How Do You Choose a College?

A recent New York Times article shows that the cost of a number of private colleges is at or rapidly approaching $100,000 per year. Needless to say, the stakes have never been higher for choosing the right college. So how do you make a good choice-- a college that's a fit for your student academically and socially, and for your family financially?

If you're staring at acceptance letters right now trying to make a decision, here are a few tips. First, stop and think about why you want your student to go to college, rather than which college you want them to go to. Graduating from college-- any college-- produces a host of great outcomes, both economic and non-economic. College graduates earn on average about $1 million more over their lifetimes than do those without degrees; their unemployment rate is around half of that for non-graduates. College graduates live longer lives, are more likely to marry and less likely to divorce, have lower rates of Type 2 diabetes, vote and volunteer at higher rates than those without degrees.

With that context for your decision, here are a few ways to break down the decision.

On the financial side, make sure you are comparing apples-to-apples. Just because one college lists $3,000 for books and another lists $1,000, it doesn't necessarily mean that you'll spend $2,000 more on books at the first college. Here's a refresher course on reading a financial aid award letter. And look at your budget: how much can you really spend out of pocket each year? Are you OK with your student taking out the Direct Student Loan? Make sure that you are choosing among options that are possible for your family.

Are you planning for your student to graduate in less than four years? Then check the college's transfer credit policy to make sure their AP and IB credits will count towards graduation.

On the non-financial side, remember the Big Six for success in college and beyond. Students who have those experiences are more likely to thrive in college and succeed in life after college than those who don't-- regardless of what type of college they attend.

Think about your student and how they engage with their community and surroundings. A successful college experience is a lot about relationships, not just with faculty and staff but with fellow students too. How does each college facilitate relationship-building, both between students and throughout the larger campus community? What does your student do for fun, and how accessible is that on campus? What types of social, civic and service organizations exist on campus, and how do you join? How does your student make friends?

The most important name on your student's college diploma is theirs, so make sure you are choosing a college based on the next four years. One thing I've learned: as much fun as it was to post my kids' college choices on Instagram, it was waaaaaaay more fun to take them off our health insurance four years later when they graduated and transitioned into careers.