The graduating class of 2014 owns the most student loan debt of any such group in history, with an average of $33,000.

According to USA Today, the new analysis came from student aid experts Edvisors based on government financial data. Of course, different majors lead to different careers and there may be an appropriate amount of debt for various specific cases.

"Even after adjusting for inflation, that's nearly double the amount borrowers had to pay back 20 years ago," the Wall Street Journal reported.

For example, engineering majors may accumulate well above the class of 2014's $33,000 average, should they pay their entire way with student loans. But engineering is the highest paying undergraduate major, so even if that debt climbs into six figures graduates have a good chance of starting their career with at least a near six-figure salary.

Mallory Bayers graduated in 2013 from Full Sail University with a degree in music business and she told USA Today she built up $85,000 in student loan debt. A Texas-native, she probably had to pay a higher out-of-state tuition for the Florida school. She said she had her monthly payments reduced from $900 to $55, which helps but will just drag out the repayment process.

"If I were in debt for half as much, I would still say it was too much debt," Bayers said. "It's going to take half my life to pay all this money back for a degree I haven't exactly put to work yet."

Recent research has suggested it is still worthwhile to pursue a college degree because people who only hold a high school diploma earn far less in average annual salary later in life. Too much debt can be suffocating, however, as a recent Gallup poll showed that it was affecting people's lives in more ways than one.

According to the Huffington Post, respondents with more student debt were more likely to struggle in "well-being" aspects such as "purpose, social, community, physical and financial."

To prepare for the post-graduation debt and to avoid taking out loans you may not need to, head over to the Consumer Financial Protection Bureau's (CFPB) website. A government agency that advocates for student loan borrowers, the CFPB will explain your various options and help you make the right ones.

Also, research different grants and scholarships. There are a lot out there and you cannot apply for too many.

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