I’m 42 years old, make $62K/year, and deeply regret taking $89K in student loans — I won’t qualify for debt relief and I’m worried I’ll never be able to pay it back. What are my options?

You just need to explore solutions to decide which course of action is going to make the most sense for your situation.

1. Explore your payment plan options

If you have federal student loan debt, there are multiple payment options available to you. You can explore which ones make sense for you — and you may be surprised to find that you could potentially even qualify for an income-driven plan that makes debt relief available.

Income-driven solutions are often the best choice for people worried about their student loan bills because payments are typically capped at between 10% and 15% percent of discretionary income. Plus, when you sign up for an income-driven plan and make 20 to 25 years of payments, you could have your debt forgiven.

This option does mean paying more interest over time and paying your debt for much longer, but the caps on payments should make your monthly payment more affordable. If you’re really struggling, that may be a tradeoff you’re willing to make.

2. Choose your employer strategically

In some cases, your job choice could provide you with the relief you need from your student loans.

Some employers provide student loan repayment assistance, which could make becoming debt-free easier.

If you work for an eligible non-profit or government organization, you could also qualify for Public Service Loan Forgiveness (PSLF). This would allow you to have your debt eliminated after 10 years of payments.

By exploring these options, you can hopefully find a job where your degree pays off — and that helps you to pay for your education.

3. Refinance private student loans

If you have private student loans instead of federal student loans, you don't have a choice of repayment plans or the ability to get loan forgiveness so these solutions won't help you.