Student loan debt in the United States has reached nearly $874 billion, according to the Student Loan Debt Clock at FinAid.org. That is almost $50 billion more than is owed on credit cards as of June, according to the Federal Reserve. Those numbers are astounding when you consider credit cards are available to nearly all American adults while student loans are limited primarily to those who attend college.

Thousands of students graduated this month. Student loan payments will begin immediately for some, or within six months for others. Those who graduated last May have begun feeling the effects of their repayment. With an average debt load of $24,000, according to a report from the Project on Student Debt, the average borrower can expect monthly payments of $276 for the next 10 years. No wonder 85 percent of college graduates polled by the marketing firm Twentysomething Inc. indicated they would be moving back home.

Now hear the good news. Federal student loans are the most borrower-friendly loans on the market. There are programs to match nearly every borrower's situation so there is no reason to be late or fall behind on payments. Whether the borrower cannot find a job, finds one with a low starting salary or gets called to active military duty, there are federal student loan repayment options available. Failing to make payments or paying less than the minimum could mean serious consequences, such as wage garnishment and confiscation of any federal tax rebates. Credit scores also will be negatively affected. Plus, student loans cannot be dismissed through bankruptcy.

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