Tough economic times may also be prompting more students to borrow. A recent Sallie Mae study found that nine out of 10 college students used credit cards to pay for tuition or other education-related expenses, charging an average of $2,200—more than double the average four years ago. Some researchers estimate that the average college senior graduates with more than $20,000 of debt, including credit card balances and student loans.

For more information about financial aid for higher education, visit the Your Child section of our site. You’ll also find general money management tips in our Your Family pages. Then, ask at your Boys & Girls Club about Money Matters, a program that can help your teen develop financial literacy.