June is wonderful month. It signals the start of summer and the end of the school year. It is a time for weddings and vacations. And, for many, it means graduation.

Graduation is such an auspicious and euphoric occasion. For some, the day is anticipated for years, sometimes even decades. There are 90-year old grandmothers out there who are finally attaining their bachelor degrees. Likewise, there are 22-year-olds who are finally and happily done with ____ (insert school name here) U.

Unfortunately, the sad fact of most graduations is that these events are riding on thousands upon thousands of dollars in student loan debt. The fresh graduate has no sooner received his or her diploma when the first loan repayment bill comes due. And these are not small repayments either: on average, bachelor’s degree recipients owe around $20,000 in student loans. In my experience, listening to students, I know that the number can be significantly higher- especially if they go on to graduate school.

Student loan debt would be fine if it guaranteed a good job following graduation. However, I rarely meet the fresh-out-of-school graduate who is pulling in a $100,000 salary. Rather, many graduates do internships, and those internships pay either poverty-level wages or none at all.

Fortunately, there have been a few developments recently: the government is now offering two new repayment programs for students saddled with loan repayments. In brief, they are the Income-Based Repayment program and the Public Service Loan Forgiveness program. For more complete information on these programs, click on the full Your Money and Debt article located here.

Of course, the best way to reduce and/or avoid debt is to not accumulate it in the first place. Is this possible when it comes to schooling? I say yes. Here are 4 tips that you can heed in order to avoid or at least reduce student loan debt:

1. Go to a community or local college. Community and local colleges are not free, but they are significantly cheaper than 4-year schools. Also, you have the benefit of living at home, which saves you money on room and board. Finally, if you change your mind about your intended major, it’s no big (monetary) deal; you’ll just take a few extra classes.

2. Research your future career earning potential. Before you enroll in a single class, research how much your future career will pay you. Online statistics from sites like Yahoo or MSN Money are not the most reliable; however, Glass Door is a unique site that publishes actual salary information for current jobs. You need to register and submit your own salary information before the site will become accessible to you. Rest assured, your salary disclosure is worth it. 

Alternatively, you could find people who work in your desired career and inquire about their earnings. Thus far, I have met only one person who readily disclosed her salary information. You have to be sneaky here. I will typically start the inquiry round by first asking how much the person’s overtime pays, then move on to things like whether the person has stock options and bonuses. Again, this is not the easiest approach. If all else fails, try Glass Door.

3. Pester your college placement office. Your school should have a placement office with job statistics on its graduates. If it doesn’t, reconsider attending such a school. Remember that a college is in the business of selling you an education for the product of a better job and salary. If the school can’t produce data showing that its graduates have gone on to bigger and better careers, that school is not holding up its end of the bargain.

4. Calculate your future debt to earnings. Once you obtain concrete data on how much you can expect to earn per year in your future job, compare that amount to the amount of student loan debt you will accumulate. If the debt eats up more than 15% of your yearly earnings (assuming a typical 10 year repayment period), then you need to choose either a cheaper school or a more lucrative future profession. To estimate your loan repayment, you may use a simple loan calculator such as the one provided here. If you don’t reconsider your options, your student loan debt will be your faithful friend for many years (or even decades!) to come.