It is not unusual for the average student to have a college debt of around $30,000 or more. Paying off a loan like that takes a lot of time and money. Monthly payments succeeding $400 are the norm for many graduates and they are struggling to keep their heads above water. Interest rates may rise and add to the problem and taking out another loan to pay back your tuition fee loan often only makes matters worse.

If you are one of the many people struggling with your student loan payments keep in mind that you are not alone. Not ignoring your debts is the most important thing. Talk to your bank or lending company if you simply cannot meet your monthly payments. It is in the interest of your lender to come to an agreement about paying back your student loan.

Sometimes it is not possible to lower your payments but your bank might agree to extend the term, which in effect means that instead of paying off for (for example) 15 years you will be paying off your loan for 20-25 years. This means that you will pay more interest in the end but it also means that you will have room to breathe financially. It is very likely that you will end up with a good job due to which you will be able to afford extra or higher payments. Make sure that your lending company will not charge you extra interest if you want to pay off your loan in one go.

You could also apply for another type of arrangement where you can make use of a rule called 'forbearance'. This means that you can actually stop paying off your debts for a certain period of time (usually 3 to 6 months) during which you can get money together before you continue paying again.

Consolidating your debt into a new personal loan is another option, but you have to do some research to make sure that the inter4est rate of the new loan is better than that of the loan that you are paying off.