If this is Tuesday, (and I think it is; we just got back from a trip to California and six days of sleep deprivation) then today is when I write something about the problems of paying for a college education.

This article comes from a MDPreferred.com, an organization I work with to help physicians navigate the financial issues they face. It was written by Ara Oghoorian, CFA, CFP, and deals with the massive problem of student loans. I continue to be baffled by the lack of awareness among parents that there is lots of money available, free, from virtually every college in the country, if you simply know how to ask for it.

Click on the dollar bills in the guys hand and watch a short presentation that explains what I’m talking about.

Here’s the article by Ara Oghoorian:

According to a March 2012 study by the Federal Reserve Bank of New York, the average outstanding student loan balance per borrower is $23,300; a quarter of borrowers owe more than $28,000, and 0.45 percent of borrowers owe more than $200,000. If you continued on to medical, business, or law school, you are probably in the latter debt category with a six-figure student loan balance wondering how to tackle that monkey on your back. Students have a variety of loan options to choose from when deciding how to fund college expenses, but it is critical to understand the details and requirements of the loan taken out to pay for higher education. This article will describe the different types of student loans, explain the difference between subsidized and unsubsidized loans, and when to consolidate loans.