Experts said the myth that some debt relief companies put into minds of borrowers that consolidating student loans could be as tough and complicated as your federal income taxes is not true.

They suggest that falling for ads like those 'Obama Wants to Forgive Your Student Loans' tweets or emails or online ads, will bring you more headache.

The ads might appear to be tempting, especially when one is running short on cash for rent and food but still owe $400 a month towards student loans.

But experts warn that it is more often that you might be looking at costly fees from some debt settlement companies.

Chris Dlugozima, community educator for the GreenPath Debt Solutions office in White Plains, N. Y., said in a statement that the rule of thumb is if an email has the word 'Obama' in it, then it is for sure it's a scam.

Student loan debt is a hot topic, very much like mortgage woes some few years back. And the spammers very well know that people might have heard president Barack Obama's name associated with some student loan relief.

In March, Obama proposed a Student Aid Bill of Rights. It directed the Department of Education and other agencies to research options that could make repaying student loans more manageable and easier. Nothing has been made final on it so far.

Here are few things which are necessary to know:

Firstly, Student loan debt relief outfits charge fees for many services that borrowers could obtain on their own for free.

Secondly, it is very necessary to figure out what do you owe and to whom you owe. Visit to the National Student Loan Data System Web site to track all your federal student loans at www. nslds. ed. gov.

Thirdly, if your budget is tight, then one must review its current repayment options. For example, if you owe $40,000 in student loans but you're making $20,000 a year, you could benefit from looking into income-based repayment plans.