The average student loan debt in America has been rising steadily over the past ten years or so and it currently is at the highest level it has ever been in history. College graduates are having a more and more difficult time trying to pay back their debts, and the majority of college students utilize at least one or two of the multitude of various alternative repayment options that may be available with each of their student loans. Doing this has made paying back their student loans a much easier process overall, and it has made paying back such a debt burden much more feasible for millions of college graduates.The first alternative methods of repayment aren’t actually a way to payback student loans at all, and are rather ways to delay having to make payments on such loans. These options include forbearance and deferment, and both of these can push back when you have to make payments on your student loans by typically six, to twelve-month increments. It is much smarter to utilize your deferment time before your forbearances because the interest that accrues on your loan during your forbearance is capitalized onto the principle of your loan during this time.The second method of repayment involves taking out a consolidation loan that can payoff the majority of your student loans by providing you with a new consolidation loan that you will have to make payments on each month. You will no longer have to make multiple payments each month, and instead you will only have to pay this one payment each month that will go towards your consolidation loan. This can make paying back your student loans much easier and more convenient, and it can save you a lot of headache further on down the road.The last repayment option I’m going to talk about here involves attempting to adjust your monthly payment amount with your student loan lender so that you don’t have to make your full payment each month. Most lenders provide their borrowers with a variety of adjusted repayment options such as income-sensitive repayments, and interest-only repayments that can lower your monthly payment for a certain amount of time. To take advantage of these kinds repayment options you simply need to contact your lender and explain to them your situation to see what specific ones you qualify for.
