Sep 01, 2016 09:10 AM EDT By Emily Marks, UniversityHerald Reporter

America has already amassed about $1 trillion in student loan debt. Some have reacted with panic and dread over the situation while others think that the college debt crisis is just "overblown."

It was also previously reported that paying for college using a credit card is not the best option. It was found that every tuition payment made through a credit card charged additional fees, called "convenience fees" of 2.62 percent on average. If, for example, students paid $10,000 on college tuition with a credit card, they would also be charged with $262 in convenience fees.

In a blog post by Mint, the budgeting app shared five ways to tackle student loan debt. These include knowing which payment plan is the right one for you as well as knowing how to maximize your income.

1. Find the right payment scheme.

Most student loan repayment plans distribute debt evenly through 120 months, or 10 years, by default. For fresh graduates, this standard plan is manageable. However, there are others who find it difficult to pay monthly. Look for alternative plans such as one of the government's income-based repayment plans.

2. Learn more about forgiveness plans.

There is a possibility that a part or all of your student loan debt will be forgiven depending on what industry you plan to work on. A job in the government or a nonprofit organization can qualify you for forgiveness plans. Specific details still depend on the terms of your loan and on the type of organization that you're working for.

3. Spend less, earn more.

Minimize your expenses and use leftover money to pay for your student loan debt. There are finance apps that you can use as well as this simple 50/20/30 budgeting rule. Check out other gigs that you can do to earn extra money as well.

4. Schedule and automate your payments.

This will help increase your credit score as well as eliminate extra expense through interest. Schedule and automate deductions from your account to ensure that you won't miss a payment.

5. Get a reduced rate for your student loan.

After being able to establish a good credit record, it is highly likely that you will be qualified to refinance your loan. This will definitely save you money in the long run and will enable you to finish paying your loan faster.

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