Nearly 45 million Americans have student loan debt, which totals $1.7 trillion, according to federal data. Over the past decade, the cost of attending both public and private colleges has increased significantly. Public university tuition has risen from an average of $8,778 in 2016 to $10,400 in 2024, while private college tuition has jumped from $27,942 to $39,967 in the same time frame. The average borrower of federal student loans carries a balance of $37,780. The Department of Education tracks student loan balances across different age groups, and the figures reveal a clear trend. Those aged 50 to 61 have the highest average debt of $48,875, while the two youngest groups—those 24 and younger and those aged 25 to 34—have seen their balances decrease slightly since 2017. In contrast, older borrowers are experiencing a sharp rise in debt due to accumulating interest over time, with those 62 and older seeing a 177% increase in their balances. Leslie Tayne, a debt attorney and owner of the New York-based Tayne Law Group, advises students to carefully consider the long-term consequences of taking on student loans. She emphasizes the importance of understanding how much debt can accumulate over time, especially for younger borrowers who may not yet be familiar with personal finance. Recent data also shows that younger borrowers are using federal student loans less frequently than they did nine years ago, with total debt for those 24 and younger dropping by 36 percent. For recent graduates entering the workforce, financial stability should be a top priority, according to Stacey Black, a financial educator at Boeing Employees’ Credit Union. She warns that new graduates often make the mistake of increasing their expenses too quickly after landing a job, such as by renting a more expensive apartment or buying a new car. Keeping expenses low can help free up more money to pay off student loans faster. When it comes to repaying student loans, there are different strategies available. Some borrowers use the "snowball method," which involves paying off the smallest balances first to build momentum. Others prefer the "avalanche method," focusing on debts with the highest interest rates first. Black recommends the avalanche method, especially for student loan borrowers, because high-interest debts like credit cards can grow quickly and become more costly over time. Federal student loans typically have lower interest rates and more flexible repayment options, allowing borrowers to manage their payments strategically while addressing more expensive debts first.