You probably don’t need to be told that student debt is a huge problem around the country right now. There are thousands of people just drowning in it, and it’s going to become a worse issue before it gets better. But, if you’re a part of that pool of people struggling to get out of that black hole, there are options for you to consider so at least it doesn’t keep you awake at night.

Some of these options including consolidating your loans, paying them off, stretching out the payments, moving private loans around, or simply waiting for forgiveness. Each has its pros and cons.

Consolidate Your Loans

After a certain amount of time of having extensive student debt, it may be time to try to consolidate your loans. At the very least, this will make the repayment process simpler, and at the most, it can save you a lot of money in interest as well. It all depends on how smart you are about setting it up, and how fast you plan on paying it off.

Pay It Off

An option that many people have the hardest time with is simply paying off your loans as soon as possible. Take all of your extra money each month and just pour it into the debt. This can keep years off of repayment interest, and potentially save you thousands of dollars in the long run. The thing about this option is that it will require a distinct change of lifestyle until that debt gets paid off, which means that you will be in a state of austerity until you have it all covered.

Stretch It Out

Another move is to stretch out payments as long as possible. If you only have to pay $50 a month, for instance, that means that you barely feel it in your budget. Yes, this means that you may be paying that $50 for 10 years straight, and it will cost you more eventually, but at least you won’t have to change your lifestyle during that period.

Move Private Loans Around

You can get private loans to cover the cost of your student debt for awhile as well, and potentially move these through various credit cards with a zero percent interest introductory rate. This is smart so long as you pay special attention to the amount of time you spend paying it back eventually.

Wait For Forgiveness

And a final option is to just pay nothing and wait for a student forgiveness process to take place. This can take many years to happen, and in fact, it may never happen completely, but if you simply don’t have the money to pay something back, it may end up eventually just canceling itself out.

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