Student loan debt is a big problem for 20-somethings, but it's also a challenge for people in their 30's and 40's.

Zephyr Picture, Getty Images

"There are about 14 million people under 30 carrying $292 billion in student loan debt, but those in their 30's hold $307 billion in debt, while folks in their 40's are carrying $154 billion in debt," says the Director of Merrill Edge in Cranford, Raymond Tenpenny.

"It has a multiplier effect when you have this much debt when you're trying to purchase a home, fix damaged credit scores - it could mean maybe you purchase a smaller home. So as housing prices continue to increase in the future, your equity in that home is lower."

To lower student loan, Tenpenny recommends putting together a plan, and staying disciplined.

"There's a lot of online tools that are available out there to help you build a budget, and stay on track," he says. "Seek help, get advice, use the online tools that are available to you, and pay with cash, and not use those credit cards."

He also points out saving for college is extremely important, which means you've got to start saving early for your higher education.