You can try asking for a longer grace period. This is a period of time during which you will not have to make any payments on this debt whatsoever. It is put in place to ensure that students have a chance to secure stable and high-paying careers before they become responsible for repaying the monies that they have borrowed.
There are many reasons why a grace period might be extended. More often than not, a person may have entered a field that has come to a standstill. She will not make enough money in order to cover both living costs and the required loan payments.
Special circumstances like these, however, have to be proven, which is why it is vital for people to take fast actions. Missing payments will only cause debt to accrue. Given the interest that this type of funding entails, the overall amount owed can quickly become overwhelming.
Another strategy for reducing debt is to have loans consolidated or to work with a a different lender. Consolidation is when all loans are covered by a single lending institution and the interest rate become lower. This limits the total amount owed and results in smaller payments. More importantly, given that there is only one lender to contend with, there will be just one bill to pay.
Financial advisers can also assist students with these problems, especially if they have helped others resolve debt of the particular type before. They can help students find the solutions that are best-suited to their individual needs. They may even help their clients apply for any special extensions that they are qualified to receive. Debt management advice and budgeting tips are commonly offered as well. Many graduates discovered that their current payments are feasible when they have learned how to manage and disburse their income wisely.
Finally, working with individual lenders is always an option. These companies may be more understanding if a person is having a hard time finding a job or dealing with unexpected events. Keeping lenders informed of major changes in your income will allow them to make payment arrangements that you can live with.