YOUNGSTOWN, Ohio - The total outstanding student loan debt in the U.S. is $1.2 trillion. It's now the second largest consumer debt behind only mortgages.

Forty million Americans hold student loans, and the number is growing.

The Class of 2015 left campus with an average of $35,000 in debt.

YSU President Jim Tressel has made reducing student debt a priority.  "It's a huge subject for all of us," Tressel said.  

Students often add to the problem with credit card debt. So YSU has partnered with PNC Bank to offer students a program called Virtual Wallet.

University Bursar Gloria Kobus says it helps students establish and manage a budget.  "Not only it is important to know what you're borrowing or what your cost is in college, but how do you manage your money while you're in college," said Kobus. 

YSU also is conducting regular student loan workshops that focus on financial literacy.

"The goal is to educate them about borrowing responsibly if they need to borrow, and how to avoid problems in the future," said Elaine Ruse, Student Financial Aid Director.

Credit Counselor Vic Russell works with graduates who haven't found a job or they are making a lot less money than they expected. His company, Apprisen, now offers one-on-one student loan education sessions.

"In most cases we'll get on the phone with the servicer right there on the spot and set up a repayment program for them," said Russell.

According to Russell, too many people don't research the repayment options that are available.

"For example, there's income based repayment, there's forbearance and deferment. There's a lot of options available for the federal direct student loan to individuals to help them through a difficult period of time," Russell said.

A deferment is a period during which repayment of the principal and interest on your loan is temporarily delayed.

With forbearance, you may be able to stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue on your loans.

Another option now being offered is the forgiveness program for students who enter public service careers.

"You work in law enforcement or public service such as a nurse or teacher, you may qualify for an opportunity to have your student loan forgiven after a 10-year repayment," said Russell.

One in five student loan borrowers go into delinquency or default. Russell says that can lead to wage garnishment and other consequences, such as problems in getting hired. He says employers take a look at default rates on student loans and also your credit report.  

President Tressel says the best advice to parents is to start saving and planning early.

"There's a plan that you better put into action now that can really help reduce things such as borrowing," said Tressel.

Two valuable websites that can help you track student loans and explore repayment options: www.student loans.gov  and www.nslds.ed.gov