According to CNBC, there is more than “$1.2 trillion in outstanding student loan debt, 40 million borrowers, an average balance of $29,000.” *

Are you stressed out yet? Large student loan balances can be a significant cause of stress. Stress over loans can lead to resignation. “I’ll have student debt forever” is a refrain I hear from some clients. Resignation leads to denial and even inaction. Where are you in this progression? Does this sound like you or someone you know? You’ve worked a number of years out college or graduate school, and bringing your principal down seems like a daunting task.

Let me start by acknowledging that the economic environment in the last 7-8 years hasn’t been the best for many new entrants into the workforce. You’ve taken on more debt at a younger age than the previous generation and it’s tougher to find the higher-earning jobs required to pay off those loans. So what are your options?

You’ve made a strategic investment in yourself by taking on student loans. Accept this and make a plan of attack. The # 1 piece of advice I tell clients who have student loans is, “Don’t allow your debt to oppress you.” Self-oppression will hinder you not only from paying down debt faster, but it causes stress that adversely affects other areas of life. By making a plan, you’ve addressed one of the most significant causes of student loan stress – not knowing. Be in control of your student loans, rather than letting loans control you. Even if it takes 20-30 years to pay it off, work the plan and don’t revisit it until you get a raise or you’re rid of it. You may have no option but to live with your loan for many years, but you’re either in control or you’re not.

For example, say you’re 30 years old and have a loan balance of $100,000 at a rate of 6.7%. If you paid $650 per month you’d pay off the loan in approximately 29 years. Maybe that’s all you can afford for now. It’s tough to swallow, but do what you can and work the plan. Maybe you’ll get a pay raise next year, or you change jobs. Now you can put away $800 per month. That $150 difference just chopped off 11+ years of payments! That’s huge!

For those that work in government jobs, or certain non-profits, there are programs available to help you address student loan payments and even satisfy entire loan balances after working a certain number of years and demonstrating a track record of on-time payments. For those of us in private industry, sometimes it may be beneficial to consolidate student debt at lower interest rates. The point is you have options.

If you need help, meet with someone who can guide you to develop a plan of attack. You’ve invested in yourself and your education is of tremendous value. Don’t let stress over loans dominate your better judgement.

Jonathan is an FIU alumnus and Co-Founder and CERTIFIED FINANCIAL PLANNER™ at CameronDowning, LLC. He provides targeted financial advice to young professionals on building personal wealth, student loans, employer benefits/401ks, planning for a first home purchase, estate planning, and basic insurances. He lives and works in Coral Gables, FL and is married to his beautiful wife, Lauren. For more on Jonathan, visit www.cameron-downing.com.

* http://www.cnbc.com/2015/06/15/the-high-economic-and-social-costs-of-student-loan-debt.html