Student Debt Statistics
According to the National Postsecondary Student Aid Study (NPSAS), two-thirds of undergraduate students attending 4-year institutions, graduate with an average debt of approximately $20,000. This figure does not include PLUS Loans, which are student loans borrowed by parents or guardians of students.

In addition to student loans, students are also graduating with high credit card debt. According to a 2004 Nellie Mae survey, the average undergraduate has a credit card balance of $2,169 and only 21% of students paid off their balances each month.

Learning how to manage your debt now, before you graduate, will help you to be better financially prepared later.

Budget Now
Starting to budget now can drastically reduce debt and anxiety later. Create a budget worksheet and maintain it each month. If you tend to spend more than you make, you need to make some adjustments. If you're having trouble budgeting your money, speak to your financial aid office to see if they offer budgeting workshops.

Cash Only
While some may tell you that building credit is vital, it's more important to spend only what you earn. While you'll probably need to take out student loans in order to attend college, borrow only what you need. If you use a credit card to begin building credit, pay off balances at the end of every month. Don't spend any more than your budget worksheet allows.

Loan Consolidation and Refinancing
When you graduate or leave school, you may be able to consolidate your student loans. Consolidation is an effective way to manage large debt by including all of your educational loans into one loan with one payment. Make sure you consolidate at a good rate, however. Do some research to find the best rate. If you're unsure about anything, speak to your financial aid office before agreeing to consolidate with anyone.

If you think about your debt now, you may be able to avoid trouble later on. If you're irresponsible with money now, it may come back to haunt you later.