It's a major accomplishment to secure a graduate or doctoral degree, but graduating with debt can seem overwhelming.

If you're graduating with student loan debt, you're not alone. According to a recent study by the National Center for Education Statistics, about half of college students leave school with an average student debt of $10,000. While debt is a way of life, it's important to manage your debt properly in the years after school. Failure to make timely payments on your loans can result in a default, which can seriously affect your credit and purchasing power in the future.

Create a Sensible Budget 
The final months of your graduate or doctoral degree are the perfect time to evaluate your future financial situation. As you create a new budget for your post-educational life, take into account all expenses, including loan payments, savings, living expenses, and incidental expenses like transportation and healthcare costs. Create reasonable timelines for paying off debt and identify your future expenses, including vacations, cars, or more schooling for you or members of your family.

Loan Consolidation Details 
Loan consolidation, the process of combining multiple student loans, is an effective way to manage a large debt. Consolidation reduces the number of your creditors, making it easier for you to keep track of your bills, and can save you money in the long run. When consolidating your loans, your lender will use a weighted average of all of your interest rates. Many financial agencies offer a reduction in interest rates if you sign up for automatic monthly payments. Ask your lender for other ways to lower your overall payments.

Maintaining Healthy Debt 
Debt may seem like a burden, but remember that you build good credit as you repay your loans on time. A high credit score can help you secure financing for larger purchases and loans down the line. Repaying your student debt can also save you money at tax time, so be sure to investigate education-related tax credits and deductions.

Learn how to manage your debt and you'll be better prepared to secure your financial future.