Yes you have to pay them back

Be careful of banks and other loan companies. They may offer amazing deals on your student loans, such as low interest rates, but in truth they aren't in the business of saving you money.

Let me show you how much money you'll spend a month on typical student loans from a private institution.

Private University
Cost per semester: $20,000
Four years of college: $160,000
Interest rate: 6.7%
Payment period: 30 years

Monthly payment: $1,043.08
Total Interest Paid: $215,509.16
Total Amount Paid: $375,509.16

Student loans become a lot like paying two mortgages your whole life.  The scary thing is this does not include your cell phone bill ($100+), grocery bill ($400+), utility bills ($200+), car insurance ($100), ect.

What should you do to reduce the cost of loans?

Apply for grants!

Grants are pretty much free money ( sorry tax payers) given to students. Unlike grants you don't have to pay the grants back. You can apply for grants through FAFSA: http://www2.ed.gov/programs/fpg/index.html

Another thing to remember is live within your means. By all means go out and have a good time on Thirsty Thursday, just don't spend $30 on a case of Sam Adams to be a high roller that night. Don't eat out constantly, make your own food.

Students usually take out large loans and forget that they have to pay them back. It isn't until the six month grace period is over that students are slapped with reality.

Finally, in the past, Lawyers and Doctors would simply declare bankruptcy to clear their large student loan  debts. Today, students can no longer do this. If you declared bankruptcy today, all of your debt would be cleared, except your student loan debt. Which means you would still owe the bank $1,043.08 every month for the next thirty years with terrible credit.