LANSING, Mich. (WLNS) – From hikes in tuition to rising interest rates, many parents and students are trying to figure out how they can pay for college.

“What are the things that you are putting in place? Is it something you can afford,” said owner of Michigan College Planning Vicki Beam.

Beam has dedicated her life to helping parents plan ahead to pay for college. Right now student interest rates are the highest they’ve been in years. It’s up from 3.75% last year to 4.99% today.

Beam says the rise in interest rates and in the cost of college has created a perfect storm for parents.

“So you have seen this compounding impact you know and families are saying ‘when is it going to stop?'”

The answer? It’s unclear, and that makes Michigan parents feel uneasy.

“It’s daunting. It really is,” said mom of four, Cheryl Schmuckal. “It’s hard because every time I go into read or to pay for tuition each year the loan interest rates have gone up and I just worry that my kids are not going to be able to pay those back.”

Experts say there is a limit to how much a student can take out each year in their name.

“As a freshman, a student can borrow $5,500. Their sophomore year they can borrow $6,500 and then their junior and senior year they can borrow $7,500 each of those two years,” said Beam.

In many cases, that’s not going to cover the cost as yearly averages for in-state tuition is around $7,000, with out of state reaching around $17,000.

“If they need to borrow more than $5,500 their freshman year that will mean they are either going to have to take out a parent plus loan or they take out a private loan that the parent will have to co-sign for,” said Beam.

The parent plus loan rate this year is higher at 6.5%. This comes as student debt continues to climb. The good news is for the last few years payments have been on hold, but that’s changing soon.

“We’ve heard hints that that may be extended again, but as of right now it is going to end at the end of August.”

Experts say for students in high school one of the best things they can do is take as many AP classes for college credit as possible, and for parents look into forgiveness options. For more resources, click on the links below.