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Going back to school can be both rewarding and troubling; rewarding because you're acquiring an education that can help you excel in your career, and troubling because of how expensive it can be. It's pretty difficult for students going back to school to avoid incurring some type of student loan debt along the way, which makes many people wonder, is the debt worth the education?

Well, according to a 2007 College Board Study, Education Pays, individuals with a bachelor's degree earn at least 60% more than those with only a high school diploma. As the years progress, it is said that those with a bachelor's degree will eventually earn $800,000 more than their counterparts with only a high school education. This beats out the debt that the average student is set to incur, which is said to cap out at $29,000 for undergraduates.

In other words, the debt appears to be worth it. Of course, this doesn't mean that having to pay back loans is going to be fun. But if you play your cards right, you may not have to go into as much debt as you think - in many cases, not at all. A few ways that you can work around taking out expensive loans are:

• Ask your employer if they offer a tuition assistance program that might help you pay for school.
• Apply for school-funded and private scholarships.
• If you're in graduate school, look into internships and fellowship programs that might pay the full tuition.

If you successfully apply your education to your career of choice, then the debt you incur when going back to school is well worth it. But if you can find a way to avoid going into debt at all then you are already on top.

Life does not always deal the hand you the hand you want. Despite the best laid plans for graduating college and paying back your student loans, there are things that can happen that derail your plans. If you are a victim of unfortunate circumstances, you may be able to get more time to pay back your student loan in the semblance of a hardship deferment for student loans.

What is a hardship deferment?

A hardship deferment for student loans allows you to postpone the repayment of your student loans in certain, qualifying circumstances. The hardship deferment is provided for one year at a time for a maximum of three years. During the postponement, interest will not accrue on subsidized loans and you will not be considered in default and thus can maintain your credit rating.

What qualifies for a hardship deferment?

To qualify for a hardship deferment for student loans you must experience:

• Economic hardship
• Unemployment
• Fulfillment of military service obligations during a war
• Active-duty fulfillment during war or peace times

Documentation is required to prove the above situations and to be granted a hardship deferment. Loans that have already been defaulted on will not qualify for a hardship deferment, so it is important to contact your lender as soon as possible to work out the arrangement and terms for your hardship deferment for your student loan.

The most important thing is to be honest

Student loans are some of the easiest to obtain and the most flexible to repay. Lenders understand the risk they are taking providing students with money and because of such they are willing to work with you to increase your odds of actually paying back the money you borrowed to get your education. When you call to request a hardship deferment, you will be required to be open and honest about your scenario.

If you are approved, you will receive an agreement letter with the terms of the arrangement. If you find that you can not start paying on the agreed upon date, make sure to contact your lender quickly and work out a new agreement.

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