Another year, another class graduated.

It used to be that students looked forward with anticipation to graduation as the next step in their journey of life. Now many look toward graduation with dread because it means that payments must begin on their student loans. Those who are unemployed or underemployed graduate into loan default, but many with decent jobs are also finding that student loan payments are holding them back in life.

Thanks to the recent economic revival, there is a realistic hope that the 15 percent drop in incomes of graduates since 2000 and the 50 percent increase in the debt to income ratio of workers under 35 can be reversed. Even so, many people in their 20s and 30s are having to postpone purchases on homes and autos. Some are postponing marriage. Almost half of college graduates have had to move back in with their parents.

Nationwide, student loan bondage has reached crisis proportions. About 40 million Americans owe an average of $39,000 in student debts. And over 11 million Americans are behind in their payments. Since student loan creditors enjoy extraordinary collection rights, and the debts cannot be extinguished in bankruptcy, millions are forced to seek refuge in government forbearance programs. Many simply put their lives on hold because of their burdensome debt.

We hold a contrary view based on the life of our role model Abraham Lincoln. Like those poor students, Lincoln started life with a large debt. However, he did not put his life on hold waiting to pay off his debt. Instead, within a few years he learned how to make more income, married and bought a home. It was not until several years later that his debts were repaid. The moral of the story is to build your life before you pay your debt.

Our hearts go out to these poor young people, but they must get up and get moving. If you are living with parents, save all you can. Look for ways to make more money, and consider starting a small business on the side. Don't wait to get married, because two can live almost as cheaply as one, and remember that no one thinks they can afford a family until they have one. Find a way to buy a home, however small, to take advantage of this once in a generation home buying opportunity caused by historically low interest rates and a still booming housing market. Hold your creditors at bay while you are building your life.

Jesus said "You cannot serve God and wealth" (Luke 16:13) You only get one chance to live your life. Don't let your creditors take it from you.

Ron Allen is a Christian businessman, CPA and author who serves in local, national and international ministries, spreading a message of reconciliation to God, to men and between believers. He is founder of the International Star Bible Society, telling how the heavens declare the glory of God; the Emancipation Network, which helps people escape from financial bondage; and co-founder with his wife, Pat, of Corporate Prayer Resources, dedicated to helping intercessors.

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