There are many different things that you should know when you are coming to the time of student loan repayment. You might be able to find a program that fits your needs and allows for your repayment terms to fit smoothly into your budget. In today’s poor economy it is no wonder that people are feeling the pain of bills harder than in the previous years. There are many people who are out of work and unable to find jobs. For those who have jobs there are cutbacks, layoffs, lower salaries, no overtime, no raises and many other things to consider. Even those who are living on Social Security have lost their cost of living increase and the sad thing is that the cost of living continues to increase. When you graduate from college you are full of hope and wonder of the world that you are entering into. By the time that you have come to terms with life you will begin your student loan repayment. This could really be a problem for you based on the number of student loans that you have and the amount of money that you owe in student loans. There are many different types of loans and many different options for repayment for you to consider.There are three basic types of loans. These include the loans that are made by both, the bank and the federal government, those loans that are made by your school, and the loans that are available from private financial lenders. Since there are so many different types of loans there are also many different forms of repayment.With federal loans you have several different repayment options. One of these options is that you can simply pay the loans as you had agreed when you first got the loans. In the standard repayment format you will repay your loans in just ten years. Depending on how much money you have borrowed this could result in quite a hefty monthly payment. So if you are unable to meet these payment requirements then you can typically extend your term up to twenty five years. A third option is to settle with a plan where your payments start off low during the beginning of your career with your payments increasing over time or rising when your income rises. This one actually works both ways as payments are lower if your income becomes less. Another great options is to consider consolidation as all federal loans can easily be consolidated. There are only specified time periods when you will be allowed consolidation so it is a good idea to know ahead of time whether or not this is something that you want to consider.If you should happen to have a problem and lose your employment or become ill there are options available for you as well. You can temporarily postpone your repayment. A deferment is where you postpone your payments for a specified amount of time while you are allowed to become more financially stable and to get back on your feet after some type of hardship. What is so great about this program is that although you see your loan amount go up while interest is added you are able to avoid having to struggle to make these payments as they are suspended. There are even some rare circumstances where your student loans might be canceled.