Graduation day is supposed to be a happy one for college seniors, but for those who owed money to pay off their college education, this day can be dreadful. This could be the day when they would have to start repaying their student loan. Even more sadly, it is a burden that a lot of recent graduates will have to deal with.

Tuition costs and unemployment rate is rising, and so is student debt. According to a new report from CNN, two-thirds of college seniors who finished school last year has student loan, with an average student loan debt of $26,600- that’s about 5 percent higher from last year. With the unemployment rate reaching an all time high, Americans are increasingly falling behind on their debts.

If you are a graduating student with a college debt waiting for you after you receive that well-deserved diploma, you may want to consider these tips when repaying your debts.

1.       Keep track of your loan

Know the repayment status of your loan. Keep in touch with your lender so you will know when the payment is due. Keep in mind that even if you received no information from the lender regarding your payment schedule, you are still obliged to make payments on time. Take the responsibility of tracking your loan, and make sure to let your lender know your new contact information or address if you have moved. Be responsible and take your loan seriously.

2.       Don’t miss payments to avoid interest from accruing

Try not to be one of the 33 percent of the borrowers who are late with their first payment on their loans. To make sure that your payment will arrive on time, mail the payment a week before the due date. You can also enroll in an auto-debit program, just always ensure that your bank account has sufficient funds to avoid missing payments. If in any case you can’t afford your monthly loan payment and have to skip a payment, call your lender beforehand so they can offer different options

3.      Don’t ignore your student loans.

Whether or not you complete your education, you still have to repay your student loan with all its interests and fees. Borrowing is a responsibility, and ignoring the debt can get you into financial trouble. It can lead to a loan default and may result in unpleasant consequences.  Interest will increase your loan balance making the loan more expensive than before, it will ruin your credit score, and will have a negative effect on your cosigner’s credit history as well.

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