Chances are, you'll need to borrow money somewhere along the way to pay for college. Loans give you or your child the opportunity to get an education now, while absorbing the cost of college over time.

Borrowing for college is basically a balancing act — paying as much as you can with your current resources so that you minimize what you'll end up paying back with interest. You also need to determine how much your current budget can reasonably handle — something that can change over time.

Loans are available from numerous sources, including the federal and Massachusetts governments. MEFA also offers a number of affordable loan products you may want to consider.

Remember that there are smart ways to borrow that can help keep your debt manageable:

• Save early, save often to reduce the amount you have to borrow. You can't possibly save too much.
• Use a monthly pay-as-you-go plan when possible.
• Do research to ensure that you get the best possible loan rates and terms. Make sure that you're not adding more cost than absolutely necessary
• Be sure to read carefully when checking out rates and fees. Sometimes the hidden costs buried in the fine print have a big impact on your overall cost of borrowing. Read carefully terms like Application Fee, Origination Fee, Guarantee Fee (Default Fee), and Tiered Pricing when interest rates and fees are mentioned.
• Learn about the impact of deferring repayment and choosing a long repayment term. Putting off payments and having smaller monthly payments may sound attractive, but they might increase your total cost of borrowing.

• Study and complete your college degree or post-graduate degree. You will increase your earning power for years to come.
• Take advantage of available tax benefit options.
• Repay loans on time to build up a good credit rating and teach your child to do the same. Good credit will help you down the road when you want to take out a mortgage, buy a car, even get a job.