While some debts can be reduced or eliminated completely, there are a few debts that will stay around regardless of the circumstance. Benjamin Franklin said "In this world nothing can be said to be certain, except death and taxes." To that, you may want to add student loans.

If you don't pay your student loans and think you're off the hook because the collection agencies have stopped calling, think again. Your income tax refunds can be seized, and you may even have your wages garnished. Don't pay you student loans and they will still be around when your grandkids graduate from college.

All is not lost, however. Some student loans may be forgiven under certain circumstances--for specific volunteer work, military service, and teaching or working in the medical field in certain geographical areas.

You can receive a deferment if your loan is a Stanford or Perkins loan and you are attending school at least half time or if you are experiencing unemployment or another economic hardship. If you don't qualify for loan deferment, you may qualify for forbearance. Forbearance criteria are similar to deferment criteria. If you have a private student loan, it's best to discuss your options directly with the lender.

If none of these scenarios apply, there's still remedy if you feel strangled by your student loans. You may be able to consolidate your student loans into one payment with a lower fixed interest rate and more manageable payments.