A college education may be the most important investment in a child's life and has become one of the most costly, too. The publicly reported tuition charged by private colleges and universities for the 2007-2008 can reach $50,000 a year. The trends are alarming, too. And while tuition at public universities is generally lower, costs there have been growing even more steeply in recent years as government support has lagged.
So it is no wonder that more students and their families are borrowing ever larger amounts to pay for college. Last academic year, they took out more than $78 billion in loans, both federally guaranteed and private.
But understanding how student loans work is not easy, and the unwary borrower can end up paying a high interest rate for years after graduation. For the millions of students who will need to borrow to pay for college, it makes sense to learn about the financial aid system even before applying.
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