"With colleges slashing financial aid and family budgets squeezed, freshmen entering college in the fall will probably borrow more this year than last. As it is, the average level of student debt for the Class of 2007 was about $20,000, with borrowers at private colleges owing more than $25,000," The New York Times reports. "A new federal program, called Income-Based Repayment, which goes into effect July 1, will allow some federal student loan borrowers to reduce their monthly loan payments, depending on income and family size. How much is too much to carry in student loans? What factors should be weighed? Should a student forgo a top-choice school if it means carrying more debt?"