The graduation party is barely over for the class of 2016, but for many the bills are already coming due. On average, this year's crop of grads has just over $37,000 in student debt each, according to Mark Kantrowitz, publisher of Cappex.com. How they manage that daunting debt load will have long-term consequences on their financial well-being.

Alex Chediak, author of Beating the College Debt Trap: Getting a Degree Without Going Broke, offers today's grads his three top tips to start out on the right foot.

1. Have a budget, stick to it, and make or exceed your loan repayments.

When you're cash-strapped, it's easy to neglect student debt repayment because other obligations seem to carry more immediate consequences — i.e., if you don't pay your rent, you'll get evicted; i.e., if you don't make your car payment, they'll start the repossession process. But the consequences of not making your student loan payments are just as real. If your budget allows, exceed your loan payments: The extra money you throw at your loans goes against the principal, diminishing the accumulated interest you end up paying.

2. To the extent possible, avoid extending the repayment term in order to lower your monthly payment obligation.

Most student loans can be consolidated in such a way that the repayment term is lengthened from 10 to as many as 30 years. The carrot? Lower monthly payments — often much lower. The stick? Because you're making payments for a longer period of time, you end up paying a lot more! Now if your salary is low, but you hope or expect it to rise dramatically over the first or second decade of your career, this can work well, and it's certainly better than being delinquent or in default. But if you can, make larger monthly payments in the early years and get out of debt sooner (and for less money). Which brings us to #3:

"Beating the College Debt Trap," by Alex Chediak. (Photo: Handout)

3. Don't be ashamed to live rent-free (or rent cheap) with parents or relatives for a couple of years.

Yes, there's some stigma with living in "your mom's basement" but many recent graduates are needing to save money in their early years. And your largest expense tends to be housing (rent or mortgage plus utilities). By cutting the cost of housing by, say, $700-$1,000/month, you can get out of debt much faster (imagine throwing an extra $10K per year at your loans). Do extra chores around the house or yard to show your gratitude and to avoid slipping back into childhood mode. Treat your host with the same respect you'd show to a landlord.

Bonus tip: Avoid debt in the first place

Prioritize value in choosing a college — academic quality as a function of price. Ultimately, that you go to college (and succeed) will matter more than where you go to college. So don't pay a fortune for prestige or extreme comfort. Live within your means and, over time, you'll have the means to live.

If you do borrow, do so in a way that's proportional to your earning prospects. Since how much you'll be earning, and when, is less clear in your early college years, try to minimize borrowing in your early years. The subsidized federal (Direct) student loan limits are good annual maximums which rise as you proceed through college ($3,500 freshman year, $4,500 sophomore year and $5,500/year thereafter). And on subsidized federal loans, Uncle Sam pays the interest for you while you're in school.

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Rich Dad Poor Dad author Robert Kiyosaki takes a different tack with his get-out-of-debt advice to grads.

1. Cash flow is key.

With regard to debt, graduates should be thinking about two words — cash flow, and the assets that generate it. Cash flow from assets can cover their expenses, liabilities (including debt accrued during college) and help graduates continue to grow their asset portfolio. Assets could include a real estate rental property, stocks that pay dividends, or a business venture that delivers positive cash flow each month.

2. Invest in yourself.

Since a lot of graduates are just starting out, they can start small by investing in their most important asset — themselves. Our minds are our greatest assets, and I recommend that in addition to paying down debt they set aside some money for books or classes on topics that interest them such as investing, real estate, the economy and business. These small investments now will pay dividends for years to come and can deliver a better long-term return than aggressively paying down debt.

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3. Some debt is worth having.

Graduates should also recognize that not all debt is bad debt. I’m a debtor because I use debt to acquire real estate assets that generate cash flow. Remember, the rich don’t work for money, they learn about money and investing so that their money works for them.