Time flies when you're having fun and before you know it you may be faced with the realities of student loan repayment. To ensure that you never miss a payment (the Feds really don't like that), heed these tips from the experts at Fastweb.com, one of America's top scholarship search engines.

Get Organized

Create a student loan checklist that lists all of your student loans. A blank form is available at www.finaid.org/studentloanchecklist Put all your paperwork for each loan in its own file folder labeled with the lender name, date borrowed, original loan balance and loan ID. Put a note in your calendar at least a week before your first payment is due.

Don't Miss Payments

One quarter to one third of borrowers are late or delinquent on the very first payment on their student loans. Most student loans have a six-month grace period before repayment begins. Students often move after graduation, losing track of bills. The loan payment is due even if you do not receive a statement or coupon book. Be sure to notify the lender about any changes in address or contact information. Borrowers who consolidate their federal student loans are more likely to pay on time, with less than one fifth missing the first payment, in part because the first payment is due soon after consolidation.

Set Up Automatic Monthly Payments

Set up an automatic direct debit from your checking account to make the monthly payments on your loans. Borrowers with auto-debit are much less likely to miss a payment. Many lenders offer discounts for borrowers who set up autodebit. Federal loans offer a 0.25% interest rate reduction while private student loans often offer a 0.25% or 0.50% interest rate reduction for the remainder of the repayment period. Some lenders will require electronic billing to get the discount.

Accelerate Repayment of High Interest Debt First

Student loans do not have prepayment penalties. Making an extra payment can save you money. After you make the requirement payments, direct any extra money toward accelerating repayment of the most expensive debt first. The most expensive debt is the debt with the highest interest rate, not the lowest monthly payment. Usually this is credit card debt and private student loans. Paying an extra $100 on a 10% loan is like earning 10% interest, tax-free, and may save you more than $200 over the life of the loan depending on the type of loan.

Student Loan Interest Deduction

You may be able to get a few hundred dollars back on your federal income taxes for the interest you pay on your federal and private student loans. Up to $2,500 in student loan interest may be deducted each year. The deduction is an above-the-line exclusion from income and can be taken even if you don't itemize. The deduction is not affected by the higher "alternative minimum tax" (AMT) like the mortgage interest deduction. Only the borrower responsible for making payments can take the deduction. You must also not be claimed as an exemption on someone else's tax return.