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Student Loans are great at helping you pay for your college education. However, very often students and parents run into financial trouble, and have hard time repaying their loans.

Do not worry. Economic hardship is nothing knew about this world, and those that learn how to deal with economic problems will be much stronger and more experienced for the future. There are solutions for almost all situations that will allow you to fix your student loan default problem, defer the loan giving you more time to come up with the money, get a job, or Cancel the loan all together.

The best solution is to know and understand your options. This will allow you to find a repayment options that fits your budget. There are many ways to fix student loans that just went into default, or have not been paid for a long time.

One of the first and most common approach to fixing a defaulted student loans is to Apply for Student Loan Consolidation. This approach allows you to change your unmanageable payments or a single payment into a more manageable single payment with possible lower interest rate.

In case student loan consolidation is not a solution, borrowers can turn to their Student Loan Lenders for solutions. Federal government offers different Repayment Options that defer or lower the monthly payment on their loans.

Students that borrowed straight from the private banks or private lending institutions will have the hardest time fixing their defaults, as the loans will have to be repaid. The good news is private lenders also offer student loan consolidation and alternative repayment options.

Once you understand your options you will be able to decide correctly what is best for you. Try contacting the Lenders directly and describe your situation to them. It will enable you to work closely with the entity that lent you money, and you will be able to receive a reasonable solution for your financial problems.

Visit our Student Loan Law section for more legal information on the subject.

When you get into financial trouble, or when you know it will be hard for you to pay off your loan in the future, the first thing you should do is Apply for Student Loan Consolidation.

Loan consolidation allows you to consolidate your loans into more manageable payments. Some times the loan payment will be smaller and almost in all cases it will be more manageable. This means you will not have to make multiple payments, but instead one single payment will be required.

Both Students and Parents can apply for loan consolidation. Federal and private student loans can be consolidated. Use our Student Loan Consolidation Apply center in order to apply.

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Federal government offers multiple ways that can help you fix your student loans in default. The first thing students in trouble must due is get familiar with Federal Student Loan Repayment Options. These options allow you to lower the monthly payment based on your income, allowing you to make smaller payments and fix the situation.

On top of repayment options students have other choices. The U.S. Department of Education have the following programs: Deferment, Cancellation, Discharge, Forbearance, Forgiveness, and Repayment Options.

It is much harder to have your loan being discharged or forgiven, but these options exist and there are rules and procedures that allow you to apply for loan cancellation. Research each of the possible options on our website, find out if you are eligible and try applying for it.

Federal Student Loans including Parent PLUS Loans can be consolidated as well.

Private student loans are much harder or almost impossible to cancel. Having said that they allow for different Repayment Options and loan deferment is not uncommon. Please contact your Student Loan Lender directly and ask what can be done about your student loan.

All private student loan lenders will have their own approaches on how to fix your loan, but one thing is going to be common, they will all want you to continue paying. This means they will be able to offer something that should help you during economic hardship.

Even though student loan debt can not be discharged in bankruptcy directly, there are two exceptions to this rule that are worth wile exploring when bankruptcy seems like the only option.

We suggest you leave bankruptcy for the end and you should only use it if the other solutions are not working for you. In order to remove debt from you burden you declare personal bankruptcy and simply have the debt being forgiven. Personal bankruptcy requires lot's of work and paperwork, but if you need to do it, do it.

The overwhelming procedures are there to make you discouraged from filing the application, but it is possible and should not be really difficult if you do require it.