While you’re waiting for acceptances (seniors) or starting to get more serious about particular schools (everyone else), you might want to check out student loan default rates at the schools you’re interested in.

The most recent unemployment figures from the Bureau of Labor Statistics once again reinforce the value of a college education. While the overall unemployment rate was 13.3% nationally in May, the rate for those with only a high school diploma was 15%. The unemployment rate for those with at least a bachelor’s degree was less than half that, 7.2%.

With college tuition increases outpacing inflation by a substantial margin, it’s normal to ask whether a college degree is worth the cost. One metric for determining that is whether a degree results in lower unemployment.

In 2002, a paper in the Quarterly Journal of Economics by economists Stacy Dale and Alan Krueger showed that for most students, the incremental value of attending an elite college was virtually nil.

As acceptances and rejections roll in, it’s time for a reminder that success in life is generally more about what you make of the college experience than what school you attend.

With acceptance letters en route to students, it’s time for a refresher course on “Acceptance to an Elite School Does Not Guarantee Anything– Nor Does Non-Acceptance.” Here is a list of the schools that the 2014 Rhodes Scholars attended.