You may have a few options available to you in case you are having a difficult time repaying your student loans. Before you consider these you need to make sure that you are truly having a difficult time paying. You need to change your lifestyle until you pay off your loan in case you have a cell phone, cable, eat out every week or every day. Have a low paying job or are having a difficult time finding a job you may consider one of these options to manage your student loan payments in case you have lost your job. Since this process can lower your monthly payments and lock in a low interest rate, you may want to consider student loan consolidation. However, it is important to realize that consolidation can extend the life of your loan and greatly increase the amount of interest you pay. You may consider paying the loans back at a quicker rate once you are in a better financial situation in case you do consolidate. You are allowed to have three years of unemployed deferment on your student loans. You can take advantage of this deferment if you do not have a job.

Student loan payment options

You should carefully consider your options before claiming deferment since you are only allowed three years.  You may qualify for economic hardship deferment in case you have a low paying job. This is usually for a specified amount of time. Your lender will let you know how long you have.  Take the opportunity to really focus on changing your financial situation in case you do qualify. You may take the money you were paying for your student loan and apply it to credit debt. You may be barely scraping by in case things are really tight. Be careful not to add more debt to the picture however. Forbearance is your final option when it comes to paying back your student loans. You need to contact your lender in case you are having difficulty making your payments. They are usually willing to allow you to pay a lower payment rather than put the loan into default. This should be your last option. It is important to be open with your lender, because they do want you to repay the money. You can generally avoid being put into default on the loan by communicating with them when you have a problem. You may qualify for income based payment in case you have a low income or a large family. You will need to be signed up for a Federal Direct loan, in order to qualify. The student loan will be based on a percentage of your income. You can have the balance of the loan forgiven after the thirty years in case you qualify for this for thirty years, and make payments on time for the entire time. his is a good option to consider if you are struggling to make ends meet. You will need to submit proof of income each year to stay enrolled in the program.