Learn how to get out of student loan debt

Learn how to get out of student loan debt

More and more students are racking up student loan debts in order to pay for their higher education. While these loans are generally given with lower interest rates than other loans and with a grace period for repayment purposes, they are still debts that the student must repay. Student loan consolidation has a lot to offer. That is what many experts often say. To find out how to deal with your student loan debt, let's read on.

There are really only four ways to get out from under your student debt. These include the following:

• Pay them off. This is your best option. Even though you don't have to make payments on the loans until you graduate it would be a financially wise decision to make the interest payments while you're in school if you can. This will reduce the amount of your loan and the number of years you'll be repaying it. Even if you can't make the interest payments while you're in school, you need to make sure that you make your monthly payments after graduation in order to maintain a healthy credit score.

• You become permanently disabled. If you are injured or become ill and are declared to be permanently disabled, you can apply to have your loan amount forgiven. This is not a great option.

• Become involved in a Loan-forgiveness program. These are generally for teachers or medical professionals who give a certain number of years of service working in areas where their skills are in demand. For instance, if a small community in the south is without a doctor, the program might send you there for three-to-five years and as a result you loan is forgiven.

• Signing bonus for certain professions. Some companies will offer to pay off your student loans as a perk for hiring on with them. Because nurses are in such high demand in most areas, some hospitals are offering a signing bonus that could conceivably pay off some or all of a new nurse's student loans. This is a great way to have your debt erased.

While not all of these options for getting rid of your student loan debt will work for all graduates, it's a good idea to look into these while you're in school.