1.If your income is not allowing to pay off your federal loan then you can go for an economic hardship deferment or forbearance.it will help you to reduce your monthly payment yes but keep in mind that your interest rate will grow on.
2.If you have a long term financial problem,there are also some extended repayment plan that can reduce your payment plan stretching life of your loan for 30 years but it will definitely increase your total repay amount.
3.Do you have any federal student loan through the US Department of Education's Federal Student Aid Programs then you have an income contingent repayment plan by which you can pay off your loan.
There are also news that another Debt relief program is to come in July 2009 which will be an income based repayment program.In this plan if your income is higher still you have to pay less.So with proper guidance and student Debt relief program get out from the burden of debt while pursuing your studies and move towards the bright future ahead.
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