The cost of college on the rise again as student loan rates are increasing.

Subsidized student loan rates are jumping by about one percent for undergrad students, it now sits at 4.66%, up from 3.86%.

Grad students will now have to pay 6.21%, up from 5.41% last year, and parents taking out loans will pay an interest rate of 7.21%, up from 6.41%

That means stafford loan borrowers will be paying an extra 46 dollars per year for every $10,000 they borrow.

Financial adviser Richard Erlich with Secure Wealth Planning Group offers some advice including saving early and to stay-in-state.

"An in-state public university can save thousands of dollars each year," says Erlich.

He also offers this most overlooked piece of advice.

"Seek out scholarships," adds Erlich, "You don't have to get straight A's to get a scholarship, they're available for all types of students."

A recent study on student loan debt finds those who graduate debt-free are 7-times more likely to be happy and thriving.

To check out a helpful link to determine what kind of scholarships you can qualify for, click here to learn more.

(Photo: Joe Raedle / 2012 Getty Images)