A report released by the Federal Reserve in February 2015 found that Americans are carrying $1.6 trillion in student loan debt, and according to The New York Times, the average student has $30,000 in loans.

Understanding your student loans can be complicated, but thankfully there’s an increasing amount of helpful advice out there for how to handle your payments.

One option to consider is consolidating your student loans.

Combining all your student loans can result in a lower interest rate and lower monthly payments.

If you have private student loans, it’s also good to look into refinancing  options, especially right now, as interest rates are still very low.

Yes, sorting out whether to consolidate and/or refinance your student loans can be complicated.

Managing your student loans is likely the first major financial decision in your life, and getting a handle on them early can help set you up for making good decisions about future money matters, like buying a car or a home, or investing in the stock market or a retirement plan.