2. Restructure the loan

You can get relaxations to make the repayment process easier. For example, many lenders allow students to pay just the simple interest or partial simple interest until he or she finds a suitable job. They also give a chance to pre-close the loan by liquidating an investment.

It is always better if one goes back and sees how a bank can restructure the loan. One can also ask the family for support till one gets a job. The interest rate on education loans is already low and so refinancing does not make sense.

3. Extend the payment tenure

Education loans have longer tenures as one cannot start paying high EMIs fresh out of college. If a student is not able to find a job in the moratorium period, he or she can apply for an extension of the tenure. By extending the tenure, one can reduce the EMI amount considerably.

The key lies in discussing your financial situation with the bank. In a number of cases, banks relax norms for repayment until a student finds a job. This, of course, becomes easier if you have a healthy, preexisting relationship with the bank.