Students today face many big questions when looking at going to college. Which college is right for me? What should I major in? But even more importantly is the question – How do I pay for college?

Now at an all time high, the overall cost of a college education in the U.S. is projected to reach $220 billion this year, nearly half of which will be financed by students or their parents. Despite this, the benefits of a college education still outweigh the costs as college graduates can earn $1 million more than non-college graduates over their lifetimes.

Limits on federal loans have barely risen over the past decade, yet tuition costs have doubled for private colleges and more than doubled for public institutions over the past twenty years. It is estimated that many families will need to use more than one loan to cover their college costs each year. In some cases, families will be forced to use three financing options, if not more. Multiply the number of loan products needed by a four-year education, and American families are faced with 10 to 12 loans that need to be repaid after graduation.

If you know that money is going to be an issue, consider alternatives. There are many specialized 2-year associate degree programs available that give you a specific skill for the workplace. These programs are generally less money than a traditional college degree, and provide you with the skill and knowledge to get a job after completion.