Student loan hack - how to automate your payments!

The college loans payment moratorium was nice while it lasted, but payments will resume in October 2023. This routine lets you move the payment amount over to your main account, increasing your available balance in time for the loan payment.

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Student Loan Payment Routine

This routine will automatically transfer the amount needed for your student loan payment out of your savings plan and into your main HMBradley account in time for your loan payment. Pair this with the weekly Student Loan Savings Routine.

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How to pay your student loan payments

Since the moratorium on student loan payments during the height of the pandemic, Americans have become accustomed to having a little extra cash to spend. In fact, the average student loan in the United States is $400 a month and the average total student loan debt amount is a whopping ~$39,000!  Consumers will have to ready themselves for what may feel like a new, steep monthly expense.  

Good news - this Routine can help you absorb the shock of what may feel like a new monthly expense. The first step is to use the sister routine and start saving a little each week towards the monthly payment – if you’re already using it, then you’ve already started saving for your monthly student loan payment. Next, activate this Student Loan Payment Routine to push the exact amount you need into your available balance ahead of the monthly payment from your loan servicer.  

By using this one-two punch Routine system you’ll reduce the risk of spending the cash you were used to having. Use these routines to get into the habit of saving each week and then automatically pushing enough into your available balance to cover the loan payment.   

Why do I have to move money from my student loan savings Plan?

Money in any Plan is not included in your Available Balance. This means that if you don’t have enough money in your main account (your Available Balance), then your student loan payment might be returned for insufficient funds. This Routine moves the amount of money you need to make your student loan payment back into your main account before your student loan payment is withdrawn to ensure there are sufficient funds in your account before your scheduled student loan payment.*

How to activate the Student Loan Savings Routine

How to set up this Routine:

  1. Activate the Routine
  2. Set a date each month that is ahead of your scheduled student loan payment
  3. Confirm the amount of your payment
  4. Choose which HMBradley deposit account you want to transfer the funds to
  5. Select which savings Plan you want to pull the amount from
  6. Customize your notification to stay motivated – something like:  “🎓You paid your loan!”
  7. Save your Routine and ease the pain of making a new monthly payment

Quick tip: Try pairing this Routine with the Student Loan Savings Routine to close the loop by moving funds into a savings plan each week ahead of your bigger monthly payment.  

*Using this Routine does not guarantee that your student loan payment will be paid on time or in full; it is your responsibility to ensure that (1) your Available Balance is sufficient to cover your scheduled payment from your student loan servicer, and (2) you schedule the Routine to move the money back into your main account prior to your scheduled student loan payment.


Paycheck Split Routine

Automatically transfer a fixed amount or percent to a savings plan after each deposit.

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What’s in a Routine?

The best financial habits are the ones you can keep — so we built a way to make sticking to your goals easier than ever. Whether you’re focused on saving for the future or making smarter spending choices today, Routines are here to help.

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