With the economy in disarray, many students who are without monetary assistance from Mom or Dad or from their minimum-wage jobs are feeling the strain on their wallets as reality weighs in heavily for those interested in pursuing a higher education.

While federal student aid organizations are doing what they can to make the whole loan process appealing to students, with interest rates at 6 per cent, there is still room for disaster for individuals who miss a payment or two.

Every loan has a fixed rate, so if one takes out a loan at a high rate, one is stuck paying that rate until their debt is cleared.

Some loans require that students pay their debt as soon as the loan is taken, while others allow students to wait until their educational goals are completed; then they ring up their tabs.

Currently, the average list price of tuition and fees at four-year public universities rose $394 to $6,585, while at private colleges, prices have risen 5.9 percent to $25,143, according to the annual “Trends in College Pricing” report from the College Board.

While costs at some private institutions may run up to $50,000 a year, more than half of four-year students are attending institutions which cost under $9,000.

Public community colleges are always the best bargain, with average list prices at about $2,402, or $100 for those with financial aid.

There is really no need to take out loans unless one is desperate, cannot find a job or if one failed to apply for grants or scholarships.

A Pell grant is government funded aid that one can apply for, and if one receives notification that they are worthy of it, one never has to pay any money back.

The best bet for one seeking to pay for their educational expenses is to work as many jobs as is possible, apply for as many scholarships and grants as is possible, save your money and plan ahead.

While some students have the monetary means necessary to afford the expenses a pursuit of higher education entail, others are barely scraping by, breaking their banks and are even relying on loans to pay for the career they hope to land one day.

Earning one’s education, at any pace, is always commendable and incurring debt to do so is silly and unnecessary.