The Supreme Court recently made headlines for striking down President Biden's student loan forgiveness plan. This comes just weeks after the debt-ceiling deal ended the moratorium on loans, meaning millions of borrowers will need to start making payments in the coming months.

Student loan payments have been on pause since the beginning of the pandemic over three years ago, and many borrowers are concerned about how these payments will fit into their budgets.

Fortunately, the right strategy can help you pay off your student loans faster while saving you money at the same time. Here are three steps to get you started.

Person sitting at a table looking at a phone and laptop.

Image source: Getty Images.

1. Always make at least the minimum payments

If you truly can't afford to make your loan payments right now, you may be able to defer your loans. However, when you defer payments, interest may continue to build -- which could cost you thousands of dollars more over time.

Skipping payments (or making late payments) will also affect your credit score, making it more difficult and expensive to get a mortgage, open a credit card, or buy a car. If you skip too many payments, the federal government could even garnish your wages or tax refund in order to collect the money you owe.

While money is tight for many people right now, do your best to at least make the minimum loan payments each month. Or consider an income-driven repayment plan, which could reduce your payments depending on your income. Just keep in mind that the longer it takes you to pay off your debt, the more you may pay in interest over time.

2. Get a discount by setting up automatic payments

Some loan providers will reduce your interest rate if you enroll in automatic debit, setting up automatic payments from your bank directly to your student loan servicer.

Not only can this save you money immediately in interest, but automatic transfers can also make it easier to stay on top of your loans. When you don't have to think about making payments each month, you don't need to worry about missing payments or being hit with late fees.

Also, automatic payments can make it easier to build your loans into your budget. After a three-year freeze on student loans, it's normal to struggle with finding the extra cash for repayments. But when that money is automatically deducted from your bank account, you have no choice but to prioritize your payments.

3. See if you're eligible for loan forgiveness

While the Supreme Court may have struck down President Biden's widespread loan forgiveness plan, that's not the only way to have your loans forgiven.

There are already forgiveness plans available for employees in certain industries -- such as government workers, teachers, and military members. Public Service Loan Forgiveness (PSLF) is an option for those working for the government or a non-profit organization, and you may be eligible for loan forgiveness after making payments for 10 years.

Another option is Income-Driven Repayment (IDR) Forgiveness. With an IDR plan, the government will assess your income and family situation and may clear your entire loan balance after you've made a certain number of payments.

With student loan payments starting back up soon, now is the time to start planning. With the right strategy, you can make the most of every dollar and pay off your loans as quickly as possible.