Now that the flurry of graduation is over, 2010 has brought with it the burden of student loan repayment. By now, most student are at the end of their grace period in which they should have gotten a job and be able to start making their student loan repayment. However, we all know that the realities on the ground are different. With an economy struggling to raise its head out of the recent recession and the continuous job layoffs, many students are finding it difficult to service their loan.

However, several options may be employed to meet your student loan repayment in 2010. All these measures however require a solid repayment plan. The plan adopted by each individual will depend on their own personal situation.

2010 Student loan Repayment Plans

The government recognizes the many difficulties faced by graduating college students each year. As a result, they have put in place various legislations that assist students in meeting their financial student loan obligations. These include:

• Income based loans (IBLs): Adopting an IBL student loan repayment plan is one of the easiest ways or managing your student loan during 2010. IBL is available for both Direct and Guaranteed student loans including federal student loans except those sought by parents on behalf of their children.
  
  Under the IBL student loan repayment plan, graduates are allowed to make a fixed payment from their salaries over a 25-year period. On average, this works out to be about $500 per month depending of the loan size. After the 25years expires, any remaining balance is written off by the government. However, this write of is taxable. As a means of protection, salary deductions are capped at 10% of their income. The amount paid is even smaller for low income earning graduates.
• Public Service Loan Forgiveness: For 2010, another method by which students can implement a plan to deal with their student loan is by gaining employment in a 501c3 organization, with the federal government or serving in the AmeriCorps or Peace Corps. These organization as an employment incentive, offer their employees significant assistance in repaying their student loan.
  
  Under the public service student loan forgiveness program, graduates are forgiven their student loans after 10 years of employment and consistent monthly repayment. They are also able combine public service loan forgiveness plans with IBR plans to cap their repayment size to manageable amounts.
  
  To benefit from the public service you must be working at least 30 hours per week in a qualified job and be a recipient of either a federal Stafford, Grad Plus or have consolidated your student loans under the Direct loan program.
• Graduated Repayment: The graduated repayment student loan scheme is another newly introduced method that graduates can adopt for in 2010.Under graduated repayment schemes; graduates are given variable payments amounts that start small and increase as their financial situation improves. As a result, there is less pressure on students when they start working and they are still able to meet their financial obligations.