For students who graduated in May and June with student loan debt, an important letter is coming soon: the dreaded student loan repayment notice.

For federal student loans, and most private student loans, borrowers have a six month grace period before they have to start making payments. About six weeks before the first payment is due, borrowers will receive a notice from their student loan servicer that highlights the loan balance, repayment plan, repayment amount, and other terms of the loan.

But before you make any choices - some which could seriously harm your financial future - make sure you understand what to do and what your options are.

You Don't Have To Use The Standard Repayment Plan

First, it's important to remember that you don't have to use the standard repayment plan. When you initially get the student loan repayment notice, your lender will default you into the standard plan. This plan is based on equal payments over 10 years. However, this can be challenging for recent college graduates, who may not be making much in their first job.

FinAid.org has a great breakdown of the different repayment plan options for graduates, so make sure you see if a graduate plan or other repayment plan makes more sense for your financial situation.

See If You Qualify For Student Loan Forgiveness

Next , see if you qualify for any type of student loan forgiveness program. Over one-third of student loan borrowers are estimated to qualify for some type of student loan forgiveness, and this can be a great way to lower your student loan burden.

If you do qualify for a program, you need to contact your student loan servicer to see what documents are required to prove eligibility. Many forgiveness options require several years of service after graduation, and your lender will require that you make the minimum payments on your student loan debt while this happens.

Use Backdoor Student Loan Forgiveness Plans

If you don't qualify for regular student loan forgiveness programs, you can see if you qualify for these "secret" student loan forgiveness programs. These aren't true student loan forgiveness programs, but are actually student loan repayment plans that have student loan forgiveness at the end if there is any remaining balance.

If you are struggling to make payments on any of the standard student loan repayment plans, these special plans may work for you. They are typically based on your income (which you have to verify each year to remain eligible), and after a certain period of repayments, you loan balance is forgiven. It's important to note that your repayment plan can last up to 20 years or more, and any balance forgiven is considered taxable income.

What Not To Do

Now that you know your options, here are some important things not to do:

1. Don't go back to school unless you have a really valid reason to do so. Most college graduates shouldn't go straight to graduate school for a variety of reasons - and escaping making student loan payments is one of those reasons.

2. Don't skip making payments because you can't afford it. By not making payments, you will ruin your credit score, which will impact your financial future for years. Having a poor credit score can prevent you from buying a car, buying a house, renting an apartment, even getting a job. With all of the repayment possibilities listed above, simply change your repayment plan to something that works before skipping a payment.