How Grads Can Climb Out Of the Hole

Khalfani lays out some strategies for getting rid of this debt, explaining various options that allow borrowers to lower their monthly payments. She provides guidance and warnings for parents considering co-signing for a student loan.

Wondering if there are programs to help pay off your debt? There are, Khalfani writes. If you're a federal government employee, the Federal Student Loan Repayment Program allows agencies to make payments on certain workers' federally backed loans, up to $10,000 a year.

Khalfani said it took her 12 years to pay off her $40,000 in student loans because she made only the minimum payments.

"The lesson I learned was that even if you consolidate and have an easy, low, fixed monthly payment, don't just forget about your student loans like I did," she says. "If you later start to make more money and can afford to pay more toward the school debt, I think you should do so."

In the AOL survey, among respondents over 35, 62 percent said they're still paying off their student loans. Sixty percent said they couldn't sleep at night because of this debt.

They can't rest peacefully because debt is a bad four-letter word, even for loans used to attend college. I know for some, student loans seem necessary. At least by turning to "Zero Debt," you get a blueprint on how to get rid of this albatross.

If you're interested in discussing June's book selection, join me online at noon Thursday, July 5, at http://www.washingtonpost.com. Khalfani will take questions about student loans.

In addition, every month I randomly select readers to receive a copy of the book, donated by the publisher. For a chance to win a copy of "Zero Debt for College Grads," send an e-mail to colorofmoney@washpost.com. Please include your name and an address so we can send you a book if you win.

· On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and online athttp://www.npr.org.

· By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

· By e-mail:singletarym@washpost.com.

Comments and questions are welcome, but because of the volume of mail, personal responses are not always possible. Please note that comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.