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.

Credit card debt can creep up on you before you know it, thanks to fees and interest that are subject to change (always for the worse) with very little notice. If you’re not in the habit of paying off your credit card balances in full every month, you could soon find yourself mired in debt that never seems to go down even when you make a payment.

Since you can’t close your eyes and make credit card debt go away, you’ve got to find a way to pay it off – the quicker the better. Many people take out loans to accomplish this. It makes sense; better to pay a single monthly payment at a low interest rate than to make several credit card payments each month, all at higher rates of interest.

But some loans are a bad idea. For starters, let’s take a look at home equity loans. They are often easy to obtain and offer low interest rates. But what if you take out a home equity loan to pay off credit card debt, only to find yourself falling behind on your loan payments? Now you’ve got more at stake than your credit score; you could actually lose your house.

If you’re certain you’ll be able to handle the payments, a home equity loan might be useful for paying off other debt. But be honest with yourself. If you think delinquent payments are a possibility, find another source of money that won’t put your home at risk.

Many people borrow against their retirement funds when they want to pay off their credit cards fast. This isn’t a good idea, either. For one thing, the more money you keep in these funds, the more they will grow. The more money you take out, the less growth potential the fund will have. 

Borrowing from your 401K might sound like a fast solution to credit card debt, but consider the consequences: it will be more difficult to keep up your retirement fund contributions while you’re also trying to repay the loan. And if you get laid off, you’ll have about 90 days to repay the whole loan before it gets taxed and penalized.

If your credit card debt can realistically be paid off in a year, try transferring the balance to a card with a 1-year introductory rate of 0% interest. You can also talk to your bank about a low-interest personal loan, and use those funds to pay off your credit cards.

Just paying off the debt isn’t enough; you also need to figure out how you got so indebted in the first place. Were you paying for urgent expenses like car repairs? Then you should set up an emergency bank fund to pull from when those situations arise. Were you simply living beyond your means? Stick to a good budget, and you’ll get everything you need without overspending on frivolous items. There are many ways to cover unforeseen expenses and little extras, but credit cards are a costly option.

Despite the economic climate, you’ve still got dreams for the future. If those dreams include starting your own business or taking out a loan to consolidate your personal debt, you might find it hard to stay optimistic when banks deny application after application. How can you raise the money to make your plans a reality? Here is a small list of often overlooked resources that could mean the difference between financial success and unrealized dreams.

Your Inner Circle

It can be humiliating to borrow from friends and relatives, but sometimes there’s no other choice. If you do ask them for money to fund your venture, keep things professional. Draw up a business or debt reduction plan just like you would for a bank loan. Tell them how you plan to be successful, and why they’re making the right choice by lending you money. Then come up with a detailed repayment plan that you both approve of. You’ll be surprised how much funding you can get from your friends and family when you show them that you take the endeavor very seriously.

Credit Unions

Credit unions operate on the principle that account holders are members who own a share of the business. That usually garners better customer service and more reasonable terms on loans. If you belong to a credit union, go to them before you hit up a regular bank for money. Chances are, you’ll get approved more easily and with more generous repayment terms. 

Credit Cards

It’s not ideal, but you can fund your business with credit cards. Just factor the interest payments into your costs, and be aware that interest rates can fluctuate with little warning. Look for cards that reward you for purchases you’d be making anyway. Some give you cash back when you purchase certain types of goods or services.

Social Lending Sites

Social lending sites like prosper.com facilitate direct person-to-person lending. If you’ve got good credit, you can go and apply for a three-year loan at a low interest rate. Lenders will then bid on your loan. You can select the lender you want to go with, and the funds are directly deposited into your account. Automated monthly payments ensure that you don’t fall behind in the repayment phase. 

The Government

There are grants and loans available to small business owners. The problem is that some of them require you to live in certain geographical locations, while others lend only very small amounts of money. If you’re hard-pressed to find funding, though, government assistance is worth checking into. Go to grants.gov for more information.

When banks shut their doors and leave you out in the cold, it’s time to get creative and persistent. Use this list as a starting point when it’s time to decide how to fund your small business venture or consolidate your debt.