Stressed with Student Loan Debt? Read this.

So you’ve finally graduated. You took your time looking for a job and even though everyone warned you that you should probably be searching for one before you have to graduate, you still decided to take it easy. Picking up a couple more shifts at the cafe is easy, and besides, you have plenty of time, right?

Let’s cut to seven months later. You’ve obviously deferred paying off those loans ’til now, because the part-time job just isn’t cutting it. You’re freaking out because the loan company keeps calling you to verify your current address and bank account number and you have thirty dollars for the next week which covers ramen noodles for the next seven days. Isn’t life after graduation supposed to be easier than this?

Don’t have a meltdown, most of us have been there. Whether you move back in with your parents, or you decide to earn your own rent, paying back student loans can be a huge hassle for many millennials. According to a recent study done by the online financial advisers iQuantifi, student-loan debt for millennials is the worst that it has been in years. Those in their late 20s’ average debt is $46,622. The average is five times greater for older millennials in their 30s, at $69,552.

If you look at corresponding Bureau of Labor statistics in 2007-2010 this will also be reflected in high unemployment numbers, and corresponds with the 2008 global financial crisis. In a nutshell, this wasn’t the best time to go to college, nor was it the best time to try to get loans or pay them off. Though there are many of us burdened with this debt, there are many ways to manage it. Here are some helpful facts on paying down that student loan.

Be honest and get Income-Driven Repayments: Ignoring the loan companies doesn’t make them go away. They aren’t ghosts and not acknowledging them doesn’t make them disappear, just angry. The last thing you want to do is default on your loans. It will destroy your credit and will make it harder to get loans in the future, pay for a house, or even get things like a car. Because many millennials have a hard time paying back their loans, the government offers Income-Driven Repayment plans. If you make a low-income wage, they have minimums as low as $50 a month. Talk to your loan company and make sure that you are on a plan that matches your yearly gross income. Chances are they will want to look at pay stubs for proof or get a copy of your income tax return.

Consolidate your Loans, Pay them as Soon as Possible: You want to make sure that you are getting the best interest rate because a large loan accumulates more interest over time which will mean that you are paying a much higher bottom line. If you are in a low Income-Driven Repayment plan, you also need to realize that ultimately your loan will be larger because it will take much longer to repay the entirety of the loan as the interest accumulates. MagnifyMoney.com has a search tool which allows you to compare interest rates if you plan on refinancing or consolidating your loans. You can also go to SimpleTuition.com or loanconsolidation.ed.gov if you have more questions about the consolidation process. Additionally, having to pay a single loan opposed to many each month will ensure you are making your payments on time and not accruing unnecessary late fees. Signing up for autopay online will also reduce the risk of you running late on your loan payments.

Get Paid More: This seems like a no-brainer and is easier said than done. Negotiating a higher salary when you are in your mid 20s and early 30s is much easier than being fresh out of college. Employers often understand that you have bills to pay, and if you are skilled and have the work ethic, are now giving more raises. Also make sure to look into any company-run education initiatives that may aid you in paying down your debt. If you are in an industry that just doesn’t pay enough to get rid of that loan, consider switching careers if it isn’t your passion. Ultimately, negotiating for a higher salary is a skill within itself.

The burden of student loan debt may sometimes feel overwhelming and insurmountable, but you’re not alone. Implement every option at your disposal to make sure that you are paying your loans in the most efficient way possible. The best education is a fully-paid education, where you can concentrate on your passion and career and not your debt.