Student loan debt is something that many people suffer from. The high student loan payments can come as a shock or you are currently in a low paying job where you thought you would already be in an office by now.student loan debt

However, you are not alone in your struggle with student loan debt.

You may find that you end up being late with student loan repayments, or of you do pay on time you are feeling the financial crush of them. High student loan repayments can quickly consume your budget.

Here is how you can avoid the crushing the weight of student loan debt.

Change your Repayment Plan

When you enter the repayment for your student loans you will be signed up to the standard repayment plan automatically. This plan sets you in motion to have your student loans paid of within 10 years.

The standard plan is great as you are able to get out of debt quickly. You will also end up paying less interest with this plan. The standard plan though can also saddle you with high payments from the get go.

If you are unable to pay for the standard plan you should look into alternative plans.

Graduated Repayment

If at the moment you are unable to handle the high student loan payments but expect to in the future then the graduated repayments option could be the right fit for you.

The repayment plan will start with lower payments and are then increased every two years. You will still be able to pay off your loans in 10 years but start with lower and more affordable payments.

Extended Repayment

This plan gives you up to 25 years to pay off your loans with a fixed graduated monthly payment. This plan means that you will pay more interest but it also reduces your monthly payments.

Income Based

These plans will base your student loan payments on the income that you earn. This is useful if your income fluctuates.


If you have a handful of student loans, these loans could be from different lenders or from the same lender. Making payments on 5 – 10 different loans can get out of hand.

Unsecured Consolidation Loans means that these loans become one loan and offer lower student loan payments and also lock you into a fixed interest rate.

Apply for Deferment or Forbearance

If you are struggling financially for a short period of time then you can apply for deferment or forbearance. These allow you to stop making payments for a period of time. Deferment is better as your deferred loan wont gain any interest.

Forgiveness and Cancellation

There are some instances where you can have student loans forgiven or discharged.

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