While these options are available for students with federal loans, private lenders such as Sallie Mae or Chase Bank often have different repayment plans. Borrowers should contact the lenders for each student loan they have to understand what avenues are open to them if they hit a financial snag.
3. Consider part-time: Money is one of the main reasons students drop out of college, according to studies.
Ironically, as soon as students drop out, new monetary strains can become a reality.
Student loan statements begin arriving within months of a student withdrawing from college, but maintaining at least part-time enrollment can help students keep the payments at bay, says Reecy Aresty, author of "How to Pay for College Without Going Broke."
"My suggestion is to enroll for six hours to keep the wolf away from your door," Aresty says.
[Learn how to get in-state tuition at out-of-state colleges.]
It also helps students make slow but steady progress toward the end goal – a college degree, which is crucial, says Margaret King, director of the Center for Cultural Studies & Analysis, a think tank that researches consumer behavior.
"Be prepared to cross the finish line all the way through," she says. "A partial education costs a lot and unfortunately, isn't worth the paper you never receive."
Trying to fund your education? Get tips and more in the U.S. News Paying for College center.