College (or university as it's called in many countries around the world) is a very exciting time.
It's a time when a young person leaves home for the first time and strikes out to get an education and discover his or her real passions in life.
It's also the first time most young people are faced with managing their own income and expenses, which can be a daunting task.
In fact, the cost of college has made it necessary for most students to take on quite a bit of debt via student loans.
There are subsidized loans and unsubsidized loans, and the amount a student can borrow is usually determined by the financial aid office of the school they're attending.
So what happens when that financial aid isn't enough to cover all their expenses, including tuition, books and rent? At that point it becomes necessary for the student to take out some kind of personal loan in order to make it through the term.
These loans are usually not as attractive as other loans - even credit cards - but there are times when they really don't have the luxury of seeking lower interest rates and better terms.
My only hope would be that a student's wisdom surpasses their age when they decide it's absolutely necessary for them to take on debt in this way.
It would be a real tragedy to accrue debt in your first or second year of college that you end up paying back over the five or ten year period after you graduate.
That's a time when you should be getting settled into your career and enjoying life, not stressing over your unpaid loan balances.