STUDENT LOAN DEBT

Student loan debt now tops more than 1 point 5 trillion dollars.

Paying for those loans can be difficult and experts say the key is to plan ahead.

Elise preston reports.

Meghan combs went to college to pursue her dream of working in the arts.but the 32 year old is still paying off her student loans.

(so?meghan combs/paying student loans)"around this time last year, i owed about $66,000 in student loans."

On average, college students who graduated in 2018 owe more than 2?

Thousand dollars in loans.

(03:40 so?jill schlesinger/cbs news business analyst)"here's your quick back of the envelope formula.

And that is only borrow the total amount of money that you think you'll make in your first couple of years of work."

Cbs news business analyst jill schlesinger is the author of the dumb things smart people do with their money.

She says the best strategy is to avoid student loan debt in the first place.

(02:00 jill schlesinger/cbs news business analyst)"we want to start having conversations with our children maybe when they are in 8th or 9th grade and say here's what this family can afford."

Those discussions might reveal the family can save money by considering schools nearby.

(sot?

Jill schlesinger/cbs news business analyst)"02:40 maybe it's better if i go close to home.

Maybe i need to go to a state school or a community college," schlesinger says for students who are facing debt the first step is to go through your budget and try to get high interest loans paid down.

That's what combs did.she took on a roommate and received a raise at work... that's allowing her to pay off her debt faster.

(so?

Meghan combs/paying student loans)"my timeline for paying off my student loans, this time last year, was around 10 years and now, with my living situation and my raise// all of that// allows me to pay them off in four years."

She's hoping for another raise which could help her do it even sooner.elise preston, cbs news, new york.