With the news that we are all maintaining responsibility to repay those big loans we took out back when we thought Vlad was cool, I'm sure some of us feel as lost as we did back then. That's okay.

There are several ways to manage your student loans. Generally, you can finance them through:

• Federal Government, or 

• Private Lenders (Banks). 

I'm not sure if you can ask the government to pick up private student loans, but - as you'll know, if you have federally financed loans - you can (and many banks want you to) refinance federal loans through banks.

Generally, financing through retail banks is a bit more expensive, but they are typically more generous with the money they lend. This is because it's typically in their best interest to have more money in loans working for them.

If you maintain financing through the federal government, there are a few doors that open. You can repay through: 

• Standard Repayment Plan, 

• Consolidated Loans, or 

• an Alternative Structured Repayment Plan. 

Addressing these in reverse order, if you're like me and a "structured repayment plan" scares you and reminds you of those ads targeted to your grandparents read by Joe Nameth, I get it. I offer you solace in that the government loans answer to you - the government citizens, so they're likely not trying to pull one over on you. Whereas retail banks can have stockholders who want returns and sometimes have a history of predatory lending. 

I encourage you to conquer your fears and keep your mind open to "Structured repayment plans," as they can be the difference between long-term financial health and financial ruin. Find out more here.

Consolidated loans are pretty simple. Instead of having six or seven individual loans with different interest rates and different levels of unsubsidized or subsidized, your student loans can be consolidated into one loan with one average interest rate. This can simplify the repayment process and make it a bit more approachable.

Finally, the most common method, the Standard Repayment Plan, is just 120 payments over ten years (12 payments per 12 months). This repayment method tackles the highest interest-rate loans first. Both to lower your average interest rate in the case of a consolidation and save you the most money long-term.

Extra: There has been discussion about the impact of loan closures on credit scores so keep in mind that the financial system is just that - a system. Closing out student loans may have unintended consequences in other places!