Cramer: The State of Student Loans

Ask about gradual payments. If you have a student loan that pays out in fixed amounts and are having trouble making payments, ask your lender if you can switch to a graduated payment plan where you are allowed to make smaller payments first, then pay more as your salary increases.

Also, if things are really dire and you've graduated into a rough employment climate where you can't find work, consider going back to school and increasing your learning and job skills. Most college loans aren't due if you're attending school, even on a part-time basis. But you've got to make decision soon after graduation, before your loan demands kick in, and before you consolidate any loans.

My take? Late student loan payments are serious business, but not a deal-breaker financially. But that holds true only if you get on the problem early and keep your lender in the loop.

Brian O'Connell contributed to this article.

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