One option to assist families with financing a college education is borrowing educational loans. There are federal loan programs available for students and for parents as well as private alternative student loans. The Office of Financial Aid Loan Options web page discusses the types of educational loans available to families.
Before borrowing student loans, students should first understand what it means to incur student loan debt. To begin with, it is important for students to realistically estimate their expected salary upon graduation from college. This is necessary to be able to calculate the salary you will need to repay your student loans.
To determine your estimated salary, you may visit the Occupational Outlook Handbook and select the type of occupation in which you are interested, then select "earnings". The Occupational Outlook Handbook also has information regarding the nature of the work for the occupation as well as the training and qualifications necessary. In addition, job outlook and projections for the occupations are also reported.
"The Occupational Outlook Handbook is a nationally recognized source of career information, designed to provide valuable assistance to individuals making decisions about their future work lives. The Handbook is revised every two years" (from the website of the Occupational Outlook Handbook, by the Office of Occupational Statistics and Employment Projections, of the U.S. Bureau of Labor Statistics).