Top tips to eliminate student debt

NEW YORK (WABC) -- It's bigger than credit cards, home equity lines of credit, and car loans, combined.

"It's big and getting bigger." Rhonda Schaffler from TheStreet.com says the biggest way to control student debt should be answered in high school look honestly at how much debt you should take on. Then research entry level salaries in your chosen field.

"When when you graduate, your starting salary should be more than the total amount of your debt," says Schaffler.

Next try to keep the length of your loans to under 10 years.

"That's what you aim for. If it's too much for you there are different repayment plans," says Schaffler.

One of the best ways to cut your tuition bill is sometimes overlooked, an array of grants could help reduce the amount you borrow.

"Every year there's all sorts of money left on the table, grants, scholarships," says Schaffler.

Check out the Public Service Loan Forgiveness Program. If you qualify, you work and they pay down your debt.

"Americorp, Peace Corp. They will help you chip away at the debt," says Schaffler.

You can also save by simply signing up for monthly auto-pay deductions out of your account.

"Sometimes you'll get a quarter point difference off the loan," says Schaffler.

And finally, say no to your daily latte, and put the savings to pre-pay the principal.

"Even $25 a month, which means a couple less lattes.

"$25 can help you chip away at that number," says Schaffler.

The big takeaway, how much can pre-payment save? If you have a $50,000 dollar loan, at 7% interest, with a 10 year term. If you pay an additional $25 per month toward the principal you'll save more than $1,800 in interest over the life of the loan. Not bad for a few cups of joe.

For more on the Public Service Loan Forgiveness Employment Program, CLICK HERE