Coming out of university and into the world of work can be daunting enough, even without the thousands of pounds you may have to pay back.

A student loan can easily total £30,000 by the end of graduation depending upon the course and in most cases this debt becomes active upon graduation

Whilst it can seem like a large and threatening sum, there are ways and means of alleviating the shock of the debt with a little common sense and creative planning.

Personal loans
Unlike student loans, if you have any personal borrowings such as an overdraft or bank loan, you’ll have to start making repayments almost immediately after your course has finished

As a student you’ll probably have an overdraft – something which comes as standard with a current account from the high street banks. Whilst this overdraft can be a godsend and incurs no interest when you are a student it’ll need repaying once you graduated.

Some overdrafts offer an interest-free extension for one or even two years after the end of your course, so you need to make sure which type you have. Also check the subsequent interest rates are, as unlike the prevailing bank interest rate, overdrafts, loans and credit card rates can be exorbitantly high.

If you’ve been using credit cards to bolster living expenses (and let’s be honest, who doesn’t?), then it’s likely you’ll have run up a number of additional debts. There are plenty of options to keep moving your debt around with interest free introductory offers, but at some point you will need to start paying this money back

Rather than paying these all off individually you can find ways of consolidating them so that you are only pay off one debt than if you were simply making normal repayments.

The key is small but regular payments, ideally above the minimum payment required. If the thought of your monthly statement fills you with dread, be proactive and do something to reduce it such as setting a budget, cutting out extravagancies and spending sensibly.

Government loans
To begin with, the new fees regime (often known as top-up fees) means that you can have your tuition costs paid for, as well as some of your living expenses, without having to worry about making contributions or repayments until you finish your course.

Even after you finish your course, whilst you have responsibility for your debt, you won’t have to start making repayments at that point. Currently, there is an income threshold of £15,000, below which you will not be required to make any repayments.

And even if you a earning just above the threshold, the required payments from you remain relatively small. However, the curve is steep and increases dramatically with your income so at this point you may find yourself having to make fairly substantial repayments.

The process is generally very easy; if you are on PAYE then deductions will be made automatically from your wages, and if you are self employed then your repayments should be factored into your self assessment.

Believe it or not, your official Government issued student loan is one of the cheapest forms of long term debt around. There's no 'real' interest cost because the highest you'll pay is the rate of inflation.

Because it is such a cheap loan, and you don't need to pay it off immediately, you would be considerably out of pocket by borrowing at an expensive rate of interest (and with more strings attached) to pay it off. Unless you pay it off with a windfall inheritance or win the Lottery then it is not a sensible option.

If possible, use a savings account with a decent rate of interest to pay off your debt, and try and put a little extra aside for a rainy day.