When most people hear the term “debt consolidation” or “debt relief options, they think of credit cards, but with the average college student graduating with 25K in student loan debt maybe they should do a re-think. Finding a way to pay off student debt is something that many graduates would like to find a way to do. With interest rates set to double on certain student loans unless Congress acts, many students are searching for a way out. The news however, is not encouraging.

If you have a government loan through the Department of Education your best bet may be to apply for an income based debt relief plan which uses a formula to calculate how much you can pay based on discretionary income. Drawbacks include the extended length of repayment. If you are in education there are some federal and state forgiveness programs if you teach in a qualifying school or district. Americorp offers a reduction for a years worth of service to your country but anything else is questionable. Beware of debt consolidators who tell you differently!

Since the government has broad powers to compel re-payment it is difficult to escape your debt because of wage garnishment, tax refund denial and even social security implications. Private debt may be a little easier to find a way out of, though it too can be problematic. Learning how to budget and manage your money and staying current with your payments once they begin maybe your best hope. Falling behind and making erratic payments is the reason behind many graduates problems.

The LoanexFastCash has professionals who can help you to set up a plan to manage your money and keep the hassle from student debt to a minimum. Beware of those who have the easy answers and take the time to look up any debt counselor with the BBB. Reading the heart rending stories of people struggling with tens of thousands of college debt because they failed to pay and were penalized makes scary reading for any graduate just starting out in life!  Get help before you get behind, look on the government websites to get the information and follow through with it. Talk to a debt counselor, get help setting up a budget if you need it but get help before you get behind!