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Many of us have used student loans to finance our college educations. While a tremendous help in getting us to our goal, we often find ourselves saddled with more debt than we thought possible. Here are a few tips on how to pay off that your student loan debt.

First you must understand your profile and situation after graduating. Are you still in the military, or do you have a combination of private and federal loans?

Refinancing or consolidation, are a difficult issue, but seeking lower payments or deferment from your lender are options.

Option 1: Income Driven Repayment (IDR). This may be a consideration for individuals with a high debt to income ratio.

Option2: Refinancing. In general, recent graduates may not qualify, but those in the workforce whose debt to income ratios may have improved, may benefit from refinancing.

For those in the military or public service, there are several options.

Option 1: Public Service. The Public Service Loan Forgiveness program may provide relief from the acquired debt.

Option 2: Income Driven Repayment. Government/public service employees who have mad 120 payments on their student loan debt may qualify for PSLF.

Option 3. Refinancing. A difficult path. By refinancing your federal loan, you could forfeit the right to take advantage of government protections such as SLFP and IDR. Carefully weigh the pros and cons of refinancing to save money on interest.

There are many factors that must be considered when paying off student debt. Far too many to discuss here.

For a more detailed explanation of the options, see the article at

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