Student loan debt has been a recurrent problem in the US. But, of late it's grabbing a lot of attention since the commencement of elections in the country.

Every candidate who stood up for the presidential election this year is making promises to curb the student debt. But, do we know the outcome? What will happen to our student debts after the elections? Will the upcoming government solve the problem? Or, will the government forgive the $1.2 trillion student loan debt?

Well, whether or not the government will help us with our student debt is far behind the scene.

The important thing is that we all have to think about our financial problems first. If we're not concerned about our problems, then how can we expect the government to stand by us?

Will I've to pay my student debt? Such a pain. Isn't it?

On this occasion with $1.2 trillion outstanding student loan debt in the news, a sudden thing came to my mind. So, just thought of sharing it with you guys.

Oh, I just forget to introduce myself...

Well, for those who don't know me, I'm Phil Bradford. I write for debtconsolidationcare.com and an active participator in their forums also.

As I was saying, a few months ago I came across this man (can't recall his name at this moment) in the forums, asking whether or not he can rely on the upcoming government to help him with his student debt. However, this person has a big amount of $50,900 in student debt. Yes, I know quite a big amount.

It's time to take a stand on your own

The student debt amount didn't surprise me. What captured my attention is his reluctance and ignorance about his debt. How can a person be so ignorant?

Why are we expecting the government to help us? Can't we do it on our own? By this, I didn't mean that the government won't do anything to solve the student debt problem in the country. I mean, it has a lot more issues to focus on other than the $1.2 trillion student debt. Already, it's helping us with the student debt forgiveness programs like the Public Service Loan Forgiveness, Perkins Loan Cancellation, Income-driven repayment, and so on.

I just want to say, aren't we responsible to pay off our debts? Or, the student debt is only the government's liability?

If you think that it's the government's sole responsibility, then wait till it announces its strategies to get free from the student loan debt.

But, if you feel that it's your responsibility to pay off your student loan debt and if you want to break loose the burden of your debt, then I've some suggestions for you.

What's the solution?

Just read the points written below. I'm sure it'll give you an idea to fight your student debt, and you'll become a free soul, free from the herculean student debt...

1. Have a talk to your lender

No one is so hard-hearted that he/she won't understand your difficulty. If you can explain your hardship, then you can expect some relief. It's also the same with your student debts.

If you can't repay your private student loan, go and talk with your lender. Tell him/her why can't you pay off your student debt. If he/she feels that you're actually struggling to keep pace with your student loan payments, he/she might lower your monthly bill or offer you a flexible repayment option. So, it's worth asking. Isn't it?

2. Go for deferment or forbearance

You can become current on your account without hurting your credit if you choose deferment or forbearance. But, if you're late or miss your payment before the approval of your deferment or forbearance, your credit score will get hurt.

These two options will temporarily suspend your loan repayment. If you opt deferment, no interest will be added to your loan amount for that period. Whereas under forbearance, the interest will be added, and if you don't pay the interest within that time, it'll be added to your principle balance.  

Are you considering deferment or forbearance? If so, then consult a financial expert and decide which option is suitable for you.

3. Refinance your student loan

Refinancing your student loan will lower the interest rate helping you to pay your debt faster. Here, your original loan will be paid off with your new loan, provided the terms and conditions of the new loan are suitable for you. Try to take out the new loan from a new lender to get the best rates.

4. Opt for income-based repayment forgiveness

Under income-based repayment method federal student loan borrowers pay a discretionary income for up to 20 or 25 years toward their student loan. After which the remaining balance is forgiven. If you've federal student loan you can try out this option.

5. Tackle debt on your own

In addition to these above options, you can take the responsibility of paying your private student loan on your shoulders. For instance, pay the minimum monthly payment on your loan, earn more money to pay off the loan, put the extra payment toward your loan balance rather than on your next monthly payment (for this you've to talk to your lender), and so on.

And, finally...

Paying off a student loan is not a rock hard task. You just need a bit of concentration and the determination to overcome your debt.

Remember, nothing is impossible unless you try. So, instead of relying on the government to bring you out of your student debt, at least make an attempt to solve it by yourself.

I'm sure you'll come out with flying colors.

Author Bio - Phil Bradford is a financial web enthusiast. He is a regular contributor todebtconsolidationcare.com and an active participator to forums.debtcc.com. He has expert knowledge about personal finance issues. His passion for helping people who're stuck in financial problems has earned him recognition and honor in the industry. Besides writing financial articles, he loves to travel and cook.