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Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.

Learn how to prioritize all your debt. And did you know student loan debt is the most dangerous debt any of us can have?

Debt certainly isn't always a bad thing. A mortgage can help you afford a home. Student loans can be a necessity in getting a good job. Both are investments worth making, and both come with fairly low interest rates.

Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It's a trap for the rest of your life because the laws are designed so that you can't get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy.

Private student loans should be avoided at all costs.

Pay your utilities, gas and other basic needs before paying on your debts.

The new American dream is one of responsibility. What is the bottom-line number that you're going to be able to pay back toward a student loan responsibly if you're doing it yourself after you have a job? That dictates the amount of money you can borrow. That dictates the school you can go to, if you can even go to a four-year college at all.

Rising student-loan debt is an economic emergency.

Students graduating with high debt encounter difficulties in qualifying for home and automobile loans.

For too many years, politicians in Washington have been eager to pledge more hard-earned taxpayer dollars to help deal with the student debt load. But this doesn't sit right with the many Americans who take pride in making fiscally responsible choices and paying off their loans on time.