Kim Clark @Money_College Kaitlin Mulhere @KMulhere 6:30 AM ET

Sami Sarkis—Getty Images When students lend a hand, everyone gains. Sorry, kids, but it's for your own good.

No matter how generous a parent you are, the burden of paying for college shouldn’t fall entirely on you. If your family has to borrow, the best way is for your child to take out federal student loans. They charge low interest rates and offer new, income-driven repayment plans that limit graduates’ loan payments to just 10% of their disposable income. What’s more, graduates who work for 10 years in public service jobs can have some of their debt forgiven.

Read more.