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More students are graduating with student loan debt than ever before, and the average student loan graduates owe is more than $30,000. It’s a staggering realization for many, and it’s not a pleasant one. Graduating was once a goal for many. It was the opportunity to begin life in a successful manner. It was the time when graduates applied for jobs, bought or built homes, and began saving for retirement. It was the start of responsibility and new life for many, but today it’s the beginning of a startling revelation. Many students graduate with degrees that don’t pay them enough money to handle a mortgage and their student loan repayments, so they move back in with their parents and struggle financially as a result. Is there a way to handle this kind of debt?

Student Loan Consolidation

Whether you have private or federal student loans, you can consolidate them into one payment. This is often lower and more affordable for many students, and it’s available to anyone with student loan debt. Every year, students are forced to take out more loans to pay for their college education, and they are required to repay each one once they graduate. This might mean you have six, seven, ore more loans to repay following graduation.

By contacting your student loan companies and asking to consolidate your loans, you can take multiple payments and turn them into one smaller payment. It also provides you with a chance to extend the time you have to repay your loan, which can further make the loan more affordable to repay. It’s a basic refinance, and it’s the only way many people are able to afford their repayments.

Income-Based Repayment

Many federal student loans are eligible for this program. If you have federal loans you cannot afford to repay, you can work with the lender to have them refinanced based on the amount you make and can afford to pay. Many people qualify to have their repayments based on their income, and they make no payments or payments as low as $5 per month for a specific time. These programs are evaluated each year, and they are handled based on income.

All you must do each year is provide your income information in the form of an income tax return, W-2, or other financial information. Once the lenders determine you are eligible to make income-based repayments, your entire financial future changes dramatically. It’s time for you to contact your student loan lenders to ask if you qualify for this type of repayment program. Many people do, and it can help you afford to make the payments on your loans. Let your life become easier to manage in this manner, and make it possible to handle your loans adequately.