Your employer could be another resource to tap. "Some employers, including large companies like Google, Estée Lauder and NVIDIA offer student loan repayment assistance," which can "provide up to $5,250 per year tax-free to pay down your loans," said Credible.

Credit scores could drop by more than 150 points for some borrowers and will likely result in "reduced credit limits, higher interest rates for new loans and overall lower credit access" for affected borrowers, according to a Federal Reserve Bank of New York report posted Tuesday.

While the government’s “standard” repayment plan is 10 years long, many borrowers are in plans that extend their terms up