Families with students heading into their junior or senior year of high school might feel a little shocked to look at the calendar and see that summer is almost over. Despite feeling like your child just started first grade, the time has come for you to make some serious college – and possibly student debt – decisions.

When choosing a college, many students consider the school's ranking or reputation, while others choose the school that will be the most affordable. While these are important factors to consider, it's just as important to ensure that the school will be affordable after graduation, and that the student actually will graduate.

With that in mind, here are some statistics you should consider before choosing a college.



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1. What's the actual cost to attend? While most students and families are very aware of the advertised price to attend a particular school, it's just as important to estimate how much it will cost you specifically. The net price section of the Department of Education's College Navigator gives families the average actual cost after financial aid. You can also visit the U.S. News website to find a list of net price calculators for many of the top-ranked schools.

This is almost always very different from, and lower than, the "sticker" price listed as the school's cost. While you're on this page, scroll up to the tuition and fees section to see what the housing cost trends are, as well as to find out if there is a price difference for state residents versus out-of-state students.

2. What will the total cost be? The cost of college has grown at a more rapid pace than the overall consumer price index for years now. Financially savvy consumers look at future costs as well as up-front costs when making large purchases – and shopping for college should be no different, especially if you're taking out loans.

While we tend to pay for college on a per-semester basis, it's important to think of the total amount you'll borrow for your entire program, whether that's two, four or even six years. You should also get an idea of what to expect in tuition increases during that time.

Use the expenses section of the College Navigator to see the most recent four years of tuition and fees, living expenses and books and supplies at each school, as well as the actual percentage increase between the most recent two years.

Now that you have all these data, use the multiyear tuition calculator to get a good idea of what the total price tag will be. This will give you an idea of how much you will need to budget for during the course of your degree program, and the debt you may need to take on by the time you graduate.



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3. Will I be successful at my choice of college? Even a low-cost and low-debt school can be harmful if you aren't able to complete your degree or certificate. Statistics show that the default rate for those student loan borrowers who don't graduate is three times higher than the default rate of those that do. Knowing the school's graduation rate ahead of time can be a clue as to the likelihood of success a student has when choosing a particular institution.

The retention rate that's listed in this same section is sort of like an early indicator of degree completion, and it represents the percentage of students who return to the school for their second year. If a school has a low retention rate, it might be a good idea to hold off on borrowing altogether until the second year, or until you are sure the school is the best fit for you.

A word of caution on these particular statistics, however. Some types of schools, particularly community colleges, typically have low graduation rates due to their very nature and the nontraditional students they tend to serve. Many students attending a community college do so to make up credits, or build up their basic credits at a lower cost before transferring to a higher cost, more specialized, institution.



4. Will I be able to afford the student loan debt? The school's default rate is likely to be reflective of its graduation and retention rates. You should expect a school with high numbers in those areas to have low cohort default rates. If they don't, it might be a clue that even though students tend to graduate from the school, their debt is too high compared with the income in their chosen field to allow them to successfully repay it.