As back-to-school fever nears, the college-bound and soon-to-be college-bound would be smart to make note of a scary statistic: the total value of outstanding students loans—federal and private—owed by Americans is nearly $830 billion. To put it in perspective, that’s roughly equal to the GDP of South Korea and $3.3 billion more than debt-loving Americans owe on their credit cards.

A recent study from the Department of Education showing loan-repayment rates for 8,000 higher-ed institutions is yet another indicator of just how difficult it can be to pay for an undergraduate education. Outside advocacy groups analyzed the Department of Education data and found that, on average, only 54% of students who attended public colleges were able to pay off their student loans. For public colleges the average repayment rate was 56% and at for-profit institutions, a dismal 36%. The figures are troubling, not only for students struggling under the debt, but also for taxpayers who pick up the tab if a student defaults on federal loans.

And with the unemployment rate at 9.6% and a job market unwelcome to newcomers, its no wonder recent grads are having difficulty making loan payments. The key to avoiding default, experts say, is being realistic about how much debt you can shoulder and being prepared for the payments you will have to make.

In my next post, I’ll share top tips from a student loan expert on how to manage your college debt right.