Borrowing for college: Loans, options, tips

There are good and bad ways to borrow money for college. Of course, one family's "crazy" is another's "reasonable."

Opinions about student borrowing vary wildly. These are mine.

But many second- and third-tier private colleges cost well over $50,000 a year. (Many of these same schools do hand out merit and need-based aid.) If the difference between one of these schools and the solid state school is a four-year debt load approaching $60,000 or $80,000, take a long, hard look.

Some advisers recommend that students limit their total college borrowing to what they expect to earn in their first year after college.

You're more likely to get the lowest rate if you are an upperclassman, agree to make interest payments while you're in college, opt for an accelerated seven-year payback plan or have your high-credit-scoring parents cosign the loan with you.

To compare private loans, you can check listings at Simple Tuition (simple tuition.com).