(BLACK PR WIRE/FAMU-TALLAHASSEE) – Graduating from college is a milestone in a person’s life that will impact one’s lifestyle forever. College comes with a price, and in many cases that price grows into a lifetime of debt. Most graduates leave college with thousands of dollars of student loan debt, with high hopes that their careers will assist in paying them back.

According to the New York Federal Reserve, there are 5.4 million student loan borrowers in the United States. Those who graduated in 2010 carried an average of $25,250 in student loan debt. Simultaneously, unemployment for recent college graduates has climbed from 8.7 percent to 9.1 percent. Recent statistics show student loan debt has out blown credit card debt.

Sophia Thomas, a recent graduate of Florida A&M University, is worried about how she will pay back her student loans. “My financial aid could not cover my tuition completely, so taking out loans was my only option.” Thomas is still searching for a job that will help her in paying back her loans. “I do not want to be in debt for the rest of my life,” she adds.

Student debt guaranteed by the federal government is not dischargeable in bankruptcy, making repayments that much harder for many graduates. Nonetheless, college is a major investment and graduates should not quail at the thought of paying back student loans. There are many options recent graduates can take advantage of to avoid any issues while paying back their loans.

Six months after graduation, loan bills will start coming in the mail. Recent college graduates may feel a little overwhelmed with thoughts of paying back their loans. Graduating with no one to owe is every college student’s dream, but in reality the inevitable loan debt may arise.

Here are a few student loan repayment options for recent college graduates:

1. Standard 10-Year Repayment – This is the option that will be assigned to most graduates, and with this option borrowers will be able to pay off loans in a reasonable amount of time. This plan requires a $50 minimum for monthly payments.

2. Graduated Repayment Plan – This alternative is for graduates who are sure their income will increase after graduation. This plan starts with low payments then a gradual increase every two years so borrowers can pay off the loan within 12 to 30 years. This plan requires monthly payments that are no less than 50 percent and no more than 150 percent.

3. Income-Based Repayment – Started in 2009 where lenders will look at borrowers’ income and adjust their payments accordingly. If borrowers stay with this repayment plan, any remaining debt after 25 years will be forgiven. The minimum monthly payment is $5.

4. Extended Payment Plan – Stretching the payments over a few years, paying less money each month. This plan extends the loan term to 30 years depending on the amount borrowed.