But for a good cause, I guess. It may already be too late for college-bound students for this semester, but if you (or someone you know) is heading to school feeling overwhelmed by tuition costs, you/they can look into a federal stafford student loan. I took out a stafford loan when I first went off to college (at the far-too-young age of 16). That was back when dinosaurs still roamed the earth and loan applications were done on papyrus. Now students can apply online! Yay for easier applications! Your best bet with a Stafford loan is to get a Subsidized loan. That means the loan does not accrue interest while you are in school. I had both a subsidized and an unsubsidized loan in my early years of higher education. Let me tell you how much better it is to not be accruing interest. Sheesh! Even if you end up with an Unsubsidized stafford college loan, seeking higher education is a good reason to get yourself into debt. And once you have your fabulous degree and find a job making mad money, you can consolidate your school loans into a more manageable package and only have one check to write each month. Years ago I was able to consolidate my various school loans (each with their own interest rate) into one loan with a lower interest rate. Well, all but one loan, anyway. I had a small loan with 5% interest rate; it made more economic sense to keep that one loan separate, pay it off quickly, and then concentrate on the big lump of consolidation. Of course I'll be paying off my consolidated loan for the rest of my life, but at least my interest rate is low. And now that I'm in school, my loan is deferred again! Woo hoo!

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