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Tips for Getting Student Loans Under Control, Cutting Monthly Payments

Paying off student loans: How to cut your monthly payments 4:45

Americans owe a staggering $1.2 trillion in student loans, and on average, college students owe $37,000 when they graduate. TODAY Show financial editor Jean Chatzky said according to StudentLoans.net that people are struggling so much to pay back their student loans, and that one-third of college students would rather not have sex for 10 years than deal with the weight of their loans.

"What we hear from people with debt is that they are unable to buy homes, the put off getting married, having kids," said Chatzky said. "It's really difficult to get your life started."

Chatzky suggests ways to cut student loan payments, such as consolidating federal student loans or joining the Repaye (Pay as you Earn) government program.

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