You’ve attended college or received other education beyond high school, and you received federal student loans from the US Department of Education (ED) along the way. You’re now about to deal with paying them back. You’ll need to know how to manage your student loan debt to avoid repayment problems. This publication explains available repayment options so you can successfully repay your debt. It will also tell you what steps to take so you won’t get behind in payments or go into default.Federal student loans are real loans, just like car loans or mortgage loans. You can’t just get out of repaying a student loan if your financial circumstances become difficult, unless you qualify for bankruptcy. But, it’s very difficult to have federal student loans discharged in bankruptcy; this happens only rarely. Also, you can’t cancel your student loans if you didn’t get the education you expected, didn’t get the job you expected, or didn’t complete your education, unless you leave school for a reason that qualifies you for a discharge of your loan. Remember, your student loans belong to you; you have to pay them back.
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