There's no way to make 120 payments in less than 10 years, even if you try to double up on the monthly amount. Since the program was enacted in 2007, the Department of Education will not begin accepting applications until 2017.

Student debt is one of the most pressing problems facing the United States today. What might appear to be mainly a challenge for young people and their families actually has a more far-reaching effect on the national economy.

A Stafford Loan is currently the most popular student loan among federal student loan options due to its low interest rates and numerous borrower benefits. All Stafford Loans are eligible for in-school deferment, which allows students to defer repayments if enrolled in school at least half time.

"Student loans": no two words any student or parent wants to think about. The mention of the phrase "student loans," or worse, "student loan debt," is enough to make anyone cringe in utter disgust and confusion.

A federal loan consolidation works differently than private loan consolidations. With a federal loan consolidation, all of your eligible federal loans are combined into one loan with a lower monthly payment. Borrowers can consolidate their loans after they graduate, leave school, or drop below half-time enrollment.

As an employee of a bank offering a national student loan refinance and consolidation program, I often speak with recent graduates looking for guidance on questions regarding their student loans. So, for those of you who still don't fully understand how student loan refinancing works, let me help you out.