6. And, yes, it is still worth putting money into savings or retirement funds even if you have tens (or hundreds!) of thousands in debt.

Unless you suddenly come into a huge inheritance or win the lottery, it's probably not advisable to use your savings to wipe out your debt. "It's always good to have a cushion; you want some savings," Draper said. "If you come into a windfall and you decide you have X amount you want to pay [toward loans], I would say use it on private loans first. When it comes to federal loans, there are no prepayment penalties, but there are also safeguards in place for if you run into financial crisis in the future. There are fewer allowances with private lenders."

Mazzolini agreed, but offered a suggestion for recent grads: "If you're still in your grace period, pretend you have a student loan payment due and save that money. After your six-month grace period is over and you have your first payment due, you can make a large payment toward the principal."