For countless current and former college students, their ability or inability for that matter to pay off student loans can go a long way in determining their financial outlook for years to come.

Too often, individuals put the college loan payback plan on the back burner, leading to mounting bills, financial pressure and even bankruptcy in worst-case scenarios.

According to a CNBC report in late 2010, Americans owed more on their student loans than they did on their credit cards – a debt that was closing in on around $1 trillion.

If you find yourself with a fair amount of college loan debt hanging over your head, here are some tips to go about getting out from under that pile:

• Get the facts: First and foremost, know how much you owe, who you owe it to, what kind of payment plan had been worked out etc. Given that it is not unusual to have a number of loans, sort them out and go from there;
• Research payment options – When going into a repayment plan, make sure it is right for your current situation. Like many who recently graduated college, a surplus of money is often not there, so don’t get in over your head when it comes to paying back the loan/s. If you’re working in a low paying job coming out of college, make sure that your loan repayment plan is not going to leave you living dangerously from paycheck to paycheck;
• Pay a little extra – While you do not want to be living dangerously low financially when paying back student loans, do not be afraid if you have the money to pay a little extra each time. Not only will this save you money over the long haul, but it will allow you to feel better about your situation as you see the remaining balance continue to drop even further;
• Pay on time – Most importantly, just as missing a credit card payment can be damaging to your credit history, missing a payment on a student loan can have serious repercussions. Along with potentially damaging your credit score, it can leave you not entirely trustworthy in the eyes of those you are supposed to be paying back;
• Don’t be afraid to use financial counseling – Some people may view getting loan counseling help as a stigma, but it can be very helpful in putting you on course to repaying your loan;
• Keep your information updated – Given there is a good chance you may move or changes jobs within several years of leaving college, make sure those you’re paying a student loan or loans back to can always reach you. If there is an error, question or concern regarding your payback agreement, it is important that the repayment plan provider be able to reach you;
• Think about consolidating- Having several student loans to pay back can get time consuming and confusing. If an option, consider consolidating the loans into one so that you can focus in on that loan. Another positive here is that by doing so, you could lessen your interest costs;
• Keep your profession in mind – In some cases, the profession you’re in following college could allow you to receive a partial or even full cancellation of your student loan. In some teaching, dental and law positions for example, there are opportunities to become eligible for government grants. Some teachers, dental professionals, law professionals, etc. working in low-income areas may also be eligible for discounts.

Remember, many student loan lenders provide a 6-month grace period for graduates to begin paying back the money they owe.

That being said, take the initiative to start paying backs the loans as soon as possible, putting you on track to get an ‘A+’ when it comes to refunding those who helped put you through college.

Dave Thomas, who covers among other items small business loans and home based jobs , writes extensively for San Diego-based Business.com.