The U.S. Department of Education offers four ways to repay Stafford Loans. Each one fits a slightly different financial situation, so you need to think seriously about what you can afford when you pick a repayment plan.

Remember that the best plan for you isn't necessarily the one with the lowest monthly payments -- or the one with the highest payments and the shortest term, for that matter. Think about what you can afford now, and what you can reasonably expect to pay down the road.

And you're not making an irrevocable decision. You can always switch plans if you need to.

The standard repayment plan requires you to make fixed payments of at least $50 a month for a set period of time. The time repayment takes depends on how much you've borrowed, but it won't be more than ten years. This plan will probably let you pay back your loan quickest, and cost you the least overall, provided you have the money to keep up with the payments.

The extended repayment plan, like the standard plan, requires fixed payments for a set period. And while your payments are still at least $50 a month, they're usually significantly less than what you'd pay using the standard plan. That's because your payments are stretched over a considerably longer period, anywhere from 10 to 25 years. Of course, this increases the overall interest you'll pay over time, but it can make your payments a little more manageable.

If you're not making a lot of money right now, but you're expecting to have a higher income in the future, the graduated repayment plan might be the best plan for you. Your payments are stretched out over 10 to 25 years as with the extended plan, but there is an added cushion because your payments start out smaller. The minimum monthly payment is only $25, and it increases every two years.

The income-contingent repayment plan sets your monthly payments based on your income, which can give you some security if you have a volatile cash flow. What you pay each year rises or falls based on what you make, and there's no set minimum payment. You can take up to 25 years to repay under this plan. After that, any amount that's still unpaid will be discharged, or canceled, by the government, although you'll have to pay income taxes on the amount that's forgiven.

If you're not used to having debt, you might find yourself wanting to pay off your student loan as quickly as possible. But as crazy as it seems, it can actually be a good idea to pay off your debt on a long-term schedule.

That's because for many people, the interest charges are tax deductible. So even if you've got extra cash you could use to repay the loans faster, it may make better sense to put the money into savings and investments instead. That's especially true of money you put into a tax-deferred savings plan, such as an IRA or 401(k). Check with your tax adviser about your particular situation.

If something happens that makes it hard for you to pay back your student loans, you may be able to postpone payment for a set period of time. You can apply to defer your loans, for example, if you're in school at least half time, if you take a parental leave from work, or if you enter a public service organization, such as the armed forces or the Peace Corps. Unemployment, temporary disability, and other events that may keep you from earning money can also make you eligible for deferment. If your loans are deferred, your payment schedule is halted, and the balance doesn't accumulate interest.

If you don't have a valid reason for deferment but you still can't pay your loans, you can request a forebearance. If a forebearance is granted, you won't have to make payments, but your loans will continue to accumulate interest.

In certain very special cases, it's possible to have your loans discharged, or canceled altogether. This usually requires an extreme circumstance, such as total disability. The government sometimes also discharges loans as a reward for working full-time in particular positions with the disabled or low-income families, or in law enforcement, teaching, or other public service areas.

If you've taken several loans to pay for your education, keeping track of what you owe and making your payments on time can be an even greater challenge. That's because each loan's term, repayment schedule, and lender may vary.

One solution may be to consider serialization or consolidation. With serialization -- if you qualify -- you arrange to make the payments on a number of different loans to a single address. The loans themselves aren't affected. With consolidation, you take a new loan, the consolidator pays off your existing loans, and you make just one payment.

Ask your financial aid office or visit www.salliemae.com for more details.