The graduation parties have been planned, the caps and gowns have been fitted, and the relatives are all asking what comes next. But no matter what career path they’ve chosen, about 70 percent of this year’s proud college grads will have one thing in common: student loans. Loan amounts have been on the upswing for the past decade, according to the nonprofit Institute for College Access and Success; for the class of 2014, average student debt was just shy of $29,000.

And many graduates attempt to manage their debt without knowing much at all about their loans, said Lori Capra, director of personal finance education for the nonprofit Learning Economics and Finance Network.

“They don’t understand the way the government loans are set up, and they are not aware of the many programs that are available,’’ she said.

In fact, according to a recent report by the Government Accountability Office, 70 percent of borrowers in default would actually have qualified for lower payments, a fact that suggests a need for more robust education about student debt.

So what should these newly minted grads — and debtors — know? Most importantly, Capra said, borrowers should know who their student loan servicers are and what they do. These companies administer student loan accounts on behalf of lenders, collecting payments, processing requests to modify repayment plans, and answering borrower questions. Federal student loans are serviced by just a handful of companies — Nelnet and FedLoan Servicing, for example — that provide service free of charge to borrowers.

So watch out for companies trying to sell you loan administration services or offering loan consolidation for an annual fee, Capra warns. Their practices are often unethical and costly, sometimes even illegal.

Borrowers who might be tempted by these companies’ promises should also know that they have several choices beyond default or trying to pay an unaffordable monthly bill.

Qualifying borrowers can pay back their loans on an extended repayment plan for as long as 25 years instead of the standard 10. Four different income-driven options base loan payments on the graduate’s earnings. Borrowers pay from 10 to 20 percent of their discretionary income each month. Graduates who go on to work in public service — for the government or a nonprofit organization — can even qualify for loan forgiveness after 10 years of employment.

More information about all of these options is available at the website of the Consumer Financial Protection Bureau.

Have a consumer question or complaint? Reach Sarah Shemkus at seshemkus@gmail.com.