It is wonderful to have student loans and enjoy. But the problem arises when you are out of school and have to pay back on a beginner’s salary. Student loans are notoriously not paid properly. Personal bankruptcy also cannot discharge them. The only way for the loans to be forgiven is either death, total permanent disability. But no one would like their debt to be waived that way.

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Help is at hand for you if you cannot pay off your debt. The following six strategies will help you to discharge your debt.

[1] Student Debt Help Loan Consolidation: Instead of monthly payments on multiple loans, consolidate all of them in to one loan with one monthly payment. Enquire with your lender if any loan consolidation package is available.

[2] Graduated repayment allows you to pay smaller amounts at first when you are just employed. As your salary increases the monthly repayment gradually goes up.

[3] When unemployed or working with low income you can request for a monthly payment based on your income. The loan may take long to be paid off but income sensitive repayment will help you during rough financial times.

[4] An extended repayment plan increases the time from 10 years to 25 years. Your monthly payment is reduced but you have to pay for a quarter of a century

[5] Deferment or suspension of loan temporarily is possible during unemployment, deputation overseas for military duty, returning to school. Interest will add on, however, depending upon the type of loan.

[6] You can request forbearance for up to one year in difficult financial situation. Interest will continue to add though the loan is suspended for one year. Quarterly interest must be paid or it will merge in to the main loan.

Though it is difficult to stand on your own legs soon after school, several avenues are there to help you out of student debt till you ;can better established in your chosen career.