We've discussed previously how college students are facing a mountain of debt upon graduation.

The University of Missouri's Office for Financial Success - OFS - aims to reduce overwhelming debt by educating future students before they've even applied for aid. After reading this KC Star article, I contacted Dr. Mark Olsen, director of the OFS, about this unique service. He said that he's an "advocate of always seeking information before making the decision of financial aid." And, choosing the right type of loan for each individual student is critical. Many students will need additional money after they have received federal and state loans, which are often at lower and fixed rates. Then they often turn to private, non-fixed loans — usually at higher rates — to assist with the balance of their education expenses.

But instead of students trying to decide which loan is the best fit, they can seek guidance from the OFS. This is a free service for Mizzou students, but for a fee any student can contact the OFS for a counseling session. Currently, there is only one office, which is located in Columbia, MO. However, many people choose to set up sessions via the phone or through email. In fact, Dr. Olsen stated that 10-15% of OFS' cliental are located outside of the state of Missouri. Parents and students should start thinking about the college loan process early, before that big envelope — the acceptance package — arrives in the mail.