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Barbara

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Each year my hometown newspaper does a special feature at graduation time. Now, keep in mind that I'm from a town of about 1,200 people.  The paper publishes all the high school graduates' photos and includes their activities and honors, as well as their future plans.

As I read about the class of 2009, I had some interesting reactions: First (since I remember the birth of many of the graduates), am I really that old?

After that shock wore off, I started reading their future plans. To be honest, I got a little judgmental. So-and-so is going to a technical college to learn a trade. "Good for them," I thought, "saving money and getting the education you need." So-and-so is going to study elementary education at an expensive private school. "Well, that's not a smart choice," I thought, "probably over-borrowing considering their chosen field."

Obviously, there is much to consider when you're choosing your college.  You want to make sure that you'll feel comfortable on campus, that it's the right size, the right distance from home, etc. However, you also should make sure you're in the right price range for the degree you want to get.

Of course, there are some reasons you may want to attend a more expensive school that make perfect sense — like if your chosen program is one of the best around or if you were awarded a better scholarship package.

But if you're going to be borrowing $30,000 annually for four years to end up with a degree and a job that pays a maximum of $30,000, you might want to think again — and consider a lower-cost option.

How did cost fit into your college choice?

Caroline

When faced with the choice to go far away to school, or stick closer to home, which would you choose?

My stepdaughter was recently faced with this question when she got into two different grad schools. One school was two states away, the other, here in Iowa. 

It can be a tough call — on the one hand, moving away is an adventure, a chance to spread your wings and experience new things. On the other hand, sometimes staying closer to home is more practical from a financial standpoint , and there's something to be said for being near family and friends.

It can be an emotional decision, but try not to make it based solely on emotions. Sit down with a clear head and write a pro and con list for each school. Consider some of the following questions when making your lists.

For the far-away school:

• Have you ever visited the school/city/state? Did you like it?
• Does the school offer the academic and social atmosphere you're looking for?
• Do you know anyone nearby who could help in an emergency?
• How often will you want to return home, and what will the cost of transportation be?

For the nearby school:

• Have you had the opportunity to visit/live in new place before? Do you foresee having the chance to do so in the future?

• Does the school offer the academic and social atmosphere you're looking for?
• Would you be tempted to spend most of your time back in your hometown, or with your old friends? Or would you make an effort to branch out and meet new people? 

Ultimately my stepdaughter weighed her options carefully, and chose the school close to home. She was impressed with the program and the campus at the school she chose. And she's excited about the prospect of being near her friends and family. (So are we!)

Have you had to make a similar choice? What influenced your decision the most?

Caroline

If you're a high school senior, Decision Day is almost here. You're getting to the point where you should be receiving your award letters  from colleges.

If you haven't already decided on a school, these award letters are probably a big part of what you've been waiting for. For many students, school choice comes down to the financial aid package.

So what can you expect? Your award letter typically will list the Cost of Attendance (COA), the federal aid you're eligible for (grants, work-study, and student loans), and your Expected Family Contribution (EFC).

Review your award letters carefully, considering these important points  to be sure you understand the aid that's being granted and what your final costs will be.

The link above lists some key questions to ask, such as:

• Does the Cost of Attendance include all projected costs?
• How do non-institutional scholarships affect you award amount?
• Does the aid package likely cover the same expenses every year?

When it comes to award letters, they're not all written in the same format, so here's a cool tool  to help you compare apples to apples. Don't be afraid to contact the school to get all your questions answered.

Are you waiting for an award letter before deciding on a school?

Staci

Last week Alysa commented on my "Realistic resolutions" post, discussing the return on investment on college educations:

Education is the number one priority of everyone. Everyone aims to get a degree because that will definitely helps everyone to earn extra money. As more Americans try to figure out ways to save extra money, many people are asking: Is private college worth it? SmartMoney did a study that shows people who pay tuition and fees at private colleges don't see a higher return on their investment, financially speaking. In fact, looking strictly at the initial cost of getting a degree and the salaries and extra money that graduates earn, Ivy Leaguers see a lower return on investments.

