Understandably, it's a daunting thing to have to start your working life with so much debt.  It seems unfair: You go to college to get a good job, only to have to devote a sizable chunk of your paychecks to pay off college loans.

Instead of panicking, you need to investigate your repayment options.  For example, here are some choices offered by Nellie Mae, a top originator of student loans:

• Standard repayment.  You pay your loan as planned for up to 10 years, depending on the loan amount.  It's standard practice that borrowers with student loans are given a six-month grace period after graduation before payments begin.  During this time, interest will continue to accrue but at a lower rate than what they signed up for.
• Graduated repayment.  This plan allows low, interest-only payments for up to four years, followed by principal-and-interest payments for the remaining term of the loan.  The initial interest-only payments can be more than 40 percent lower than payments that borrowers would make under a standard repayment plan.
• Income-sensitive repayment.  With this option, borrowers can increase or decrease their monthly payment amount based on their income and the loan amount.  Individuals facing financial challenges can choose this plan and select a monthly payment amount that is between 4 percent and 25 percent of their gross monthly income.  But each payment must cover at least the monthly interest.
• Extended repayment.  Eligible borrowers who owe more than $30,000 may be able to take as long as 25 years to repay their student loans.

Here is something else to consider: Look for a lower interest rate and try to consolidate.  On July 1, the federal government will be recalculating rates on student loans.  Experts anticipate that interest on student loans issued after July 1998 will fall to 4.1 percent, nearly 2 percentage points below current rates.  If rates fall, take the opportunity to lock in a low rate.

Like other lenders, Nellie Mae offers borrowers a chance to reduce their interest rate by 2 percent after making their first 48 scheduled monthly payments on time.  In addition, many lenders will also reduce the interest rate, usually by a quarter of a percentage point, if you allow them to automatically deduct loan payments from a bank account.

At FinancialAid.com, borrowers will an interest rate as low as 5.375%, a 1% rate reduction after 48 consecutive on time payments, a .25% interest rate reduction for using their automated debit program to repay your loan, and no fees or prepayment penalties.

Whichever repayment option you choose, keep in mind that you did get something valuable for that borrowed money.  As unfair as it may seem, one of the first things you have to learn is to honor your obligations as best you can.