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Cost plays a huge role in many students’ college choices. Depending on their financial situation, some students dismiss the schools with high tuition in favor of lower-cost in-state schools because they think it will save them money. In actuality, they could be doing themselves an economic disservice in the long run.

Using data from U.S. News and World Report’s most recent student debt survey of 25 top-ranking public and private schools, Reuters revealed that, on average, 53 percent of students surveyed received financial aid and at least half of students at most of the institutions graduated debt-free...but it depends on what school they attended: Princeton graduates, for example, owed only $5,000 at commencement while University of Michigan graduates owed more than $27,000 despite Michigan’s in-state costs being less than half of Princeton’s. How is this possible? Numerous schools including Princeton, Caltech, Davidson College and the University of Washington have eliminated student loans from their financial aid packages and others like Harvard, Stanford and UC Berkeley have capped contributions for students from low- and middle-income families. (Check out the entire article here, including this handy infographic.)

While it is difficult for many students to attend college without taking out some kind of loan – especially those attending state-run institutions which don’t have the fiscal means to eliminate debt – it is possible to avoid debt if you choose the right school. Thoughts?

by Lisa Lowdermilk, Scholarships.com Virtual Intern

If you had to guess, what percentage of students start college and actually finish it? According to a study conducted by the Organization for Economic Cooperation and Development, only 46 percent of students who started college earned degrees in 2010. Hefty student loans and interest rates, stress and being academically unprepared are amongst the many reasons college drop-outs cite; some students report being as much as $50,000 in debt before graduation with no viable means of paying it off.

Given this info, it’s really important that you consider if college is right for you before applying, especially if the field you’re thinking about going into doesn’t require a degree. There are still plenty of great job opportunities for people who think college may not be for them, including air traffic control and locomotive engineering. That’s not to say, however, that a college degree is overrated. According to a study conducted by Georgetown’s Center on Education and the Workforce, bachelor’s degree holders earn 84 percent more than high school graduates during their lifetimes. And while there are still plenty of jobs that don’t require a degree, virtually every employer will prefer a college graduate over a high school graduate.

My goal here is not to discourage anyone from attending college; instead, I want to present both sides of the argument so that you can commit 100 percent to furthering your education or, alternatively, seek out a job that doesn’t require a degree. It’s better to recognize now that you won’t be able to commit to college than be forced to drop out and pay back $50,000 in student loans later. No matter which path you choose, one thing’s for sure: You’ll have to work hard if you want to succeed!

Lisa Lowdermilk is a soon-to-be published author (her first novel is a murder mystery for young adults set in the future), an avid video gamer and an artist. She enjoys watching thrillers, trying different restaurants and attempting to breakdance. Lisa completed her Associate of Arts degree entirely online and is now majoring in professional writing at the University of Colorado Denver.

Enrollment deposits are due at many colleges around the country in 11 days and while some students committed to colleges within hours of receiving their acceptance letters, others are still weighing their higher ed options. As the deadline draws closer, don’t choose a college by tossing a dart at a map or playing eeny meeny with your admissions offers – consider these tips from U.S. News:

Plan another visit. Sure you went on the traditional tour last time you visited Big State U or Fancy Private College but this time, skip the campus-sponsored activities to get the true experience of what it’s like to attend that particular school.

Contact former classmates. If you know a few students who matriculated to the school you’re considering, get in touch with them. It’s never been easier to do via the myriad social networking sites out there and they’ll provide insight you won’t find in the brochures!

Don’t forget costs. You may have been accepted to your first-choice school but you didn’t receive the grants, scholarships and merit-based aid you were hoping for. Minimize the amount of debt you’ll accrue from taking out hefty student loans by reconsidering your second- or third-choice school...and its more-than-generous financial aid package.

You can read the rest of U.S. News' tips here but we’re curious as to how our readers made their college decisions. Did you employ any of the strategies listed above? Are you still trying to choose your school? Let us know what worked for you!

by Kayla Herrera, Scholarships.com Virtual Intern

Everything is blooming and trees are awakening with widening leaves stretching up toward the sky. The birds are chirping and don’t forget the sound of graduation gowns sweeping across the floor! I should be graduating this year but like so many other college students my age, I have been thrown more than a few curveballs in my time in school and I have another year to go before I can enter into the workforce full-time. I want to assure you that this is okay and completely normal!

Here at Michigan Tech, we have a five-year plan. In order to graduate from Michigan Tech in four years, one must take 18 credits every semester, not including summer semesters. Not a fan of killing yourself with books, papers, exams, labs and a part-time job and would prefer to enjoy your time in college? That mentality is adopted by most students at Michigan Tech, making those who graduate in four years or fewer the minority.

