Nearly half of recent college graduates feel overwhelmed by debt and it is not just from student loans.

According to a new study from Wells Fargo, recent grads said debt from credit cards, medical, mortgage and auto payments contribute to their student loans. Four in 10 millennials indicated in the survey they felt "overwhelmed."

"They're overconfident, they're extremely optimistic if you compare them to other generations," Dan Schawbel, author of the book "Promote Yourself," told CNBC.

Even though 56 percent admitted to living paycheck-to-paycheck, 72 percent of respondents said they are confident they will one day save enough money to achieve the lifestyle they want.

"Honestly, it's not there for them," Schawbel said. "A third don't think they're going to have the same standard of living as their parents did and that's a huge problem."

In ranking the importance of each source of their monthly, 29 percent of the survey respondents listed student loan payments first. Comparatively, 44 percent of the baby boomer generation said saving for retirement was their most important monthly payment.

But for some millennials, student loan debt may not even make up most of what they pay off every month. On average, the survey respondents said 16 percent of their monthly payments are for credit card bills, 15 percent for mortgage debt and 12 percent on their student loans.

In separate study, a University of Arizona research team found that roughly half of college graduates at least two years removed from school rely on financial help from their family. According to CNN Money, the school tracked 1,000 of its students over the course of five years. From the point they entered in 2007 to graduation in 2013, only 300 of the students reported being self-sufficient two years after leaving school.

Ted Beck, president of the group that sponsored the study, the National Endowment for Financial Education, said these students may not be experiencing failure to launch, but money-related delays. Lack of financial independence and stability is causing recent grads to put off starting a family, getting married and owning a home.

"There's been a deferral of those things we would traditionally think people would start to do at this age," Beck told CNN Money. "People are not willing to make those commitments until they're on more solid ground."

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