You’ve got the college degree, and now you’re stressed about what do to with the debt.

“Even if your student loans exceed your annual salary – which is, unfortunately, a common phenomenon these days – you can knock down those debts and start to regain control of your financial life,” says Lynnette Khalfani in her new book, “Zero Debt for College Grads” (Kaplan, $14.95).

Those aren’t just words coming from someone who doesn’t understand your financial pain. Khalfani, a former Wall Street Journal reporter and CNBC correspondent, knows what it’s like to climb out of a debt hole. She paid off $100,000 in credit card debt in three years by negotiating lower interest rates, doubling and tripling her minimum payments, and using every windfall she received – tax refunds and year-end bonuses – to pay down her debt.

The book’s release is timely. Lenders now are bombarding graduates with offers to consolidate their student loans. And for those considering consolidation, you might want to make that decision before July. The federal government recently announced that as of July 1, the interest rate for students and parents with variable-rate Stafford and PLUS loans will see their interest rates go up slightly.

Students with variable rate Stafford loans will see an increase of 0.08 percent to 7.22 percent. Parents will see an increase of 0.08 percent to 8.02 percent.

Graduates still in their grace period (the six months after graduation) can get a lower interest rate. But Khalfani cautions that people need to consider the pros and cons of consolidation.

Khalfani’s book starts by giving graduates and parents some general money management advice. After all, you won’t be able to pay off those student loans before a decade passes unless you have a handle on the basics – how to budget, save and cut expenses.

The bulk of the book focuses on the world of student loans, both private and federally backed borrowed money. Not surprisingly, many graduates don’t know the terms of their loans, much less who the lenders are.

Khalfani lays out some strategies for getting rid of this debt, including explaining various options that allow borrowers to lower their monthly payments. She provides guidance and warnings for parents considering co-signing for a student loan.

Wondering if there are programs to help pay off your debt? There are, Khalfani writes. If you’re a U.S. government employee, the Federal Student Loan Repayment Program allows agencies to make payments on certain workers’ federally backed loans, up to $10,000 a year.

Khalfani said it took her 12 years to pay off her $40,000 in student loans because she made only the minimum payment.

“The lesson I learned was that even if you consolidate and have an easy, low, fixed monthly payment, don’t just forget about your student loans like I did,” she says. “If you later start to make more money and can afford to pay more toward the school debt, I think you should do so.”

Debt is a bad four-letter word, even for loans used to attend college. I know for some, student loans seem necessary. At least by turning to “Zero Debt” you get a blueprint on how to get rid of this albatross.