Deal with Your Debt: The Right Way to Manage Your Bill$ and Pay Off What You Owe

So What's the Good News?

The good news is that student loan debt is usually flexible, relatively cheap, and available to folks who may not have much, if any, credit history.

Now, your debt might not feel cheap to you—particularly if you consolidated when rates were high and then watched others lock in rates of 4% or less as loans got cheaper. But historically student loans have been among the least expensive unsecured debt you can find. The federal government helps make sure of this by offering student lenders subsidies to make these loans available.

What's more, student lenders typically offer a variety of ways to structure and pay off your debt. If you lose your job or otherwise can't pay, you can get a forbearance or deferral for up to three ...