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Preparing for College: Choosing a School (Part 2)

What should I consider when comparing schools?

As you research colleges and career schools, consider such factors as cost, location, accreditation, and more. To find this information for a specific school, check the school's website, or search for the school using the U.S. Department of Education's (ED's) college search tool, College Navigator: Link opens in a new windowhttps://nces.ed.gov/collegenavigator.

School Costs and Net Price

  • School costs can be one of the most important factors in choosing potential colleges or career schools—and costs can vary significantly from school to school. Learn about what is included in the cost of college and ways to reduce college costs.
  • Any school that participates in the federal student aid programs is required to provide information on its cost of attendance and to offer a net price calculator on its website. Searching for a school's net price calculator is easy (Link opens in a new windowhttps://collegecost.ed.gov/net-price). This calculator will give you an idea of how much a program may cost after subtracting any financial aid.
  • You can look up the cost and assess the value of colleges using the College Scorecard (Link opens in a new windowhttps://collegescorecard.ed.gov).

Financial Aid

  • Many students worry that tuition and the other costs of continuing their education will be out of reach, but don't let the potential costs stop you. Most students receive some kind of financial aid, and a few students even get a "free ride," with all their costs covered. You should learn about financial aid, including grants, scholarships, work-study, and loans.
  • Always apply for all types of aid for which you might qualify, and meet all deadlines!
  • Creating and managing a budget is a way to keep track of your income and expenses and save for your goals.

Admission Requirements

Accreditation

  • An accredited school meets certain standards set by an independent agency. It helps ensure the training or education you get meets employer standards in a specific field. If you attend a school that isn't accredited, you might not be able to get any financial aid.
  • Use the Office of Federal Student Aid's (FSA's) accreditation search page to check a particular school's standards or to find an accredited school in a particular field or location: Link opens in a new windowhttps://ope.ed.gov/DAPIP/#/home.

A diploma mill is an unaccredited school (or a business claiming to be a school) that awards a degree without requiring classwork that meets college-level standards. Some will send a "diploma" without you doing any work at all if you pay a fee. Others assign classwork that is so easy that your resulting degree is worthless, compared to a degree from an accredited school, and it won't help you get a good job. Learn more about diploma mills and how to avoid them here: Link opens in a new windowhttps://www2.ed.gov/students/prep/college/diplomamills/index.html.

Enrollment Contracts

  • Read any school enrollment contract carefully before you sign it. The contract explains what the school will give you for your money.
  • If a school representative promises you something (such as help finding a job) that's not in the contract, ask the representative to write that promise into the contract, and have it signed and dated. A promise is usually not enforceable unless it's in writing.

Refund Policies

  • Find out the school's tuition refund policy. If you enroll but never begin classes, you should get most of your money back. If you begin attending classes but leave before completing your course work, you might be able to get some of your money back.
  • Also find out the school's return-of-aid policy. If you receive federal student aid (except for Federal Work-Study) and you withdraw from school, some of that money might have to be given back to the source by you or your school.
  • Even if you don't finish your course work, you'll have to repay the loan funds you received, minus any student loan funds your school has returned to the ED.

Past Complaints and Reputation

Useful Statistics

Some numbers can help you evaluate schools.

College Statistics
StatisticDescriptionWhere to Find the Information
Graduation Rate This is the percentage of a school's first-time, first-year undergraduate students who complete their program within 150 percent of the standard time for the program. For example, for a four-year degree program, entering students who complete within six years are counted as graduates. The ED's College Navigator website (Link opens in a new windowhttps://nces.ed.gov/collegenavigator)
Retention RateThis is the percentage of a school's first-time, first-year undergraduate students who continue at that school the next year. For example, a student who studies full-time in the fall semester and continues studying in the program in the next fall semester is counted in this rate. The ED's College Navigator website (Link opens in a new windowhttps://nces.ed.gov/collegenavigator)
Job Placement Rate This is the percentage of students who are placed in jobs relevant to their courses of study within a set amount of time. You may also want to contact a school's career center and find out what kind of job placement services it offers students and graduates. The college's or career school's website or career center
Loan Default RateThis is the percentage of a school's federal student loan borrowers who enter repayment during a particular federal fiscal year, October 1 to September 30, and default within a certain timeframe. You might not be able to get aid from some FSA programs at a school that has a high default rate.) The ED's College Navigator website (Link opens in a new windowhttps://nces.ed.gov/collegenavigator)

U.S. Department of Education (ED), Office for Federal Student Aid (FSA). (n.d.). Preparing for college: Choosing a school. Retrieved January 21, 2021, from https://studentaid.ed.gov

More about this Topics

  • Consolidating Your Federal Student Loans

  • Student Loan Forgiveness

  • Preparing for College: Choosing a School (Part 1)

  • Student Loan Repayment

  • Types of Investments

Other Topics

    • Bankrate
    • Free Application for Federal Student Aid (FAFSA)
    • Securities and Exchange Commission's Investors Resources
    • Choose to Save
    • Financial Planning Association
    • Federal Student Loan Repayment Plans
    • Choosing a School: Understanding College Costs
    • Student Loans (Part 2)
    • Federal Versus Private Loans
    • Paying for Higher Education