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In conjunction with the number of student loans available, there are also payment options, parents and students can take advantage of.  Let us take a look on how those payment options will help you in your debts management.

For example, Sallie Mae offers the following repayment options:

* Standard payment, which means that the interest and principal are paid each month.

* Graduated payment, which has smaller payments at the beginning of the loan payment process and gradually increases the amount over time.

* Income-based payments, which refer to monthly payments made based on the gross income of the borrower.

* Extended payments, which allows for up to 25 years for a loan to be repaid.

* Serialization is provided by Sallie Mae by purchasing other loans held in your name and putting them into one monthly payment.

* Consolidation is also available through Sallie Mae’s SMART loan program in which you can refinance multiple loans.  These include Stafford, Stafford Direct, PLUS, Perkins, and others.

Other benefits can be obtained through such loans as Perkins, Parent PLUS, Graduate PLUS, Deferment, and Forbearance.
The Parent and Graduate PLUS loans are for those who wish to have the loan payments deducted from their checking or savings account.  Doing so yields a .25% reduction on the loan.

Deferment gives you a right to defer repayment for certain defined periods. It is a temporary solution.  Forbearance is also a temporary postponement of payments for a period of time.

Moreover, the Taxpayer Relief Act of 1997 also helps parents with a myriad of tax benefits.  They include:

* Hope scholarship credits
* Lifetime learning credits
* Education IRAs
* Penalty-free IRA withdrawals
* Deductibility of education loan interest
* Qualified state tuition programs

It should also be noted that at the beginning of each year, Sallie Mae sends you the interest paid for the previous year so that you may be able to deduct it from your taxes.