Apply for student loans that accrue no interest. This is an option that students forget about because interest-free loans are hard to come by. This doesn't mean you shouldn't look for them. Interest free loans are offered by some private organizations or as subsidized federal loans. These loans will never have an interest rate attached to them, meaning you won't have to concern yourself with fluctuating interest rates and consolidation.
Apply to a public service loan forgiveness program. These programs forgive the entirety of a loan if you give a certain amount of years to public service. If you were already considering a career in public service, this is an attractive option. Students who have not considered a career in public service and are finding the amount of debt incurred during college intimidating should consider this route. The forgiveness programs eliminate both the loan and any accrued interest.
File for a student loan tax deduction next time you file your personal income tax return form. This deduction allows you to deduct up to $2,500 of your loan, depending on how much interest you paid. In short, you can offset the amount of interest you paid during the year with a deduction. While you're technically not preventing interest from accruing, the financial effect on you is the same if you had prevented the interest from building.
Pay for your student loans in full. This is obviously not an option for most students since loan debt can be up to $100,000 in many situations. On the other hand, students who were fortunate enough to supplement their educational cost with grants and scholarships should consider this option if loan debt is minimal. The financial benefits of paying off a small debt may outweigh the benefits of paying a loan with small monthly payments over a number of years. You'll never have to worry about the loan again if you pay if off in full.