Many students end up carrying their student loan debt forward with them for many years to come once they enter into the employment world. While they may be working at handling the surmountable debt that has accumulated over the years as a result of paying for their education, it is no easy task.
There are a couple of options that come to handling your student debt and one of these is the deferment. This is where you can put off paying your loan for a few months and in some cases even years. The advantage to doing this is that it no longer affects your credit score when you’re not paying, but at the same time it still leaves you a loaded with the debt responsibility that you are only putting off for a period of time. You could end up accumulating a great deal of interest over that.
Forbearance is another option but while it gives you a break from paying your debt you are definitely going to be having accrued interest to deal with. Then of course there may be the opportunity for consolidation but again you want to tread cautiously here, as debt consolidation if done improperly or through the wrong channels can just make your financial matters worse.
The best solution for the student that is dealing with a high student loan debt and does not have the means for paying it, is to set up a meeting with a qualified student loan debt attorney who can not only advise them as to what their legal rights are, but what options are available and in their circumstance what might be the best for them.