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EDITOR\u2019S NOTE: Money Matters is a new series of stories running on <\/b><\/i>SILive.com<\/b><\/i><\/a> that will provide financial advice on common money issues related to everything from saving for retirement to buying a home. And while many of you have financial-related questions and no one to ask, that\u2019s where we come in. Simply reach out to us, and we\u2019ll get the expert advice you need.<\/b><\/i><\/p>\n STATEN ISLAND, N.Y. — When applying to colleges, many high school students — especially those with straight A\u2019s — seek the schools that are most appealing. They may be looking for a \u201cparty school,\u201d one with a hard-to-find major, or in many cases, one with great name recognition and high standards.<\/p>\n But while you might get acceptances to some of the best universities in the country, you want to make sure you\u2019re making the right choice not only for your intended career, but for your pocketbook.<\/p>\n \u201cAs much as college is about the student and their hopes of finding their career passion, it is also a very important financial decision. College will be among the top three investments you make in your lifetime along with buying a home and retirement,\u201d said Frank J. DeCandido<\/a>, a Prince\u2019s Bay-based certified public accountant, financial planner, and college planning specialist (CCPS) with the National Institute of Certified College Planners.<\/p>\n We caught up with DeCandido for some expert advice about choosing the best college without having to drown in debt to pay for it.<\/p>\n Q. I have straight A\u2019s and I want to go to a good college, but I\u2019m worried about the cost. My parents have $50,000 in my 529 college savings account, but all the schools I want to go to are around $80,000 per year. What should I do?<\/b><\/p>\n DeCandido: \u201c<\/b>Each student is different and each situation is different. On one hand, you want them to be happy with their decision of where they are going to school, on the other hand students in high school generally do not understand the future ramifications of getting into debt at such as early age, and what that will entail in their later years.<\/p>\n When I speak to clients about college I point out total college costs are made up of cost of attendance, inflation rates, graduation rates and loan interest. Cost of attendance is made up of tuition and fees, room and board, books and supplies, personal expenses (medical and meals), transportation and a cost of a computer.<\/p>\n Regarding inflation rates, recently the rate of increase of tuition has dropped due to the pandemic (1-2%), but with inflation being so high it is assumed these rates will go up.<\/p>\n Regarding graduation rates, the National Center for Educational Statistics, the 6-year graduation rate for first-time, full-time undergraduate students who began seeking a bachelor\u2019s degree at a 4-year degree-granting institution in Fall 2014 was 64%. Lastly, you have to calculate the amount of interest you will pay on loans the student and the parent takes for college costs.<\/p>\n Some of the decision [should be] based upon what amount of financial aid\/scholarships the student will receive. The cost should not stop you from applying, but once you get the award letters [these often come with or follow an acceptance into a college] you need to know how much the school will cost you over and above financial aid\/scholarships.<\/p>\n Based upon the information you have provided, if you use all of your 529 plan in the first year, you still would need to come up with $21,000 in year one, and then $80,000 in years two, three and four (given the student graduates in four years). If you took loans for the open tuition, you are looking at $261,000 plus interest that would need to be paid back.<\/p>\n Is this something you can afford?\u201d<\/p>\n DeCandido suggests students really think about why a certain school is appealing. Is it the name recognition? A program the college offers? Or a location that is the big attraction? Then weigh the financial impact with that attraction.<\/p>\n In addition, college advisors recommend that students not only compare financial packages offered via college award letters, they should also consider applying to in-state public universities that offer lower tuition to residents than most private colleges.<\/p>\n If you have a financial question you\u2019d like answered, please send to <\/b><\/i>porpora@siadvance.com <\/b><\/i><\/a>and we\u2019ll find the right expert to answer your question.<\/b><\/i><\/p>\n MORE MONEY MATTERS STORIES:<\/b><\/p>\n \u2018I have credit cards I don\u2019t use. Will it impact my credit score if I cancel them?\u2019 | Money Matters<\/a><\/p>\n Do I need to return Social Security benefits after my spouse dies? | Money Matters<\/a><\/p>\n FOLLOW TRACEY PORPORA ON<\/b> FACEBOOK <\/a>and <\/b>TWITTER<\/a><\/p>\n<\/div>\n