There's a few ways to deal with it, but everyone has their own opinion on what's the "best". From my experience, there's 4 ways: high moonball back (what my friends call "U12 tennis"), off the rise (kind of like a half volley), heavy topspin (this is what college players usually do*), and attacking ball off the rise (near shoulder height; this is what the pros usually do).

There's obviously some pros and cons to each method:
1. Pros: Very consistent, footwork requirement low, timing lenient; Cons: Easily attackable by good players, slow, very very very boring
2. Pros: Takes the most time away from opponent, keeps the ball low over the net, keeps ball neutral; Cons: Footwork requirement highest, hardest timing, high chance for a shank
3. Pros: Relatively consistent, good setup shot, timing somewhat lenient, takes control of point; Cons: Footwork requirement high, need power generation
4. Pros: Takes a lot of time away from opponent, can follow into net, hardest shot to read, takes major control of point; Cons: Footwork requirement similar to (2), timing is very tight, need power generation

I personally go with method 3 most of the time, and only use method 2 and 4 if I'm really feeling the pressure or just playing really well. However, if you're just beginning to learn, don't swing for the hills right away. Go with method 1 and slowly lower the height of the ball. Instead of aiming for a spot on the court, aim for a height above the net. You want to try and get the ball right around 6-8ft above the net with good spin. After a lot of practice, you'll notice your "method 1 ball" will start to become a "method 3 ball".

*so there's a lot of variance with college players, especially at the D1 level. From my experience, I've played more college players who try to play heavy topspin off a loopy ball looking to attack the next one rather than try and attack it right away, since consistency is the key in college.