Student loan debt is a nightmare for millions of consumers. It doesn't help that many of these loans are being managed improperly due to lack of knowledge on the borrower's behalf.

"It is very uncommon for consumers to have such a large amount of debt and yet not know their interest rate or how long their payments are going to last," Brendan Coughlin, president of consumer lending at Providence, Rhode-Island-based Citizens Bank, told CNBC.

In fact, a recent Citizens Bank survey, which polled 501 graduates with student loans, revealed that six in 10 Millennials (ages 18-35) report having no clue oaboutf when their loans will be paid off. Worse yet, more than 30% don't know what their interest rates are, and 15% are unsure of their balances, notes Bloomberg. According to the report, the average student loan debt load is a whopping $41,000.

Here are some additional findings:

• 77% received federal loans to help offset the cost of higher education

• Fewer than 50% have explored refinancing, consolidation or other types of loan modifications to make their monthly payments more affordable

• 57% have borrower's remorse

​On average, respondents are spending 18% of their current salary on student loan payments. What's even more shocking is the volume of respondents who regretted their decision to take out student loans to attend college. Approximately 36% indicated they would have avoided college altogether if they had known it was so costly. (For more, see Student Debt Passes $1 Trillion. Is College Worth The Investment?)

For those who have chosen to tackle their exorbitant student loan balances, the end result hasn't been pretty. Many have been forced to cut back on the things they enjoy the most. More than 50% of respondents have slashed travel, clothing and footwear expenditures. And more than 40% have scaled back on entertainment, dining out and housing expenses.

While it's impossible to turn back the hands of time, there are steps you can take to manage your student loans more effectively.

1. Commit to a Spending Plan

The moment you graduate, the countdown towards student loan repayment begins. Therefore, you'll need to create a budget to ensure you can meet your monthly student loan obligations. If you discover your expenses are much greater than your income, return to the drawing board and start making cuts until you get your head above water. (For more, see Budgeting Basics: Setting Up a Budget)

2. Know Your Loans

Have you reached out to your lenders to clarify any questions you have about your loans? Do you know if the loans are unsubsidized or subsidized? Are you familiar with your interest rate? What are your repayment options?

You'll also want to confirm the lender has the correct contact information for you on file. Otherwise, you could miss important correspondence and possibly tarnish your credit rating if repayment is delayed. (For more, see Federal Direct Loans: Subsidized vs. Unsubsidized.)

3. Choose a Repayment Plan

If you have federal loans, visit StudentLoans.gov to learn more about the payment plans that may be available to you. These include the standard, graduated, extended and income-based repayment plans.

Some private lenders also offer flexible repayment programs, but you'll need to reach out to the loan servicer to explore your options.

4. Seek Financial Assistance

Financial hardship is not an excuse to ignore your student loans. Here's a better option: Contact your lender(s) promptly as they may be able to make payment arrangements, extend the due date or lower the repayment amount for a few months. If you have federal loans, you may be eligible for deferment or forbearance.

5. Consider Consolidating or Refinancing Your Student Loans

The U.S. Department of Education offers the Direct Consolidation Loan program, which combines your remaining federal student loan balances into one loan with a repayment period between 10 and 30 years.

If you have a combination of federal and private loans, both refinancing and consolidation are available through LendKey, but qualification is contingent upon your credit score. (For more, see Student Loans and How They Will Affect Your Credit.)

6. Student Loan Forgiveness, Cancellation or Discharge

You may also qualify for Student Loan Forgiveness, Cancellation or Discharge if you are employed in a public social service position. In some cases, volunteers also qualify. (For more, see Debt Forgiveness: How to Get Out of Paying Your Student Loans.)

7. Employer-Based Programs

Also, reach out to your employer to inquire about student loan repayment assistance programs. This perk is being offered by at least 3% of employers, according to the Society for Human Re Management's 2015 Employer Benefits Survey. See New Employee Benefit: Help Paying Student Loans to learn more.

If you're among the millions of consumers who are struggling to repay student loans or who have completely thrown in the towel, there's hope. By being proactive and reaching out to your lender to explore your options, you can be on your way to breaking the chains of student loan bondage once and for all.