Our comment guidelines prevented us from including the link about the SmartMoney study , but I was intrigued about the concept offered here: quantifying the long-term value of college education. Do you get a better "bang for your buck" by choosing a private college over a public one, or vice versa?

I work in marketing, so often I'm considering the potential rate of return  when developing a campaign. But I also have to consider the intangibles — benefits that you can't necessarily see, or touch, or spend. Things like financial education components or brand awareness, which could have an impact in the future.

The same intangibles may come into play when you're making a college choice. Sure, you want to get a solid education, pay a fair value for it, and know what your earning power will be once you graduate.  But things like geography, religious affiliation, professor/student ratio, and social group involvement all can give you value over time.

Because — and I know you might be surprised to hear a bank employee say this — money isn't everything, right?

What sort of return on investment do you expect from your college education? And does public or private make a difference?

Caroline

Hey college freshmen, how are you doing?

Now that you've been at school a couple of months, are you settling in? Finding your way?

Freshman year can be tough, no doubt about it. A few short months ago, you were top dog in your school. Enjoying all the perks of being a senior. Now that you're a freshman again, some of you might be making the transition easily, and others of you might feel a little lost.

Maybe some of you are even thinking about transferring to another school  or dropping out  for awhile. Can I give you some advice? Before you make a big decision like that, take a deep breath and figure out why things aren't working out at your current school. Transferring schools can become costly — especially if your credits don't transfer. Dropping out can leave you with limited earning power and outstanding debt to repay. Neither choice is a decision to take too lightly.

So, if you're not happy at college, why?

Are your reasons social? Has it been hard to make friends, or are you having trouble with your roommate?  While a new school might be a better fit socially for you (and I know it's important to fit in with the "culture" of your school) — be sure you've truly made an effort at your current school, because a change of scenery is not always the answer.

Are your reasons academic? Are you struggling with classes?  Not connecting with your professors the way you'd like? If you're in over your head academically, then changing schools is probably a good choice. If you know you just haven't given it your best effort, then you have to ask yourself you're prepared to make a change, or if you need a break from school to figure out your priorities.

When you're contemplating a major change like switching schools, or dropping out — consider all the factors, monetary and otherwise, to make sure it's the right call. Then make like a chess player and plot out several steps ahead. If you're changing schools, what other changes will you make to ensure that you have a better experience? If you're dropping out for awhile, will you work for a set period of time before re-enrolling?

Let us know what your first few months of college have been like. We'd love to hear your stories!

Barbara

I don't have to tell you how much it hurts to fill up my gas tank. You probably feel it, too. I've had to stop watching the pump as I fuel my vehicle. As I approach $30, I always feel like I should almost be done pumping, only to realize I still have more than five gallons until my tank is full.

It's just too painful to watch!

Rising gas prices are top of mind for many people these days, and school administrators and students are no exception. Both groups are searching for solutions to curb higher prices at the pump .

Some schools are offering hybrid classes  with a portion of the classes held in person and the other portion online or through remote video systems. I've also heard of some schools discussing shorter school weeks.

Students are turning to other methods, as well. Online class  registration has surged at many colleges and universities. Even traditional students who'll live on campus are altering their college choice  based on traveling costs.

I'm curious if any of you readers have been affected: Is the higher cost of commuting changing your education plans?

Staci

In January, I wrote about some colleges reducing tuition costs for families below certain income levels. I thought it was an interesting topic, and it seemed like a rather novel idea at the time, but it didn't generate any discussion.

Two months later, several more universities have followed suit — and not just big, prestigious ones like Stanford  and Brown , but smaller colleges and state schools, too. The Project on Student Debt actually keeps a running list  of schools that are either limiting or eliminating student loans from their financial aid award packages.

Sure, it might put me out of a job if student loans are eliminated altogether, but if these colleges can use their endowments to help low- to middle-income families afford education and avoid debt, I'm all for it. I was fortunate enough to not need to borrow money for college — I can only wish the same for students today.

