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Staying Out of Trouble With Student Loans
Once you graduate and find a job, the reality of paying back your student loans hits.  Below are some steps you can take to help keep the payments from causing you heartache.
The first rule is to stick to a payment plan.  Set aside a certain amount every month for your loan payment.  Making a larger payment than required each month can help you pay back the loan sooner, thereby saving you a great deal of money on interest.  If you think you may " forget" , set it so the payment is electronically transferred each month. Though interest rates of student loans are low compared to credit cards and other loans, it's still a frustrating reality to deal with. But there is hope, if you're making under $65,000 on your own or less than $130,000 if filing jointly you can deduct up to $2,500 of the yearly interest you're paying on your student loan.
If you're simply can't come up with your monthly payment, there are options. Since your salary is only going to grow as you climb the corporate ladder, you can schedule graduated repayment plans with your lender. You start with a low monthly payment that will gradually get larger over the term of your loan. If you're absolutely out of options, you might be able to temporarily suspend your payments. If you lose your job or go back to school for an advanced degree, you can request a deferment of your loan payments. If your request is granted and you have a Stafford loan, the government will actually take care of the interest that accrues during your deferment.
If you can't get a deferment, try forbearance. You can suspend payments for up to a year, though you'll still be responsible for the built up interest.
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