The coming of December is often met with despair by spring college graduates. Instead of thinking about the holidays, recent grads are focused on their first student loan payment. Most loans offer a six-month grace period, meaning those who graduated in May are about to begin paying their hefty education cost back. Seven in ten college graduates had to take out student loans with an average of 30,000 dollars in debt, with 64% being solely responsible for the payments. The first step is to completely understand what loans you took out; get to know the ins and outs of the payments, interest, and duration. Most importantly, set up a budget based on your income, not your wants, even if it means you must move in with a roommate or back home for a few months.