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Let's face it, college can be very expensive. In some cases, it can cost in excess of $50,000 a year, which might explain why two out of three undergraduate students take out some form of a loan.

According to the U.S. Department of Education, the average senior graduates with roughly $22,500 in debt. Depending on the school, it could be much higher.

"The amount of money that students are borrowing today is more than the amount that my father had on the mortgage of our house," said CUNY Associate Dean for Enrollment Jim Murphy.

Regardless of income, every student qualifies for federal loans. For those in need, there's subsidized lending, like the Stafford Loan.

"No interest accrues on that loan, nothing is due and payable until six months after they are no longer a half-time student. They can go to the school until they are 80 years old. As long as they are a half-time student, that loan sits there, no interest accruing on it," said NYU Associate Provost for Enrollment Management Barbara Hall.

Meanwhile, students deemed to have no need can opt for an unsubsidized loan. Again, payment isn't due until after graduation, but interest begins accruing immediately, even while the borrower is still in school. And keep in mind, student loans aren't just for students. Parents may be eligible for a PLUS loan, or Parent Loans for Undergraduate Students.

"That's a federal loan that allows you to borrow an unlimited amount of money to cover the cost of the college. Unless you've had a foreclosure or a bankruptcy on your credit, most people can qualify for a PLUS loan," said Donna Rosato of Money Magazine.

The final piece of the loan puzzle is private loans, although they've become harder to come by due to the credit crunch. Experts warn these loans tend to have higher rates and less flexibility than their federal counterparts.

"The general rule is when you're looking at borrowing you want to be smart about your borrowing. Always go for a federal loan over a private loan, it's gonna be a lot better," said Rosato.

Several websites offer calculators to help you project how much you'll need in loans, and what your payments will be. One site, finaid.org, will actually estimate your potential starting salary based on your major. It then determines a manageable amount that you should borrow -- not what you are qualified to borrow, which is probably much more, but how much you can reasonably afford to borrow and still make your monthly payments after you graduate.