"You have 10 years to pay it off," "Shark Tank" star and financial guru Kevin O'Leary tells CNBC Make It about student debt.
"Let's say you're graduating and you're  — you have to pay that off by the time you're 32."
The whole reason to invest in an education is "to actually have earnings power when you get out," O'Leary reasons. If you have student debt for any longer, "it's a ball and chain on your life," he says.
That's because the longer you carry student loan debt, the more interest you end up paying. And that's money you could have invested in instead, says O'Leary.
In fact, if you can, you should try and pay off your student loans within three years, O'Leary previously told CNBC Make It.
U.S. student loan debt levels set a new record in 2018, with borrowers collectively owing $1.5 trillion, as Americans owe between $20,000 and $25,000 each on average. And while the standard repayment plan for federal loans expects the debt to be paid in less than 10 years, for many it takes a lot longer. As CNBC Make It previously reported, research from the Citizens Financial Group suggests that 60 percent of student debt borrowers expect to pay off their loans in their 40s, and data collected at the state level underscores those findings. An analysis of 2017 student loan data found that there are Baby Boomers who are still paying off their student loans.