Here's some critical information for any parent or high school student saving for college:

• The average cost of in-state tuition and fees at public universities rose 6.6% to $6,185 for public universities last school year.
• The average cost of tuition and fees at private colleges rose 6.3% to $23,712.

The College Board, which conducts the annual survey, says most families actually pay considerably less than that because of the grants and tax benefits they receive.

The typical full-time student at a public school receives about $3,600 in discounts, lowering out-of-pocket expenditures to about $2,600. The actual cost to attend a private school is about $14,400.

But college expenses are still rising fast enough that a growing number of students are forced to use costly, private loans.

They accounted for nearly a quarter of all student loans during the 2006-2007 school year.

Unlike loans made under federally-backed programs, there are no limits on the interest rates and fees private loans can charge.

Graduates who leave school with lots of private debt face an even greater burden than most students who have to finance their education through loans.

Our student loan calculator shows how much you can save by consolidating all of your college debt into a cheaper loan and use the savings to pay off credit cards and other bills.