interest rate changes are in the news. Recently disbursed federal student loans are fixed-rate loans, which means the interest rate remains the same for the life of the loan. Many private student loans, however, are variable rate loans, which means that the interest rate can rise or fall with fluctuations in the wider market. It isn't the most exciting topic to keep track of, but it's important to pay attention when rate changes are in the news. This can make a significant difference in your student loan payments and whether you should consider options, such as refinancing.

Student loan legislation changes the rules. The burden of student loans has been an important topic in this year's presidential election. Any time you hear about changes in the rules surrounding college debt and student loan repayment, you should check up on your loan and see if any of the changes apply to your situation.

[See: 8 Financial Steps to Take After Paying Off a Debt.]

You're buying a house. If you're planning on making a big purchase, such as a house or car, it's crucial that you take a close look at your student loan. The amount you owe and the monthly payments you make can influence your credit score and the rates you get for mortgages, car loans and other types of financing. Your student loans can even affect how much money the bank is willing to lend you. Depending on your situation, it may be best to refinance your student loan or change the payment plan you currently have to improve your debt picture.

You're struggling to pay. If you are paying your student loans, but at the same time struggling to make ends meet, you might want to examine your loan and finances to see if you qualify for a deferment or forbearance. Although this doesn't mean you won't have to pay back your student loans, it could help alleviate some of the pressure until you are able to get back on track.

[See: Dear Younger Me: 12 Financial Truths We Wish We Knew Earlier.]

You're creating a budget. Whether you are creating a budget or making changes to it, this is a good time to check on your student loan and figure out how it fits in with your overall financial goals and plans. While it might be simpler to make your payment and forget about it, you risk overlooking potential changes that could help your budget in other ways. For example, would paying off credit cards with higher interest rates save you more than making a larger payment on your student loans? When you are creating your budget, it's important that you include your student loans when you ask yourself these types of questions.

You get a raise. If you experience a windfall or are fortunate enough to see an increase in your income, check on your student loan to determine if you could be paying it off faster. This gives you a chance to compare your costs if you increase your payments, or figure out if your increase in income is enough to make a significant difference. For example, if your student loan interest is lower than other kinds of interest you pay, it may make more sense to direct your extra income to paying off those loans first.

It's been six months since you checked in. It's good practice to sign in on your lender's website at least every six months. This allows you to make sure that there haven't been any changes that you missed and gives you an opportunity to take care of basic account maintenance, such as changing your password, updating your email or physical address and reviewing any messages from your lender. A lot can happen in six months.

Greg Go is the co-founder of Wise Bread, an award-winning personal finance and credit card education blog, where you can find tips on how to find the best travel credit cards.