Avoiding college debt

College debt can add up quickly, as explained in CNNMoney's recent article, "The other reason grads are drowning in debt" by Jon Marcus.

The best way to avoid college debt? Plan in advance. There are several different ways to save for college, some of which include 529 plans, Uniform Transfer to Minor (UTMA) accounts, education savings accounts, and others. Check into all of your options, and also see which plans offer tax advantages. Talking to a professional could be extremely beneficial to make sure you receive all the benefits available.

How not to blow it with financial aid

In Rachel Louise Ensign's Wall Street Journal article "How Not to Blow It With Financial Aid," she explains common mistakes parents and students make when seeking help with college costs.  Some of the common mistakes include:

• Earning too much at the wrong time.
• Letting the wrong family members hold college money.
• Making assumptions about what schools will offer.
• Thinking merit money is all about grades and SATs.
• Not applying for all the aid you're eligible for.
• Figuring the "expected family contribution" is all you're paying.
• Going for the loan with the lowest interest rate.
• Thinking an aid offer is set in stone.
• Figuring aid will be about the same all four years.

Click here to read the full article for more information.