"Down with Debt" confronts student loans

SPRINGFIELD, Mass. (WWLP) -  

Student loan debt in the US passed $1 trillion in 2012. That's higher than both auto and home loans. Most students borrow to go to school, and struggle for years to pay it back.

“Probably pushing like $100,000. I'm a little nervous,” said WNEU junior Jack Saloio.

It's the same story for a lot of college students. Before they've even graduated and started earning money, they already owe more in student loan payments than they can comprehend.

“It's in the back of my head. It's a big worry. It's a little stressful. We have work study here so we get a little money but we can't really put much aside for the loans,” said WNEU freshman Alex Santiago.

Students told 22news they know they'll pay the price for a good education. But they'll need that degree to compete in today's job market.

And just like students chose a college to help them succeed in their field, MassMutual wants to help them succeed further down the road.

“Particularly Millennials are really delaying a lot of the financial planning critical to their future as a result of being burdened with the debt,” said VP of MassMutual Community Responsibility Nick Fyntrilakis.

They've come up with the "Down with Debt" initiative: a challenge to students to come up with creative ways to confront their debt. The most creative entry will get 20-thousand dollars toward their loans. MassMutual has some tips to point you in the right direction:

Establish a budget of necessities. Try not to overspend on unnecessary goods. Look for a repayment plan based on your income. Avoid credit card debt by using cash. And find out if your employer offers a match of 401k contributions --- your future self will thank you.

To learn more about the 'down with debt' campaign, and how you could get 20-thousand dollars toward paying your student loans click here