How to avoid these common money mistakes in college

As students head off to college this fall, they will be brimming with excitement — as well as anxiety.

More than anything, the top concern parents and children share is how they will afford college and deal with the debt burden that goes hand-in-hand with a degree, according to .

It‘s no wonder: College costs have rapidly increased over the past decade. Now, more than 40 percent of families borrow money to pay for college, Sallie Mae found.

As a result, college-loan balances in the U.S. have jumped to an all-time high of $1.5 trillion. The average outstanding balance is $34,144, up 62 percent over the last 10 years, according to a separate report by Experian.

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