Three reasons to choose a college based on price

Many prospective students choose a college for its location, its reputation or even its campus vibe. Here are three reasons to choose a college based on price.

You can avoid high student debt: If you pick an affordable college, you’re less likely to be burdened with high debt. Borrowing less now will leave you with more money for other things you might want to do eventually, such as buying a home, taking the vacation of a lifetime or starting a family.

In general, public colleges and universities are cheaper than private ones. But say you get $35,000 in grant aid and scholarships to attend a private school with a sticker price of $50,000. It would be more affordable than a $20,000-per- year public college that offers you nothing.

You’ll give your parents a break: If your parents plan to help you with college costs, choosing a less expensive school can help them avoid tapping their savings, home equity or retirement. Parent PLUS loans borrowers take an average $16,100 per year, according to The Brookings Institution, a nonprofit organization.

You’ll get a better return on your investment: The lower your college costs, the better

the chance you’ll get a satisfying return on your investment. That means earning enough after graduating to justify the expense of attending school. Aim to keep your payments less than 10 percent of projected after-tax monthly income in your first year out of school. — Nerdwallet