For some, with higher education comes worry. An August survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) found three-quarters (74%) of Americans who have personal student loans are somewhat or very worried about their ability to pay those loans.

"Student loans are more than a monthly payment – they're a long-term financial commitment," says Pamela Ladd, CPA/PFS, senior manager of Personal Financial Planning for the American Institute of CPAs. "The fact that three-quarters of borrowers are worried about repaying their student loans underscores the urgent need for personalized financial planning. These concerns aren't just numbers – they reflect real stress that can derail financial stability."

The survey also found:

• Twenty-two percent of Americans either have personal student loans or have parent loans for their children.
  
  
• More than half of those who have personal/parent loans (53%) say those loans affect their ability to save (e.g., for retirement, other financial goals).
  
  
• Of those who have children with student loans, 70% were very or somewhat worried about their child(ren)'s ability to pay for their student loans.
  
  
• For those who have personal/parent student loans, 55% say their loans were previously deferred and are now expected to be paid back.
  
  
•  For those with children with student loans, 49% say those loans were previously deferred and are now expected to be paid back.

Those surveyed with personal student loans weren't just students right out of college. Personal student loan holders by age group:

Age 18 – 34: 37%
Age 35 – 44: 27%
Age 45 – 54: 25%

Advice for Paying Student Loans

Update your contact information. Confirm that your student loan provider has the correct contact information for you. You may have a different email address, home address or phone number since you first contacted that provider. Missed communication could lead to confusion and missed payments.

Be informed and make a plan. Contact your loan provider and get the details about your loan including what your repayment options are, the date you will need to start making payments and what to do if you need help making those payments. Review the terms and conditions of your loan(s). Make a financial plan for how you will make your payments and any changes you can make to your budget to allow you to make your payments in full and on time.

Pay early and extra, if possible. If you are still in school and can put any money toward your loans, contact your loan provider to find out how. Once you've started on your payment plan, consider adding additional funds to your payment to reduce the interest you pay and the total cost of your loan over time.

If you can't pay, take action quickly. Contact your loan provider immediately and ask about your options. Some federal student loan programs could help you with repayment. The U.S. Department of Education offers suggestions for students dealing with federal loans here. Don't wait to address the issue. Missed payments can pile up quickly and accrue interest, making your payments higher.

"Families who are behind in retirement savings or even emergency fund savings struggle with saving for college at all, and given the high cost of education, loans are sometimes necessary to bridge the gap," says Laura Brown, CPA/PFS, member of the AICPA's Personal Financial Specialist Credential Committee. "Implementing an aggressive repayment strategy can help ease the stress of a high expense period of life."