A variety of student loan repayment plans are available to fit your financial situation.

When it comes time to repay your student loans, you'll be glad to know that many lenders offer a variety of repayment plans -- some of them quite flexible. The plans available to you depend on the types of loans you have.

If you have bank- or government-issued federal student loans (for example, Stafford loans), you can choose from several repayment plans designed to make your life less stressful. If you have school-issued federal student loans (such as Perkins loans), ask your school about its options for repayment. Private loans, made without federal funds, come with fewer repayment options.

To investigate your options, call your lender, loan holder, or loan servicer. But don't wait until you're seriously behind in your payments -- if you're in default on your loans, many of these options won't be available to you.

Keep in mind that you aren't locked into the method you choose -- the holder of your federal loan must let you change repayment plans at least once per year.

Different rules apply to federal and private student loans. The options discussed in this article are available for federal loans. If you don't know what type of loan you have, you can find out by visiting the National Student Loan System's website (http://www.nslds.ed.gov) or by calling 1-800-4-FED-AID.