USA Today reported recently that for the first time Student Loan debt in the USA eclipses the amount of debt consumers owe on Credit Cards. It is reported that Americans owe a collective 887 Billion plus in student loan debt and the figure is growing. This is a daunting amount of money when you figure that this means the average student is graduating with a debt load that can seriously hamper their financial future.

So what can you do to reign in the amount of student loan debt you or those you love take on? Here are just a few tips:

• Pursue EVERY type of financial aid available to you: Grants and scholarships may be a lot of work during the application process, but the alternative can be far more costly than your time. For every scholarship or grant you secure you are quite literally putting money back in your pocket for the future.
• Pick a less expensive school: If I had it to do all over again I may have made a different decision about the type of school I attended for my degree. I picked a small, private, out of state (read, expensive) school over a large state school. Had I chosen differently, my post-college loan numbers may have looked far different.
• Always pursue Federal loans over private loans when borrowing for school: As a rule of thumb, Federal loan programs are less expensive and have better repayment terms than private loans.
• Consider working your way through school: There is certainly no shame in taking a few extra years to finish your degree while you work to pay expenses. Students who are working and paying for their education as they go along typically take their studies more seriously and are highly committed to their education since they have already experienced first hand the value of what they are paying toward.
• Never borrow more than you absolutely need: I have been told by people who work in Financial Aid departments that it is VERY common for students to live off of their student loan disbursements during school. If it comes down to hard choices I would always advocate for a cheaper lifestyle or working more hours over shackling yourself to a large amount of student debt. That pizza that you purchased with your student loan money isn’t going to seem worth it if you have to forgo purchasing a home a few years down the road because you owe too much.
• Make sure you know what you are signing up for: It should go without saying, but you should never sign a contract or loan document without FULLY understanding the terms and conditions. Student loan debt will follow you until it is paid and is nearly impossible to discharge through bankruptcy or debt settlement. If you don’t full y intend to pay it back, don’t sign the papers!

These are just a few tips for dealing with Student Debt – do you have anything to add that would help our readers out? We would love to hear your tips!