However, I wonder if prospective college students (and their parents) are paying much attention to these financial aid policy changes — and if they're impacting where students apply for admission. Time will tell...

Staci

In recent weeks, several colleges have followed Harvard University's lead  in reducing tuition costs for families below certain income levels. Student loans are being replaced with increased grants — most of these funded by the schools' endowments . Just yesterday, Yale University announced a similar initiative .

Sure, this is good news about college tuition and affordability — for some. But not all schools have such well-funded endowments or are in a position to make these kinds of sweeping financial aid changes. And as such, the majority of students are still struggling to afford their rising tuition.

So, tell me what you think: Are changes like the ones Harvard and Yale are making a step in the right direction for making education more affordable, even if they're just for a select group of students and families?

Caroline

Calling all parents of high school seniors!

It's now time to take on a not-so-fun parental duty. It's time to have "the talk" with your senior: that uncomfortable discussion about college costs and their future ability to repay their student loans.

In almost every article I read these days about student debt, there are a few anecdotes about students who spent thousands upon thousands of dollars on college, only to find upon graduation that their salary is completely out of whack with their debt load.

I'm always left wondering if the student either: 1) had no idea of the earning potential in his/her chosen career; 2) knew the earning potential but just didn't realize how that would translate in a practical sense; 3) just chose not to think about finances at all until it was time to pay.

It's easy to understand why 18 year-olds would have a tough time understanding how their salary translates in the real world. That's where parents need to step in during the college-selection process and give the following short, but pointed speech:

I know you're very interested in attending "Really Expensive College," but we're going to have to consider what kind of financial aid package they offer you. Because you plan to study XYZ, you'll probably start out at a salary of around $25,000. Once we see your financial aid package, we'll have to figure out how much money you'll need to borrow, and what your monthly payments will be once you graduate. If it's going to be too much to handle on your salary — and I can help you figure that out — you're going to have to consider "Less Expensive College ."

Of course, the discussion may not be that simple — especially if your child is very attached to the idea of attending an expensive school and following a career path that doesn't justify the price tag. But hang in there, parents, and keep them focused on financial reality. They'll thank you one day.

Parents: are you talking with your kids about college costs?

Rachel

Last weekend I decided to extend my personal Friday cubical dance party into the weekend by volunteering at a local high school dance. It was so great to see students releasing their pent up energy into the rhythm of the night. Hands in the air, shouting the lyrics to every verse, laughing and showing off their moves — they were in their element.

People (rightfully) laugh at my "Ellen-esque"  dance parties at work. For me it takes the edge off the corporate work environment and releases a bit of my anxiety. As a student, I think these casual high school dances offer the same type of thing — a pressure release where you can go out with friends and dance off the stress of being in school.

In high school (and life in general) we spend a lot of time working on (and worrying about) our image and making sure we look good on paper. For high school students, it's SAT scores, grade point averages and the right combination of club memberships, student government experience and being on a varsity sports team. In "the real world," it's your job title, degrees of education, performance reviews, community involvement, hobbies and some type of luxury fluff like season tickets or country club memberships.

But we are so much more than just our MySpace profiles. As they say in Transformers , we are all "more than meets the eye." This is because our personalities can't be bottled and branded. We are individuals. We are human. We are interesting. We all have our own story to tell.

When you are writing your college entrance essays and interviewing for scholarships, remember to show who you really are, on and off paper. I once won a college scholarship over several of my classmates who were way more qualified (on paper) than I was. No joke, there was the valedictorian, the student body president, the volunteer wiz-kid, and me — the girl who scored a lousy 970 on her SATs. I was awarded the scholarship because I aced the interview by being myself. (BTW, if you are looking for scholarships, be sure you check out this online search engine  to help you.)

This is not to say the stuff on paper doesn't count — it definitely does. (I had to work hard to make up for my horrible SAT performance.) But equally important is your character and expressing the goodness that can't be communicated on paper.

Find your "ness"  and let it shine.