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

9) Refinance your loan with a private lender when you find yourself struggling to keep up with payments.

Refinancing is a good idea if you find yourself struggling to make payments. Though refinancing from an unsubsidized loan into a subsidized loan will cost more in interest, it’s still less than what you would pay on other loans. Also, keep in mind that consolidating your loans will not get rid of them. Consolidation means taking out a new loan from one lender using multiple old loans as collateral.

10) Hire professional help when you are out of options

While there are many excellent ways to manage your student loan debt, from taking advantage of income-based repayment programs to creating a repayment plan that allows you to pay what you can each month, none of these strategies is a substitute for professional help. When you have exhausted all other options for paying off your student loans, it’s time to seek out a financial advisor who specializes in consumer lending or debt settlement.