Murfreesboro, TN - A college degree can be a real plus for some careers, and yet it might have little or no effect on others. A college degree is a substantial investment in your future that can lead to better job opportunities.

WalletHub reports that many students find themselves with a pile of debt from pursuing their degree. Around 42.2 million Americans owe a collective $1.61 trillion in student loans. That comes out to an average of over $38,000 of debt for each borrower.

That really hits home to Murfreesboro, since this is the home of Middle Tennessee State University, the largest undergraduate enrollment in Tennessee with 17,438. When you include grad students, MTSU's enrollment is 20,540. 

“Monthly student loan payments vary quite a lot across the country. The median student loan payment in Arkansas and Mississippi is just $142 per month, while the median in New Hampshire is $229, an $87 difference. In either case, that leads to extremely long payoff timelines."

With the average student loan debt of $38,000 and a fixed interest rate of 6.53%, the rate for federal undergraduate loans, it would require a monthly payment of $284 to pay off everything within 20 years. Since Tennessean's are paying off college debt at an average of $161 per month, that would push them toward a 30 or more year pay off. 

WalletHub had some great tips for clearing your college loan debts. 

• You may be able to add some additional cash-flow with a part-time job or side hustle, or you can consider a different job altogether that offers better pay.
• Some employers will offer perks to employees who further their education. Check and see if your employer offers any tuition reimbursement programs that could help you pay down your debt.
• Making on-time payments will help you avoid any unnecessary fees or additional interest charges.
• If you have a good or excellent credit score, you could transfer some of your student debt to a credit card with a 0% intro APR to stop interest from accruing and pay off what you owe sooner.

Live lean until you clear your debts. In other words, when you graduate don't suddenly add big car payments, mortgage debt along with the student loan. Good luck!