Student debt is one of the most trending discussions blanketing social media, blogs, forums, and day-to-day conversation. Whether the institute you earned a degree through was a non-profit or for-profit entity, you are saddled with debt you cannot afford.

It starts innocently enough. Just about every college will say a degree increases your ability to land a job, and they tote statistics claiming degree holders make a higher salary on average. They're not wrong, but what they use to sell you on their program isn't promised.

How to Handle Unaffordable Debt

So what do you do? You earned the degree, and you earned the debt along with it. Now what?

Step one is to consider your options and do so carefully. The truth is there are a lot of scams currently targeting student loan holders, and they usually appear with the words "student loan forgiveness." Don't think a company approaching you with a forgiveness offer could be a scam? Think again. The Secretary of Education released an official statement regarding debt relief scams. The message offers two major ways to spot them:

1. Solicitation through a social media website, a mobile app or ad, a spontaneous phone call, and sometimes a mailed offer.
2. A charge, often excessive, to enlist a company's services in applying for or garnering loan forgiveness.

Scammers will claim to work with the U.S. Department of Education, and the fees they charge are to cover the administrative work. Per the Secretary, the Department of Education offers free assistance designed to lower monthly payments, apply for loan forgiveness, consolidate, and consult regarding defaulted loans. You do not and should not pay for these services.

Step two is to know what does and doesn't work. For example, filing for bankruptcy, Chapter 13 or otherwise, does not discharge all student loans. If you are considering bankruptcy, discuss the impact on your student debt with a bankruptcy attorney.

The best way to handle unaffordable student loans is to educate yourself. Start by taking advantage of the free financial counseling offered by the U.S. Department of Education. They can provide legitimate and updated advice, and their goal is to choose the best method for handling your debt. Third party companies focus on their bottom line, not what is best for you.

Ignoring your student debt can have lifelong consequences, including garnished wages and income tax along with an impact on your retirement. Look into federally provided counseling today and avoid the popup scams. Visit a bankruptcy lawyer like Dunbar & Dunbar for more help.