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If You Can't Pay, There's Still A Way

Sure, there are great opportunities for nurses seeking loan forgiveness. But if you don't want to commit to two years at a specific institution, or if you're tied down to a specific city, help is still available.

Default: Whatever you do, don't default. Your credit rating will be damaged, you may never receive financial aid again, and you may be hounded by a professional collection agency.

Debt consolidation: With interest rates on student loans at all-time lows, debt consolidation is an excellent option. With a federal consolidation loan, all your student indebtedness is combined into one loan, with only one monthly payment. Your 10-year repayment term can be stretched out to 20 years, making monthly payments more affordable. Since there are no prepayment penalties, you can always contribute extra dollars to your principal payments, shortening the term of your loan and the total amount you'll ultimately pay. But remember-there's no undoing a consolidation loan, so once you commit, that's it.

Deferment: If you return to school or are unemployed, you may be excused from making payments for a specific period of time. Some deferments will include principal and interest; some just principal. Contact your lender for assistance. If you are in default on your loan, however, you won't be able to obtain a deferment.

Forbearance: Like a deferment, forbearance allows you to stop making payments on your loan for a set period of time. Since interest always accrues on forbearance, however, it's less attractive than a deferment. Apply only if you can't qualify for the above.