Your largest debt may be your student loans. The average graduate exits school with $24,000 in student loan debt, according to a study on 2009 graduates conducted by the Project on Student Debt.
However. "Usually you can get a lower rate if you consolidate your student loans," the Author states.
In addition, The U.S. Department of Education says grads can consolidate almost all federal student loans, including Stafford, Perkins and Student PLUS Loans. Yet, most likely you can’t consolidate federal with private loans.
New grads also can get help by picking the right payment plan. Federal loans are usually put on a standard 10-year repayment plan. But, struggling borrowers can opt for an extended plan that lowers monthly payments by extending the life of their student loan. Unemployed and underpaid grads should opt for the income-based repayment plan, which caps monthly payments at 15 percent of yearly earnings that are more than $16,335.