Those of you who are nearing graduation are also entering into a new life of independence and freedom. However, as the line from “Spider-man” goes, “With great power comes great responsibility.”

Unfortunately for many, that responsibility is student loans.

While still a freshman, student loans were the furthest concern from one’s mind. Payment was still years away, and by that time one would be rich and happy at his new job.

For seniors, reality approaches quickly; however, most student loans offer a grace period of three to six months after graduation.

During this time, it is important to review one’s loan terms and obligations. Moreover, the loan total and monthly payment should be calculated.

After calculation, one may find him or herself in either a scenario where they are not able to afford the monthly payment, or that they are able to pay a significant amount more each month.

If the problem is a shortage of cash, there are a few options available. For example, alternative payment plans (paying a lower monthly balance in the first month and increasing with salary) can usually be arranged. Moreover, most loan companies offer a deferment plan which will not affect one’s credit score.

“As a last resort, there is the option of forbearance,” said Stacking Pennies blogger SJean. “This is similar to deferment, but you don’t need qualifying circumstances, and it will negatively impact your credit score.”

However, if one’s circumstances provide for the ability to pay more than the monthly bill he or she is then faced with the question of eliminating debt or investing the excess money.

“Ultimately, there is no easy answer when it comes to whether you should invest or not, said columnist Eri Kaneko of Columbia. “But just remember, even if you choose to solely put your money towards repaying your loans, student debt is actually a long-term investment in yourself.”

For more information on student loans, visit FinAid.org.