The US Department of Education is making a one-time adjustment for those with student loan debt to potentially receive three years of credit toward loan forgiveness. With student debt at record levels, the move could affect millions of Americans' wallets during a time when consumers are already stretched thin.

Maconomics founder and CEO Ross Mac joins Wealth! to break down some of the best ways Americans can manage and pay down their student loan debt.

Mac reminds student loan borrowers, "You have to approach it like any form of debt. Everything starts with having a well-constructed plan and the first plan of action when it comes to getting out of any form of debt, is you have to make sure you're budgeting right. You have to be able to control your inflows and outflows, so you can understand where you can actually cut expenses and other frivolous matters to now apply and actually have a little more money to start paying more than just the minimum."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino