The average college student owes $37,172 in debt. That represents one year's paycheck for many graduates. Interest fees are rising each quarter as a result of changing interest rates. Most graduates find that their loan payments are higher than a car or apartment rent. Finding help isn't easy, but there are student loan debt solutions that really work.

Student Loan Debt Solutions That Really Work

First, it is important to know whether you qualify for certain programs. There are a few payment forgiveness programs available. One is the Public Student Loan Forgiveness Plan. This program allows for eligible borrowers to eliminate their balances after 120 months if they meet certain conditions. Eligibility is based on the career field of the borrower. Some examples are government employees, non-profit employees, and some teachers.

If you aren't eligible for the loan forgiveness plan you could seek a loan consolidation. These can be tricky so be sure to know what to look for. If your loan is a federal loan you will probably have to apply directly through your lender. If you have a private loan you can apply to roll your loans into one, which would result in a lower payment. Be sure to find one with a lower interest rate than you have now. Also, it is important to understand the terms and conditions.  Make sure there is no early pay off fee or hefty interest as penalty fees.

Often, filing for bankruptcy in Antelope, CA isn't an option for debt relief. This is because student loans are a special debt that isn't easily eliminated through the court. However, you could wipe out other debts like credit cards in bankruptcy to free up income to put towards your student loan debts.