Clearly, for a standard type of loan, making regular payments is important and falling behind is probably not too clever an idea.

Once you start sliding down that slippery slope, you are truly likely to hit big problems.

There are ways to refinance this situation, but the likelihood is that you will face interest rate penalties - and then again, you are in a difficult position and that might be your best - indeed only option.

For those in the easier position with deferred student loans (like the Stafford Loan), not only are there no repayments while in school, but there is usually a period between graduating and repayments starting - often of up to six months.

This is a real bonus, as you get the opportunity to start earning and settling into work before you start paying off those debts from your college years.

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