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Federal student loan payments are due this month for the first time in over three years. Everyone has made their opinions known on topics such as debt cancellation, repayments, and if college is even necessary. So where do we go from here? And what does it all mean for the economy? Yahoo Finance spoke to experts across the industry to help answer those questions and more as part of the weekly series "Student Loans: Smarter Strategies."

U.S. Under Secretary of Education James Kvaal discussed student loan repayment options, including President Biden's SAVE plan. Kvaal said, "We've created the SAVE plan, which is the most affordable repayment plan ever."

National Association of Student Financial Aid Administrators (NASFAA) President and CEO Justin Draeger advised borrowers not to wait regarding a student loan repayment plan. Draeger explained, "The time to be thinking about repaying your student loan debt is today, not waiting until the last moment.

The Biden administration's 'plan B' is rolling out and attempting to expand student loan repayment options for borrowers. Democracy Forward President and CEO Skye Perryman broke down the latest plan in detail. Perryman said it will "hopefully be able to provide borrowers even more relief."

NerdWallet (NRDS) Personal Finance Expert Kimberly Palmer and Bipartisan Policy Center Economic Policy Project Director Rachel Snyderman revealed their top tips for getting ahead of student loan payments.

Palmer stated that "people are feeling very financially stressed" even before the payments begin. She added, "A lot of people don't even know how much they owe, exactly who their lender is. And so for some people it starts with answering those basic questions."

Snyderman explained, "The cost of attaining a higher education degree has become unaffordable and unattainable, and so we really do need to look at common sense solutions."

American Association of University Women CEO Gloria Blackwell broke down why women bear the brunt of the student loan debt crisis. Blackwell said, "They've taken on more degrees, they've taken on more debt. Then they emerge with a degree and they are earning less, and unfortunately it takes them longer to pay off that debt."

The Biden administration's Public Service Loan Relief program has saved borrowers billions of dollars. American Federation of Teachers President Randi Weingarten explained, "We should really be helping people go to college, and doing it in an affordable way."

Shanna Hayes, a borrower, has enrolled in the SAVE plan for her federal loans. Hayes feels she was slightly taken advantage of by the student loan system. She said, "Out of college, I got my first contract for $29,000 ... for most folks today, not that much, and you can't actually afford to live off that money. It really contributed to feeling a little bamboozled by the system itself."

Student Defense Vice President and Chief Counsel Dan Zibel and Boies Schiller Flexner Partner Adam Shaw discussed the "predatory" nature of many private student loan companies and how to avoid them.

Zibel noted that "if it sounds too good to be true, it usually is too good to be true."

Shaw broke down the Navient lawsuit in detail, which resulted in a $198 million settlement for borrowers who filed for bankruptcy. Shaw said, "Everybody thought that student loans of all stripes persist through bankruptcy, but in fact certain private student loans do not persist through bankruptcy."

Handshake Chief Education Strategy Officer Christine Cruzvergara discussed the importance of mental health and how that factors into this generation's student loan decisions. Cruzvergara said, "Student loan repayment is part of that (mental health) conversation ... all of these types of benefits are becoming more the norm as the new generation comes into the workforce."

Wells Fargo Head of Advice & Planning Michael Liersch and Linda Nicholas, NYU's School of Professional Studies Student Financial Services Director, broke down how students are planning their career paths and job options in order to better prioritize paying off their student loan debt.

Linda Nicholas stated, "What's the long-term return on investment? And that's what folks are asking. And when you're comparing colleges I think this is where the conversation begins."

Liersch added, "The real question to ask isn't whether it's good or bad debt, it's whether I can pay it back and whether it will be sustainable."

The Princeton Review Editor-in-Chief Robert Franek discussed Princeton's rankings of the best colleges and some of their survey answers regarding student debt. Franek said, "The number one survey for the past 7 years running has been concern about assuming too much debt to pay for college."

Student Debt Crisis Center President Natalia Abrams and 'Loan Wolves' Director Blake Zeff analyzed the growing concern over the student debt crisis in the U.S.

Abrams thinks that higher education is "absolutely worth it," but understands the opposing point of view. Abrams said, "For loan borrowers they may not feel that the loan itself is worth it, but the education is."

Zeff agreed with Abrams regarding the importance of education but was concerned about the increasing costs. He explained, "The education is really important, but people are going to have to start asking is it even worth taking out these loans, because it's just so expensive."

Video highlights:

00:00:05 - U.S. Under Secretary of Education James Kvaal

00:00:21 - NASFAA President and CEO Justin Draeger

00:00:31 - Democracy Forward President and CEO Skye Perryman

00:00:46 - NerdWallet Personal Finance Expert Kimberly Palmer

00:00:56 - Bipartisan Policy Center Economic Policy Project Director Rachel Snyderman

00:01:09 - American Association of University Women CEO Gloria Blackwell

00:01:24 - American Federation of Teachers President Randi Weingarten

00:01:38 - Borrower Shanna Hayes

00:01:53 - Student Defense Vice President and Chief Counsel Dan Zibel

00:02:04 - Boies Schiller Flexner Partner Adam Shaw

00:02:22 - Handshake Chief Education Strategy Officer Christine Cruzvergara

00:02:41 - NYU's School of Professional Studies Student Financial Services Director Linda Nicholas

00:02:51 - Wells Fargo Head of Advice & Planning Michael Liersch

00:03:01 - Princeton Review Editor-in-Chief Robert Franek

00:03:10 - Student Debt Crisis Center President Natalia Abrams

00:03:15 - 'Loan Wolves' Director Blake Zeff

Watch all of Yahoo Finance's special coverage "Student Loans: Smarter Strategies."