It’s a great time to go back to school. It’s a new year, which means it’s time for a new you. Just be careful that you don’t get up to your eyes in debt because of it. There are many options, albeit fewer now that the economy is bumpy, to get money for college. Private lenders and universities alike are adapting to the current recession scene. You can do the same, but it means adding more than just classwork to your stack of homework.

Charge It!

Credit cards are notorious for helping people rack up ungodly amounts of debt. In the past decade or so, credit card companies have started directly marketing to students, both on campus and online. This is changing. Not only are there ethical issues surrounding this issue, but the lenders themselves are having to change their tune to make ends meet. A little help from the ol’ charge card can defer the myriad minor costs associated with schooling (books, stationary, coffee, et c.), but keep in mind that credit cards are a deferment, not magic money machines.

New, prepaid debit cards are showing up on campuses, but these cards have hidden fees, offer limited consumer protection, and don’t help students build credit history. There are smart ways to use a credit card. Paying cards off quickly lets you take advantage of the aforementioned deferment and get all the rewards the company offers without paying much, if any, interest.

I’ll Gladly Pay You Tuesday for an Education Today

Student loans can help you meet tuition costs, but they aren’t necessarily a cure-all for academic money woes.  It all seems so nice when you’re attending school. It’s when you graduate that the collector comes a-knockin’. I’ve met more than a few people who are well-established in their careers and still see no light at the end of the student-loan tunnel.

Lending is down is the current economy, which means that getting a loan might be more difficult. There’s good news to be had, though. The government has made more federal money available for loans, and it seems to be working. The student debt issue–and what it means for the economy–is pretty hot right now, so you can expect fluctuating emotions in the news and frequent changes in loan availability.

However you end up paying for your education, make sure you’ve got the math right. It’s a time for self-improvement, not debt building.