Ah, college. If TV and movies have shown us anything, it’s that your four or so years at school – whether at your local community college or one of those fancy-pants Ivy League universities – is one gigantic toga bash right after another. The keggers actually ARE never-ending, the test cheat sheets are always overpriced, and just in case that party-pooping Dean ever turns up to finally close us down, well, that's exactly why we got a new foam machine. Oh, and there might be a little light learning necessary.

If reality has shown us anything, it’s that the morning after all those parties -- the morning after college is finished and you realize you’re really out alone -- comes with a little something a great deal more serious than a hangover: Student loans. Reality bites.

Sure, you've known about these loans when you started classes, and you also knew the day would appear when the lenders would come calling; nevertheless the beer pong team needed you, and who were you to decline? So what’s the best way to reduce all these thousands of dollars in student loans quickly in order to go on with your life? Read on…

· Right off the bat, you’ll need to assemble your notices (you did remember to save those, right?) so you're able to determine the total amount you owe and to whom. You can check any contracts you have signed as well; both will show you how much you borrowed and exactly how much you have left to pay. If you don’t have some of your notices or contracts, you can contact your school’s financial aid office for your personal documents.

· The good thing about student loan repayments is you get your initial 6 months right after graduation off, without having to worry about making any payments at all. As soon as bills do start to arrive, you’ll generally end up paying at least $50 a month before the debt is paid back. You also get 4 different options for paying:

1.Graduated. This option assists you with minimal payments that steadily increase every year or so before the debt’s fulfilled.

2.Standard. For individuals who really want to reduce the debt more quickly and have enough money for higher payments.

3.Income-based. For anyone working commission or freelance, anyone whose cash flow fluctuates, this option is manufactured proportional to your income.

4.Long-term. For the procrastinators who would only pay the smallest amount for as long as possible. The bad news here, you’ll get screwed over in interest and wind up paying twice as much in the end.

· If you discover you could be in need of help paying down these significant loans, and don’t want to enter into deferment, you might give consideration to contacting a debt relief agency. Many are experienced at reducing much easier payment plans for you, which is often a big help in easing the pressure and freeing up your finances a bit.

Keep these tips in mind the next time you feel violated by the amount of loans you have to repay. You never know, you may even have it taken care of before anyone else notices what a horrible mistake you made the night before.