How to Eliminate Student Loan Debt

Student loan debt is a cross many of us bear. Let's face it--college is expensive, and there aren't always enough grants, scholarships, and monetary tributes from mom and dad to cover it all. Between tuition, books, a dorm room, a meal plan, and a car (along with its related expenses), college can cost tens of thousands of dollars or more! The ease and ready availability of student loans leans many of us to willingly go into debt before we're even officially out in the real world. That debt can cost us hundreds a month at a time when we're barely making enough money to pay for a studio apartment. So how do you deal with rampant student loan debt and still maintain a decent standard of living?
First of all, you should consolidate all of your existing student loans into one large loan. This will almost always reduce your monthly payments by a significant amount. You can also ask if you qualify for a special repayment plan. Student loans are very easy to get deferred, and forebearances also come easily. These are temporary suspensions in payments for one or more years while you get on your feet financially. Call your student loan provider to ask about these options.
You can also see if you qualify for graduated payments. These are payments that start out small, then gradually increase over the years as you get older and (supposedly) make more money. You might also qualify for interest-only payments for a time, or income-sensitive payments that are custom-tailored to your own personal financial situation.
In addition to these options, there are several loan forgiveness programs out there that may pay some or all of your student loan debt for you. Here are the most well-known of these programs:
The Military - The Armed Forces Student Loan Forgiveness program will repay as much as $2,500 worth of student loans to borrowers who served in the military between 9/11/01 and 6/30/06. The National Guard also offers a student loan forgiveness program that will repay as much as $10,000 worth of student loans.
Teachers - The Teacher's Student Loan Forgiveness Programs pays between $5,000 and $17,500 of your student loan debt in exchange for you taking on a full-time teaching position for at least two years in an area that is traditionally short-staffed, such as Math Special Education.
Volunteer - If you join the Peace Corps, Americorps, or VISTA (Volunteers in Service to America) and stay in your position for a certain number of years, you can get at least part of your student loan debt repaid for you.