Student loan debt in the U.S. has now surpassed the $1 trillion mark, which tops the amount of money Americans owe on credit cards.

Now, the federal government is offering new help to college graduates struggling to pay those debts.

"Every year, millions of students across the country take out private student loans to pay for college, but consumer groups say they don't always read the fine print," said Rohit Chopra of the Consumer Financial Protection Bureau. "Private loan practices were very similar to the sub-prime mortgage practices in the years leading up to the financial crisis."

The bureau was created to look out for borrowers, and accepts complaints from student loan borrowers who might be having trouble with their loan servicer.

Chopra said the bureau workers contact lenders on the borrowers' behalf and pushes for action. He said many people have received thousands of dollars in refunds.

The CFPB said current and future college students should consider federal loans first. Unlike most private loans, government loans have automatic protections like income-based repayment. Chopra said otherwise, students risk starting their adult lives owing thousands to lenders, which is a drag on the economy.

"People aren't able to purchase cars, to start a small business, or to buy a home," Chopra said.

He said people don't need to be afraid of taking out student loans. A college education is an investment, but he said it needs to be a wise one.

For more information, visit the Consumer Financial Protection Bureau website at consumerfinance.gov.