that's how many colleges and universities want erica pardo. >> it feels really great. >> reporter: nowol senior has a decision to make. >> a lot has to do with the financial aid, considering my mother has to pay it and i'll also be taking out loans. >> reporter: two-thirds of students graduate with debt and it is reaching new highs, averaging almost $27,000 in 2011. to keep your debt down, first, decode the financial aid offer. >> it can sometimes be difficult to distinguish what is a grant and what is a loan. they may not even use the word loan. >> here it is, out of pocket. >> reporter: ask questions and, remember, you're not just paying for one year. >> it is not about that first year of college. it is ensuring you are accepting a financial aid package that has renewable money. >> about half of all colleges practice what is called front loading of grants. that means that your grant as a freshman are going to be more generous mix than your grants as a sophomore, junior or senior. >> reporter: if you're disappointed, don't be afraid to ask for more money. >> there are other things tha