In a struggling economy, the prospects of repaying student loans can look grim. As a standard rule, most federal student loan borrowers are required to start repaying loans within six months of graduation. However, there are a number of options available for individuals who find themselves in a situation of unemployment or inability to pay back federal student loans. I have created this list of resources on federal student loans to help individuals better understand their options for loan repayments and managing student loan debt.

Understanding Your Loan Repayments

Understand your rights and responsibilities as a borrower. 

Understand the repayment options that are available to you. 

Choose a repayment plan that best meets your needs. 

Find out which organization is servicing your loans.

Difficulty Repaying Loans

Know your deferment options.

Communicate with your loan servicer by contacting the Financial Student Aid Office of the Ombudsman. 

Learn ways to avoid loan default.

Find out who your current lenders or loan servicers are.

Loan Consolidation

Learn the steps to consolidating your loans. 

Verify that you are eligible to consolidate your loans. 

Managing your debt

Make a plan and create a budget.

See if extended repayment can help you.

Learn how to build good credit and how your credit score affects you. 

Get some federal income tax relief on money spent on education-related expenses.