10 Ways to Manage Your Student Loan Balance and Graduate Debt-Free

5) Take advantage of forbearance options

If you’re struggling to make your monthly payments, it’s important that you reach out to your lender as soon as possible. Most lenders will offer forbearance options during times of hardship, allowing you temporarily postpone payments until your financial situation improves. If not, consider applying for deferment or even income-based repayment plans.

6) Consider income-driven repayment plans

If you’re struggling to make payments on your student loans, you might be able to switch over to an income-driven repayment plan, which bases your monthly payments on how much money you make. If it sounds like a good option for you, here’s what you need to know about income-driven repayment plans and how they work.