Get your current credit finances under control and don't stop paying on any current student loans, even if it means paying less than the required monthly amount. Defaulting on your student loan is bad in a variety of ways. Your credit score will be adversely affected and you'll likely be denied any deferment or forbearance relief if you choose to apply for those remedies.
Seek a loan deferment. A deferment is an entitlement, meaning that you will be granted a deferment if you meet certain criteria, such as being in school, unemployed or in the military. There are many different types of deferment, and many of the qualifiers depend on the date your loan originated. The interest on subsidized loans may be paid by the lender during the deferment; nonsubsidized loan deferments continue to accrue interest. A deferment can allow you to get other debts under control so that, at the end of the deferment---a year or more---you'll be able to more easily make payments on your student loan debt.
Apply for a forbearance from your lender if you don't qualify for a deferment. A forbearance works like a deferment in that it temporarily delays your loan payment obligations, but interest on all loan types continues to accrue and you're required to make interest payments.
Consolidate your debt. You can lower rates on high-interest loans (usually private, nonsubsidized loans) through consolidation. Do not consolidate low-interest-rate loans with high-rate loans. You also can work out plans whereby your current payments are lower and increase throughout your career as your salary increases. You can consolidate loans during your six-month grace period or after you've begun repaying your loans. Consolidation during the grace period may yield a lower interest rate.
Research loan forgiveness programs. Federally subsidized loans can be "forgiven," or completely erased, if you meet certain criteria and are willing to engage in mandated employment programs. For example, if you elect to work in a designated area---usually poor, rural or under-represented areas---for a predetermined number of years, your student loan debts can be partially or completely discharged. There are government-sponsored programs, private loan forgiveness programs, and even debt-forgiveness offers through the military. For instance, the National Guard offers the Healthcare Professional Loan Repayment Program (HPLRP) in which health care providers in the Medical and Dental Corps can receive loan repayment assistance---up to $120,000---by committing to a three-year stint.