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If you're struggling to make your student loan payment, you have options to consider. A lot of people get out of school with all kinds of hopes and dreams, and then they don't quite get the job they're expecting - so they aren't as prepared to make that student loan payment as they'd hoped to be. Finding yourself in that position isn't fun, but you should know you can refinance student loans in order to get better terms and a lower interest rate.
Consolidating them into one student loan payment makes things easier, and when you refinance student loans you may see a reduction in interest that will really make a different in how much you have to pay back and for how long. You can also consider deferments - which mean you extend the time before you have to start repaying - and you can file for a hardship to lower your payments, too. Those options are usually for people who have very little income, but making your student loan payment on time each time is better, if you can do it. Try to refinance student loans as soon as you see you're having a problem or if interest rates drop a lot, and you'll save yourself a lot of money.
|Jennifer Mathes, Ph.D.|