8 Things to Know About the New College Borrowing Season

Most families end up borrowing to cover college costs.

More than 70 percent of college students rely on loans when pursuing a bachelor’s degree and many parents borrow as well.

The college loan season starts on July 1 when the federal government makes federal loans available for the 2016-2017 school year.

With the college loan season upon us, here are eight things you should know about college loans:

The Best Way to Borrow for College

As recently as the early 1990s, most students did not take out college loansToday, almost two out of every three college students borrow due to runaway higher education costs.

The typical student borrower leaves college with roughly $35,000 in debt. As a result, federal college loan debt now exceeds credit card debt.