And, according to radio host and financial author Dave Ramsey, once people have this debt it follows them around for years.
They almost look at it as another mortgage, Ramsey says, because it's so big and paying it off feels almost impossible. They then rationalize having the loan hanging over their heads by looking at the low interest rates involved, he adds.
On The Early Show Thursday, Ramsey had suggestions to help pay off that debt as quickly as possible. He also had some tips for current students and those preparing to attending college this fall.
To watch the segment,