Parents: Think Hard Before Borrowing for, With Your Student

Finding the right balance of access to college and manageable debt is an exercise that many families practice right around this time of year -- when the tuition bill shows up. Even a great financial aid package can fall significantly short of the total bill, which means it's time for some tough decisions. Earlier this month, the Department of Education issued new, draft rules that, if adopted, will change the eligibility criteria for both graduate and Parent Direct PLUS loans. The Student Loan Ranger attended the meetings where the department worked with members of the financial aid and consumer advocate communities to develop a policy that both maintains access to higher education and helps protect borrowers from taking on more than they can handle.