Look into student loan forgiveness. You can request forgiveness for your federal student loans if you are teaching full-time in a low-income or teacher shortage area. To see if you are eligible, or to learn how the process works, visit www.studentaid.ed.gov.
Consider consolidation. Loan consolidation options exist for both federal and private student loan debt. If you are currently repaying your student loan, you can apply for a consolidation at a lower interest rate, which will lower your monthly payments, allow you to make only one payment per month and, in many cases, save you money on interest. In some cases, this means you can cancel your debt faster. If you are interested in consolidating, many web sites allow you to use their calculators to determine rates and payment plans.
Inquire about income-based repayment. A new repayment plan for federal student loans, income-based repayment gives you the chance to get a lower payment based on your income and the size of your family. While it may take you some time to cancel your student loan debt, this plan can be advantageous for those who are having trouble making their payments.
Think about financial planning. Professional financial planners are valuable resources that can help you manage your debt. By using a financial planner, you can determine which debts to pay off first in order to cancel your student loan debt while paying the least amount of money in interest.