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The Debt Adviser By Steve Bucci • Bankrate.com Graduate with honors from student debt Dear Debt Adviser, I am a graduating college senior and I want to know what is the best way to tackle student loan and credit card debt? Right now I am only doing an internship and have very limited monetary resources. Any advice will be greatly appreciated! Jackie Dear Jackie, Thank you for asking such a timely question. Not only is it getting near graduation for seniors across the country, but also my son is a graduating senior at the University of Rhode Island this year! In an economy where graduating seniors are receiving short responses to long job applications, many recent grads share your concern. The world of credit and credit reporting is very different from the academic one you will be leaving shortly. If you cut a class, generally no one notices. If they notice, usually no one cares, and most times you can make up for it in other ways. Not so with credit. There is a multibillion-dollar industry that notices every time you are late. They do care and making it up will cost you big! How do you tackle the dreaded debt? First, know what you owe and the terms of repayment. While many student loan programs offer grace periods of six to 12 months after graduation, it is always a good idea to make payments as soon as you can. Carefully review your individual loan plan in order to find out when you must start paying back your loan. Talk to your lenders to find out what payment options are available to you and your situation. Most student loans have established a variety of repayment options or consolidation possibilities beyond the standard repayment plan. Also, if you do have a grace period, you will want to be sure you plan properly so that you will be ready to begin payments when the time comes. I've read enough, get me out of debt Take Control Now! Second, create a spending plan as soon as you know your monthly cost-of-living expenses; remember to include your student loan payment as part of your monthly bills. This monthly payment must be just as important as rent, electricity, food, clothes, gas and other necessities. With your situation, it is not unusual to pay minimum amounts on these bills at first, but as your situation (and income) improves, try to pay more. Carrying student loan debt any longer than you need to just gets in the way and slows you down. The same holds true for credit card debt. The only difference between these two types of debt is that, in general, credit cards will have a much higher interest rate than your average financial aid loan. Bear in mind that credit card interest can add up fast! For example, if you owe $1,000 at a 17 percent annual interest rate and make only the minimum payment each month, you will pay $979 in interest over 12 years. See the true cost of paying the minimum on Bankrate's calculator to see how long it could take to pay off your debt. Again, try to pay off as much as you can every month. You may have to crunch some numbers in your monthly spending plan, but the sooner you can put a dent in your credit card debt, the less you will have to pay in the long run. Try to pay more than the minimum and put the brakes on any new charging until you ditch the debt. Emergency spending on a card is OK, but as I told my students, "If you can eat it, drink it or wear it, it's not an emergency!" My last word is: Don't be late with a payment, and don't skip any. Making up is hard to do! And it will cost you. Your current financial situation demands attention, and I am pleased to see that you are taking it seriously. Remember that a bad credit rating can prevent you from getting better job, securing a loan for graduate school, or obtaining a favorable mortgage interest rate for your first home. Congratulations and good luck, Jackie. You'll soon find that a good credit history is well worth your nitpicky budgeting right out of college.   Related Terms & Articles Student Loan Consolidation Federal Student Loan Consolidation Student Debt Consolidation 5 Must DO's for College Financing 1. Find an affordable school Pick the right college for you -- and your wallet.     2. Define your need Complete the FAFSA.     3. Save for the future Consider prepaid tuition, Coverdell and 529 savings plans.     4. Search for loans and grants Federal and state programs make college possible for most.     5. Apply for scholarships Thousands of scholarships and grants are available and you don't have to be academically gifted. The high cost of college fees Students get hit for such infractions as dropping a course a day late, registering 10 minutes past the deadline or parking at the wrong place on campus. Cutting college-incidental costs Universities often pile on fees for stuff that students can get cheaper or live without. Here are some campus costs that you can work around. 10 answers for student loan borrowers Here are the answers to the 10 most-common questions about student loans. Rounding up cash for college Tips that will guide you through the application process and advise you on finding and spending college cash.