The average student loan monthly payment is $351 (source: Wall Street Journal). The need for those with student loans to budget this amount each month is causing many recent graduates to delay many other life goals like owning a home.  In fact, 68% of college grads say their student loan payments are getting in the way of their other goals. Working on a debt plan immediately is key to becoming student loan debt free.

The total percent of graduates with student loan debt in 2016 is 71% (source: ticas.org). How can you stay on top of your student loan debt?  We’ve put together the Ultimate Guide To Student Loan Debt Settlement that can give you insights on actions you can take now!

59% of millennial graduates say they have no idea when their student loans will be paid off (source: Citizens Bank survey). It’s important that those with student loans first figure out exactly how much and to whom they owe, as well as how much needs to be paid each month. Look at the big picture and figure out the best strategy to pay off your student loan debt the fastest over time. Our law firm offers a free student debt consultation to those wondering what their student loan debt options are.

Students who borrowed private student loans are more likely to graduate with excessive student loan debt (36.4% vs. 22.8%) (source: studentaidpolicy.com analysis paper). This may be because it is more difficult for dependent students to borrow excessively with federal student loans alone, given the low annual and cumulative loan limits on federal student loans. You can find out about your service provider and info about your student loans by logging into the National Student Loan Data System, a central database for student aid.

About 40 percent of the $1 trillion total student loan debt was used to finance graduate and professional degrees (source: newamerica.org study). Student loan debt isn’t just affecting undergraduates it’s also taking a toll on those seeking a graduate degree. Before you consider getting your master’s degree, make sure you can finance your student loans.

For loans taken out for the 2016-2017 school year, undergraduate students receive a 3.76% interest rate and graduate students receive a 5.31% interest rate (source: edvisors.com). As student debt becomes more and more common for university students, it’s critical that borrowers understand how much student loan interest rates can affect the total payments over the life of your loan.