Student loan debt has passed the $1 trillion mark. That’s higher than what Americans owe in credit card debt! While thousands of successful students graduate each year, many struggle to find a job that will pay off their student loans. Making a payment plan should always mean never missing a payment and knowing what payment options you have.

First, and possibly most importantly, remember to NEVER miss a payment! Student loans are one of the few types of debt that you cannot escape or get rid of in bankruptcy. Student loan debt is considered good debt and can help your credit score when you make your payments on time and in the required amount. On the contrary, your FICO score can really take a hit if you don’t make your payments. In fact, the IRS can garnish your wages and take money from your state/federal tax return to try to collect on your student loan balances. You may also be charged collection fees along with attorney and court fees in case the government needs to pursue you in court to try to collect what you owe them. The bottom line: make your payments. If you are unable to make the requested payment or cannot do anything at all, don’t sit idly by! Call your lender and let them know your situation so they can work with you. Federal loan holders are really good at understanding your situation and working with you accordingly. Private lenders will usually work with you as well. Chances are you may qualify for loan consolidation or restructuring, which brings us to the topic of knowing your repayment options.

You may be one of the millions of people who struggle to find gainful employment after graduating from college. The government realizes it’s tough right now and has created several programs to help ease the pain of paying off your student loans. Depending on your particular financial situation and employment status, you have options with income-based payment plans, income-contingent payment plans, graduated payment plans, extended payment plans, forbearance, and deferment. There are also student loan forgiveness programs for those who qualify. You can visit the Federal Student Aid Loan Consolidation website to find out which programs will work for you and how to apply. It’s the best way to control your student loan debt and avoid missing payments. Make a plan to control your college loans!