6 Ways to Pay Federal Student Loans

And what the penalties are for late payments.

College students graduating this spring are walking away with more than just a diploma. Many will have debt -- and lots of it. The average debt at graduation was $24,000 in 2009, points out Jane Bennett Clark in The Dark Side of Student Debt.

Students with federal loans can get some reprieve if they're struggling to make monthly payments. Here are the various ways they can repay loans, according to the June issue of Kiplinger's Personal Finance.

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