The tightening in the student loan market continues: The New York Times reports that an increasing number of lenders are declining to offer loans for community colleges, presumably because the small denominations do not justify the costs of servicing. With more than 40% of undergrads attending community colleges, some are worried.

But here's the thing: while this might put off some students, I seriously doubt that it will deter the students who have the dedication to complete an Associate Degree. Community college just isn't that expensive, and the average student loan amount for these schools is about $3,200 per year, according to the College Board. Most people can find an extra $3,200 per year. Working an extra shift or two each week at a grocery store would do the trick. Or students could, gasp, drink a little less and sell old video games on eBay.

And here's the best part: students who are forced to work harder because they can't get loans will graduate debt-free which, as anyone struggling under the weight of tens of thousands in debt will tell you, is something to strive for.

Many students take out loans as a choice rather than a necessity. The continued tightening of the debt market for college students will force students to make better financial decisions, leaving them far better off in the long run.

As the spring semester winds down, college students are starting to figure out what they're going to do with their summers. Working, seeing friends, internships and perhaps a bit of travel are popular plans. But in light of the soaring cost of college, this might be an ideal time to look at a great way to save some money: Taking community college classes, transferring the credits, and maybe graduating college a semester or more early.

For an example of how this works, let's look at how a University of Massachusetts Amherst student might save money taking summer classes at Cape Cod Community College. UMass is a relatively inexpensive public university -- if you're attending a private college, the savings are probably much greater.

At UMASS, the total tuition and fees for one semester is $5,116 for an in-state student, not including room and board or any other expenses. A full-time student generally takes four or five three-credit classes per semester, working out to at least $1,000 per class.

You can take a three-credit class at Cape Cod Community College this summer for $394. If you take five, that could lop a full semester off your bill, saving you more than $3,000, not including room and board. And another thing: the sooner you graduate, the sooner you'll be working full-time at a more skilled job, so the actual addition to your net worth from this strategy could be well over $40,000.

A caveat: Because most community colleges won't offer the higher-level classes you need for your degree, this strategy works best for fulfilling general education requirements early in your college career. If you're a math major, community college might be a good place to take an English class over the summer.

Before you sign up, talk with your registrar's office to learn about the credit transfer process and find out which classes your college will give you credit for.

A recent Wall Street Journal piece profiled (subscription required) Walla Walla Community College, an innovative school offering an "Enology & Viticulture" program: That's right. They'll teach you how to make wine. The college has a commercial winery and its own label. According to the Journal, "Most of the students arrive at the college with the same dream: owning a winery. Some are just out of high school. One-third to one-half already have a degree -- some have two or three -- and are changing careers after years as teachers, lawyers or other work in the corporate world. Several students are past retirement age."

Programs likes this one are of vital importance to the future of education in America, and not because we need more alcohol. The fact is that most people agree that, in this global economy, some kind of post high school training is important for career success.

But according to the statistics, just 54% of students entering four-year colleges in 1997 had a degree six years later, strong evidence of a high attrition rate at our nation's colleges. What's the problem? I think that, as higher education becomes increasingly common, a lot of people are being shuffled off to four-year colleges when their skills and interests just aren't well-suited to that. Vocational training and innovative programs like the Walla Wall Community College one provide alternatives for gifted kids who may not be interested in or suited to four-year colleges.

Hopefully other community colleges will take a look at Walla Walla's success and pursue similar programs in other career paths. One career that's expected to grow rapidly and could be ideal for animal lovers? Dog grooming. Try finding that class at high schools or community colleges.

Looking through the news recently, I read that two Ohio students were each sentenced to 20 years in jail for armed robbery. When the Judge asked them why they had committed the crimes, they stated that they needed the cash to pay for school. Apparently, their tuition went up and their scholarships and financial aid were not enough to cover the costs of their education.

It's been a few years since I was in school, but I still have clear memories of the loan shark-style tactics that the university used to get money out of me. I remember being charged for athletic tickets that I never received, health-care that I never used, and buses that I never rode. And then there were the meal plans that I was forced to buy, the overpriced textbooks that I couldn't afford, and the ridiculous parking tickets that I got whenever the student parking lot filled up (which usually happened sometime around 7:30 in the morning). When I didn't pay, the school blocked my account, denying me access to classes, library books, and even food.