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College - Max out cheap federal aid first
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Before applying for any private loans, take out the maximum in federal, typically Stafford, loans. Their fixed rates - 6% to 6.8% - are generally less than private lenders' variable rates.

After you tap out Staffords, federal parent PLUS loans are generally the best deal. Read more about how to beat the current loan crunch.

Potential savings: $8,000 on $27,000 in loans in 10 years

NEXT: Medical costs - Choose your deductible wisely

Last updated June 13 2008: 10:48 AM ET
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