Keep borrowing down on student loans.

• Position: Your Life

College students and graduates currently are carrying one trillion dollars in total student loan debt, estimates the Consumer Financial Protection Bureau, Iowa City, Iowa. The average debt is $24,301 and 60% of students borrow annually to help cover costs. Of those with Federal loans, 12.8% are in default.

The Association of Independent Consumer Credit Counseling Agencies, Fairfax, Va., advises students to research all of their payment options and their earning potential for the career they are pursuing in school before taking on student loans.

"Starting a career with a large student debt load is crippling many graduates," notes David Jones, AICCCA president. 'Those who did not research the projected salary for their career path are finding they do not earn enough, income to pay back their student loans along with all their other living expenses."

Before taking out student loans, be sure you consider the following:

Student loans are not dischargeable in bankruptcy except in very limited cases. To have student loans dismissed in a bankruptcy, you must prove undue hardship, which is not met in most cases.

Research all scholarship, grant, and work-study opportunities. The work you put into finding scholarships is less money you will have to repay in student loans. Be sure you fill out the Free Application for Federal Student Aid. Even if you do not believe you will qualify for grants, you may be wrong; same for work-study...