You took out several loans to help pay for your college expenses. Now you’ve (hopefully) graduated. There’s only a six-month grace period before Uncle Sam comes knocking, wanting his money back. But the job market is scary right now, so you’re either unemployed or working for sub-par wages. With student loan repayment lurking just around the corner, what can you do?

First, stay calm. Student loan providers anticipate that people will sometimes have difficulties repaying their loans. They’ve planned for this eventuality. All you need to do is contact them and let them know what’s going on. If your payments seem a bit high but otherwise manageable, you should consolidate your student loans. If your situation is very serious and you cannot make the payments at all, ask the student loan servicer for a deferment or a forbearance.

Consolidating your student loans combines all of your outstanding debt into one sum. The interest rate on consolidated loans is very low, and doesn’t exceed 8.25%. The reduced monthly payments are more budget-friendly for most graduates. Talk to a loan officer at your bank or apply online to lump your student loans together.

What if you simply can’t find work, or you’ve got other hardships that prevent you from repaying the loan right now? Call up your student loan servicer and ask about a deferment that would delay your payments for a month or longer, as needed. This is a good solution for temporary financial problems. 

If you don’t foresee your situation improving in the next few months, ask for a year-long forbearance. You’re usually eligible for one when your loan enters repayment status, and again when your loans get consolidated. Interest will continue to accrue while your loan is in forbearance, so start making payments again as soon as possible.

You can contact your student loan servicer by phone or over the Internet. They really do want to help you repay the loan, so most of them will be sympathetic to your plight. They might recommend a graduated repayment plan that starts with low payments that increase as time goes on and you, presumably, bring in more income. Income-sensitive plans are another option for low wage-earners.

Don’t forget that you could be eligible for tax breaks while repaying your student loans. Depending on your income, you could be able to deduct as much as $2,500 of student loan interest payments. To qualify for this tax break, single adults have to make less than $65,000 a year, and couples need to make less than $130,000 annually.

If you’re struggling with your student loan debt, rest assured that you have options. Help could be just a phone call or mouse click away. Contact your loan servicer today and get started down the path of recovery.