Though these options do offer a bit of a reprieve on your checkbook, be careful. The longer it takes you to repay a loan, the more you’ll be paying in interest.

Rule #4—Take a break

If you’re absolutely out of options, you might be able to temporarily suspend your payments. If you lose your job or go back to school for an advanced degree, you can request a deferment of your loan payments. If your request is granted and you have a Stafford loan, the government will actually take care of the interest that accrues during your deferment.

If you can’t get a deferment, try a forbearance. You can suspend payments for up to a year, though you’ll still be responsible for the built-up interest. It’s not the greatest deal, by any means, but it’ll keep you from defaulting on your loan and getting a big fat black mark on your credit report.

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