ove over, Macy's. Pack it up, Crate&Barrel.

Today's young and betrothed may start steering clear of bridal registries relegated to gravy boats and china patterns.

Educated couples could ultimately turn to something department stores could never stock: financial freedom - and specifically, from student loans.

Enter educationregistry.com, an online service launched last August. The Web site gives couples wanting to pay off student loans or even finance their continuing education a tactful way to ask family and friends to pitch in.

It's the brainchild of two people who know student debt: newlyweds Jaime and Marc Hernandez. Between them, the couple holds four advanced degrees from prestigious private and public institutions. Jamie alone holds two master's degrees from New York University: one in psychology and another in school counseling. Meanwhile, Bucknell University bestowed Marc with his degree in business management. When they married in June, their combined student debt was around $100,000.

“We came up with the idea because we wanted to buy a house and have kids, but had lots of student loans,” Jaime said. An online registry search yielded no sites to help couples attack student debt. “We had to create something,” she said.

A 2005 College Board analysis of student trends in higher education reported the typical student who borrows to finance a bachelor's degree carries about $ 20,000 in total debt. Meanwhile, the 2003-04 National Post Secondary Student Aid Study (NPSAS) found that 88 percent of degree recipients from for-profit institutions graduated with student debt.

That said, the rate of graduate student borrowing is increasing faster than the rate of undergraduate student borrowing.

Educationregistry.com differs from state-sponsored 529 investment plans or other rebate programs that offer tax benefits to plan participants: it allows customers to simply request cash gifts toward their education or that of their children. Currently state-offered 529 plans and Web sites like upromise.com,

futuretrust.com and littlegrad.com offer tax-deferred growth on investments, while distributions pay for a beneficiary's education. Clients with the aforementioned Web sites can even link portfolios up with existing 529 investments.

Joe Hurley, a Pittsford, N.Y., CPA who founded the Web site savingforcollege.com six years ago, said such sites have become especially popular over the last five years.

“It appeals to people because in theory you'll end up with more money in your child's college savings account with gifts that support the education of that child,” he said.

Upromise has enrolled over seven million families since it launched in April 2001

Because educationregistry.com does not invest funds - not yet, anyway - it is not bound to the same licensing requirements as groups that do.

Jaime and Marc Hernandez have discussed putting the latter's financial background to use on their Web site, to someday give customers access to 529's and other education investment strategies.

Right now, things are still slow. So far, the Web site's attracted more curiosity than actual clients. It's drawn 600 hits and has garnered a mention on at least one registry message board.

Seven families have actually enrolled - all engaged couples seeking to pay back their own student loans.

“We're being patient about it,” Jaime said. “It's a whole new concept, an alternative gift registry.”

Staff writer Olivia Goldberg can be reached at 253-5311, ext. 235, or at olivia.goldberg@lee.net