If they haven't already, millions of seniors graduating from high school will turn their attention over the next few weeks to paying for college. Scholarships and grants -- which don't have to be paid back -- are the best option, of course. But not everyone has the academic record for merit aid, or a great jump shot that would earn a sports scholarship. About two-thirds of four-year college students who graduate do so with some debt -- typically about $19,000.

Private student loans are not guaranteed by the government and their interest rates are not capped. Before considering one, make sure all government and institutional financial resources are exhausted. If there are no other ways to fill the financial gap, shop around and do research before choosing a private loan. Keep written records of all forms, applications and correspondence with your lender, especially regarding discounts and special deals, for the entire life of your loan.

The near doubling in the cost of a college degree the past decade has produced an explosion in high-priced student loans that could haunt the U.S. economy for years. While scholarship, grant money and government-backed student loans -- whose interest rates are capped -- have taken up some of the slack, many families and individual students have turned to private loans, which carry fees and interest rates that are often variable and up to 20 percent. Many in the next generation of workers will be so debt-burdened they will have to delay home purchases, limit vacations, even eat out less to pay loans off on time.

One of the nicest things about my job is that I get to travel around the country speaking to audiences about managing their money and listening to people talk about their successes and challenges. Earlier this year, at the invitation of Sidney James-Nakhjavan, I enjoyed the hospitality of Auburn University, where I spoke to the Women's Philanthropy Board at the College of Human Sciences. I also met with a number of Auburn students who had taken Sid's seminar in personal finance, using my book, Money Smart Women, as a text. One of those students was Brandy Howell, who endeared herself to me by bringing along a copy of the book marked with copious Post-its.

1. Don't save. 2. Too late for 529. 3. Save in student's name. 4. Just charge it. 5. Buy supplies late. 6. Use retirement accounts. 7. Don't negotiate. 8. Get a home equity loan. 9. Get married. 10. Don't file FAFSA. 11. Use a 'recommended lender.' 12. Solicit gifts. 13. Don't apply for scholarships.

Nearly 10% of student borrowers default in the first four years after they graduate, according to a new study of education loans that suggests the federal government has taken too narrow a view when measuring repayments. Moreover, the likelihood of default varies drastically across racial lines with black and Hispanic graduates far more likely to default, according to the study, Hidden Details: A Closer Look at Student Loan Default, released by Education Sector, an education policy group based in Washington. In September, Education Secretary Margaret Spellings announced that the student loan default rate had fallen from 5.1% in 2006 to 4.6%. But the Education Dept. data cover only the first 24 months after a student graduates.

The front-running Democratic presidential candidates are pushing a simple idea they say will make college loans more affordable: cutting out the middlemen. And the middlemen -- primarily, commercial banks and lenders -- are none too pleased. This month, New York Sen. Hillary Clinton issued her plan to make college more affordable through a range of proposals, from creating a new tuition tax credit to simplifying the aid application process. Buried at the bottom of her plan is perhaps the most radical step: A pitch to eliminate the Federal Family Education Loan Program, which gives subsidies to commercial lenders such as Sallie Mae to distribute federal loans to students.

With the Federal Reserve's recent rate cuts, borrowers may be better off waiting until July 1 to consolidate their variable-rate federal student loans, although they may be feeling pressure from lenders to consolidate their loans today. Recent graduates often opt to consolidate their loans before the end of their six-month grace period to lock in rates at the lower in-school interest rate, which is 0.60 percentage point lower than the repayment rate. For example, borrowers with variable-rate Stafford loans, which have a current repayment rate of 7.22%, could lock in a fixed rate of 6.625% if they consolidate loans within their grace period.

Colleges are moving to eliminate -- or at least ease -- student debt as pressure builds in Washington for them to spend more from their endowments to help families afford the rising cost of school. This month, Williams College announced that it will eliminate loans from all financial-aid packages beginning next school year and replace them with grants. Amherst College recently announced a similar initiative. And Davidson College in Davidson, N.C., began this fall replacing loans with grants and student employment. Other schools are stopping short of getting rid of loans entirely, but are still finding new ways to minimize debt, at least for some students. Colby College, a private college in Waterville, Maine, announced this month that it will eliminate loans for Maine residents starting next fall. Beginning with next year's freshmen, Wesleyan University in Middletown, Conn., will eliminate loans for its neediest undergraduates and reduce debt by an average of 35% for all other students on aid.

More teens are borrowing money to go to college -- and they're borrowing more than ever. That's well known. But recent studies show some interesting trends in student debt -- including which families are taking on more loans and which schools leave their graduates with the biggest debt burdens. In its yearly Trends in Student Aid report, the College Board says what while the number of students borrowing money for college is soaring -- whether they're from rich or poor families -- the increase is fastest among students from families earning more than $100,000 a year. Between 1992 and 2003, the percentage of those families borrowing for college tripled to 36%, according to the nonprofit association. (Go to collegeboard.com, then search for the report by title.)