Dec 29, 2016 07:22 AM EST By Jane Reed, UniversityHerald Reporter

Student loan goes hand in hand with student debt. And for loan borrowers, it can be a strain financially, physically and even emotionally.

But 2017 can be the year that will change all of that. Here are 2017 New Year's Resolutions that can help student borrowers in making sure that 2017 will be the year they can take charge of student debt. It applies to both students who are borrowing for their college or university degrees as well as for those post-graduates who are still paying off student loans.

Student loan borrowers can improve their financial situation by following these four 2017 New Year's Resolutions:

Start by paying extra every month if possible

By paying extra, this can save amounts in interest charges over time, as reported by US News. Use an online student loan calculate to see the difference in increased monthly payments. It can shorten repayment terms. Ask your lender if this is possible in case there are interests.

Know exactly how much you owe

College students actually do not know how much they have borrowed or are borrowing, according to a study from Brookings. This also includes the loan terms or even how much their monthly payments will be. It is time to know these things and take charge.

Resolve defaults

For those who have not made payments on federal student loans 270 days, then they have officially defaulted. There are ways to recover from defaults by either paying in full, rehabilitation or consolidation. Check the promissory notes or contact the lenders to see about these defaults. Time is important at this rate.

Resolve to borrow responsibly

This is the last 2017 New Year's Resolution and most likely the most important when it comes to student loan debt. Find out how to lower other expenses and use those savings to pay loans early. Borrow wisely and always have a plan to pay the loans off.

Want to know more about student debt? Watch this video below:

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