From thestimulist.com:

I always loved going back to school. In elementary school, I’d get a haircut, maybe even a new backpack and have butterflies in my stomach that whole first day.

But sometimes it was painful. In 4th grade when I found out my best friend moved without telling me. Two years later, my dyslexic teacher called me Roadhead.

Even with the occasional hiccup, first days of school are a great way to start fresh and have a positive outlook on the year to come.

For hundreds of thousands of college and graduate students this year, there will be a different type of painful butterflies, ones fluttering around because of big tuition increases. College endowment losses and strapped state governments have left our nation’s universities even more dependent on tuition revenue, and students are feeling the crunch.

The result will undoubtedly be increased student debt, which is quickly emerging as a social ill in the United States. Here are a few important tips for students worried about managing their student debt:

SET A GOAL FOR A MAXIMUM DEBT TARGET BY GRADUATION
Far too many students borrow way more than they’ll ever be able to pay back, leading to financial panic in their 20s.

As a general rule of thumb, set your target equal to your expected post-graduation annual salary. That way your monthly debt payment on a standard ten-year student loan should be no more than 15% of your monthly pre-tax income.

Career sites like Glassdoor can help you get a sense of realistic salary levels for your field. If you are fairly certain that your income will grow quickly, you can borrow a bit more. But if you have no idea what you want to do, lower your debt target to plan for the uncertainty.

MAKE SURE YOU BORROW ENOUGH
If your parents tell you to borrow the smallest-possible student loan for college, remember these are the same people who say things like “What is the Twitter?” Ignore them—politely.

Truth is, many students aren’t taking enough student loans. Sallie Mae’s newly released study found that 82% of students finance their daily living expenses with credit cards. A large number of these kids could actually be taking a larger student loan at a substantially lower interest rate.

If you’ve borrowed up to your maximum student loan eligibility and still need more funds, you’ll need to take action. If you can’t cut your expenses or get a job, talk to your financial aid office to see if you can increase your loans. If they can’t help you, consider a loan from a peer-to-peer lending site, like Prosper.

Whatever you do, don’t resort to credit cards. Borrow an amount that will realistically pay for your cost of education and living.

SHOP AROUND AND BORROW STRATEGICALLY
The student loan kickback scandal was a painful reminder that we have to empower each other to make smart decisions about student loans, because universities do not necessarily have their students’ best interests in mind.

First and foremost, do not believe that the financial aid office’s preferred lender will have the best rate for you. You should shop around for your federal loans, including your Stafford and PLUS loans. Start by asking your school’s loan office if they have a list of pre-qualified lenders. Check the terms of each lender, but also search online for other deals. And make sure to check out Graduate Leverage—they offer objective information on whether their loans are better or worse than other lenders in the marketplace.

Finally, be sure you are borrowing funds in the right order. Max out on subsidized loans first (Perkins, Stafford, special loans from your school), then unsubsidized federal and private loans.

Remember my best friend from 4th grade who moved without telling me? Well, it was hard for me to understand “deportation,” but I learned and I guess I forgive him.

Sure, student loans are also difficult to understand, but save yourself a lot of future sleepless nights by knowing what you’re signing.

Fortunately, the new crew in Washington is not exactly tight with the student loan industry, so more changes are sure to come. In the meantime, do your homework before your borrow and get the fresh start you deserve as your begin the new school year.

Rohit Chopra is director of the Center for Sensible Finance, which educates consumers on how to make better financial decisions. He previously wrote about financial lessons learned from Saved by the Bell,how to find cheap health insurance and avoid bank fees for the Stimulist.