College students laughingMassachusetts Office Of Travel / Flickr Former college students now have an average of $30,000 in student-loan debt.This post is sponsored by Citizens Bank.

After college, we have some great memories, along with a few regrets, like picking the wrong major or not dumping that messy roommate sooner. But on a larger level, you may also end up regretting the way you paid for college, especially if you're still mired in debt from your student loans.

According to Citizens Bank's nationwide INFORMED Index study, anxiety about student loan debt begins before graduation, and more than 77% of former college students between the ages of 18 and 40 wish they had planned better about paying down their student debt. Only 15% of former students and 23% of current students say they had detailed conversations with their parents. However, parents are more likely to believe that those detailed conversations took place (46%).

It's clear that student debt has evolved into a widespread problem for many Americans. Former college students have an average of $30,000 in student-loan debt, and many don't know how to handle it. In fact, more than half say that student loan debt limits day-to-day activities such as travel, shopping, and dining out. 

"Despite the well-documented long-term value of a college degree, too many Americans continue to struggle with paying for the rapidly increasing cost well after they have graduated," says Brendan Coughlin, president of education and auto finance for Citizens Financial Group.

Citizens Bank's INFORMED Index study dug deeper into the issue. They surveyed 1,562 current students, former students, and parents nationwide about their experiences with student loans and knowledge of refinancing as a solution.

While only 8% of former students reported refinancing their student loans, nine in 10 of those who refinanced said they benefited from it and would recommend it to others. Refinancing is, essentially, the option to consolidate federal or private student loans into a single monthly loan payment at a lower rate, which could save thousands of dollars on interest.

In an effort to help current and former students better handle their student debt, Citizens compiled the results and responses from the study, along with real-world advice from current and former students, to create an online resource for anyone facing student debt. 

There is even a tool to estimate how much someone could save through refinancing based on his or her current situation.

Citizens Bank refinancing toolCitizens Bank

Citizens also offers its own refinancing solution, the Education Refinance Loan, which allows those with student debt to refinance their private and federal student loans into one new loan at current market rates.

Customers can pick from a fixed-rate or variable-rate loan, both with flexible repayment terms, without the hassle of an application fee. So far, private student loan borrowers have saved an average of $127 a month.

"With refinancing now broadly available for both federal student loans and private student loans," says Coughlin, "we are committed to helping our customers better manage this phase of their financial lives."

Learn more about managing student debt.

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