You may be looking for a way to get rid of your student loans in case you are having a difficult time making your student loan payments. The only way to get rid of your student loans is to pay them off. However, lenders are much more likely to work with you if you are having a difficult time making payments then they would be for other types of loans. You have the option of lowering your monthly payment by extending the life of the loan when you consolidate your loans.  Over time you will end up paying more in interest, but you can make the payment manageable and lock in a lower interest rate. Once you are in a better financial situation you can increase the amount you pay each month to pay off the loan more quickly. In case you know your income will increase over the next several years as you advance your career, this is a good option. It also allows you to continue to make payments, so the amount that you owe is being lowered each month. It is the first option you should consider when trying to find manageable payment options.

Deal with student loan payment

You can apply for income based student loan payments, if you have a low income. This option will take account your current family size, and your income to determine the amount you will need to pay each month on your student loans. This will free up money so that you can cover the necessities for your family without the stress of student loan debt overwhelming you.  Since they will continue to evaluate your income and family size, you will need to reapply to this program each year. You will need to stay current on your student loan payments to qualify in addition to this.  You can have the remainder of your student loan balance forgiven after twenty-five years of on time income based payments.  You do need to transfer your student loans to a Federal Direct Loan to qualify for this option, but it will be worth it to find relief from your current situation. You can temporarily stop making payments on your student loans by putting it on deferment. Do not simply stop paying the loan. Contact your lender and explain your situation. The lender will have you fill out an application for hardship deferment. Keep paying on your loan until you receive notification that the deferment has been approved. In case you have a financial emergency. Interest will continue to accrue while the loan is still on deferment, this is a last resort for a time when you no longer have a job. You do have a limited number of months you are allowed to put your loan on deferment. Be sure you only use this option as a last resort and when you are unemployed or in a very difficult financial situation. Student loans are not considered in a bankruptcy. Federal law requires you to pay back your student loan no matter what.