The average student loan debt for a single student at a public four-year university is $26,900. This is a significant financial burden to carry forward as you start life as a working professional. Under existing creditor and debtor laws, student loans are not dischargeable in bankruptcy, so it's important to learn how to manage your payment obligations and understand the options if the debt spirals out of control. Here are a few tips for handling student loans.

How to Manage Student Loan Debt

1. Get a Head Start During the Grace Period

Loan providers offer a grace period in which you don't have to make payments; this typically ranges from six months to one year after school has ended. However, you can still make payments at any time during this period. If you can comfortably do so, begin making monthly student loan payments right after graduation. This will also get you in the habit of setting aside that much money each month.

2. Consider Student Loan Forgiveness

There are a few different ways you may be able to have your student loan debt forgiven. One is to work in a public service job recognized by the Public Service Loan Forgiveness Program; certain career positions in government, healthcare, public education, the military, and other industries may qualify. There are also forgiveness solutions if you make on-time payments for a specific period, like the Pay as You Earn Repayment Plan that forgives loans after 20 years of on-time payments.

3. Consult a Creditor & Debtor Law Attorney

An attorney who practices creditor and debtor law can help if your student debt has become unmanageable. If you're being harassed by or are in a dispute with a loan provider, an attorney will help you explore possible legal options, such as a lawsuit.

They can also defend you if a provider is suing you for nonpayment. If you're not sure if a loan qualifies for any of the forgiveness programs, an attorney can determine eligibility.

Don't hesitate to ask for support in dealing with student loan debt. Pirrello, Personte & Feder, PLLC, Attorney at Law, represents clients throughout Monroe County, NY, and the surrounding counties. They offer guidance in creditor and debtor law issues, bankruptcies, trusts and estates, and other legal matters. Call (585) 544-7090 or visit their website to schedule a consultation.