According to a new school study, tuition increases at private schools during the past year were 4.5 percent -- the smallest they've been since 1972. At the same time, student borrowing is up 25 percent year over year, according to a new report from the U.S. Department of Education.

What's going on here?

First, state-supported schools have probably had higher tuition increases as state budgets have dwindled. Second, and more importantly, families that could help with tuition expenses in the past can't do so this year because of job losses or cutbacks.

Today's average student graduates with debt of over $23,000, according to The Wall Street Journal. Is that a reasonable amount?

Well, Clark has a rule of thumb regarding borrowing for undergraduate studies: Your entire loan burden for four years should be equal to or less than your expected earnings during your first year of employment after school.

So if you're contemplating borrowing yourself way into oblivion to pay for school, perhaps the alternative is two or even four affordable years of college at a community school.