Recent college grads are finding themselves either underemployed or unemployed and in no position to pay their student loans.

In that situation, the last thing you want to do is hide from your obligation. Federal student loans follow you like a plague. They typically can't even be removed by bankruptcy, and collectors can garnish your wages without having to prove the debt in a court of law.

Instead of defaulting, why not consider a forbearance or deferral? They're similar programs in that they both allow you to stop paying for a certain amount of time, but they do have some key differences. Visit the U.S. Department of Education's website for more details on each.

By going that route, you can get as many as 6 years of additional time to work through whatever situation is preventing you from paying.

It's also important to know about options for student loan forgiveness. Public service employees can enjoy full loan forgiveness after making 10 years of monthly payments on their federal loans. See our briefing for more information.

Meanwhile, FinAid.org details loan forgiveness options for those who volunteer with AmeriCorps, those who join the military and others.

Now, all of this addresses what to do after you've gotten yourself deep into student loan debt. But how should you avoid it in the first place?

Clark has a rule of thumb regarding borrowing for undergraduate studies. Your entire loan burden for 4 years should be equal to or less than your expected earnings during your first year of employment when you get out of school.