Let’s face it – things happen: You change your major and have some serious catching up to do in prerequisite classes, you have a death in the family, you become seriously ill and take a semester off, or you just want to study abroad for a while. And that’s all more than fine, people! Yes, money is a huge issue (you can combat this by finding as many scholarships and grants as possible!) but at least we didn’t develop serious illnesses because of stress in an overworked educational environment!

My advice? Take it easy and give yourself time to soak in all of the new information you are learning. Remember, don’t let anyone make you feel inferior for needing to stay in school for an extra year or two. There are colleges out there, just like mine, where the majority of students are on five-year plans – you just have to find them.

In addition to being a Scholarships.com virtual intern, Michigan Tech student Kayla Herrera is a media coordinator for the Michigan Tech Youth Programs and is a writer for The Daily News in Iron Mountain, Mich., Examiner.com and WHOA Magazine. She love a tantalizing, action-packed video game and can't get enough of horror movies (Stephen King's books always have her in their grip, though she prefers the old over the new). Writing is what she has always done, and that is what she is here to do.

It may feel like we’ve skipped winter but federal aid is about to be put on ice for college hopefuls lacking high school diplomas or GEDs.

As of July 1st, newly-enrolled students will no longer be allowed to take an "ability to benefit" test or complete a set amount of credits without aid; instead, college students will be required to have high school diplomas or GEDs in order to receive federal financial aid. How will these students – many of whom are older, seeking training to find a new job, immigrants and students in states like California where the basic adult education budget has been cut – pay for school? College administrators anticipate they will turn to private loans...or give up on their degrees entirely.

David Baime, vice president for government relations at the American Association of Community Colleges, says the change “runs counter to the missions of many of our colleges,” as these schools view enrolling students without high school credentials as a key part of providing access to higher education: There are currently about 836,000 students without high school diplomas or GEDs enrolled at two-year public colleges nationwide and according to a limited 2006-2007 Education Department study, students without high school diplomas and GEDs were ultimately more successful in college and had higher GPAs than their classmates with high school diplomas, even if they failed the "ability to benefit" test. If would-be students have to get a GED before going to college and receive zero financial assistance while they prepare, Baime says many will opt out altogether.

What do you think of the new rule regarding federal aid? Do you think a high school diploma or GED is necessary to succeed in college?

With the cost of a college education rising relentlessly and our economy still downturned, students are faced with a tragic catch-22: either become saddled with overwhelming debt or forgo a college education and limit your career possibilities. But are those the only options? What if students could prosecute their alma maters because they were misled by high job placement rates? Well if you pursued law school, chances are your college will soon be in the midst of a similar situation.

According to reports, 20 more law schools have found themselves under fire regarding allegedly deceptive job placement rates. The eight firms held a news conference announcing that they were seeking to file class action lawsuits and predicted that “nearly every law school in the country” would soon face litigation. With the team promising to sue 20 to 25 schools every few months, several law schools have already started revising their employment data – data that reflects much lower percentages of students securing full-time positions and reveal that salary statistics were based on a small percentage of students who voluntarily reported their incomes. David Anziska, one of the lead lawyers, said the team hopes that the law schools would eventually enter into a “global settlement” under pressure from the courts, regulators and legislators.

What do you think of the lawsuit? Is it fair to target law schools during these trying economic times when almost all college graduates, regardless of their majors, are struggling to find employment? Let us know in the comments section.

Recent reports suggest that student loan debt has surpassed credit card debt for the first time and will reach $1 trillion this year. The average college student leaves owing $25,000 in loans, putting them at risk of having to significantly delay moving on to different life stages such as buying a house, getting married and even having children. Curious as to how the government has responded in aiding and relieving students of insurmountable debt? By possibly doubling the interest rate of the most popular federally subsidized loans, of course.

On Tuesday, college students delivered more than 130,000 letters to congressional leaders at the Capitol to protest the increase. Unless Congress takes action, the interest rate on subsidized Stafford loans is set to double from 3.4 percent to 6.8 percent on July 1, increasing the average debt by $2,800 for more than 7 million students receiving the loans, according to a spokesman for the Democratic members of the House Committee on Education & the Workforce. Why is Congress considering the increase when so many students are already in debt? In 2007, Congress voted to cut the Stafford interest rate, which in turn cost an estimated $7.2 billion from 2007 to 2012 and, according to the Congressional Budget Office, that burden was shouldered almost entirely by lenders and loan-guarantee agencies. "We all want to promote efforts that will reduce college costs, but the era of empty promises has to end," said John P. Kline Jr., a Republican from Minnesota who is the committee's chairman. "The interest rate hike students face is the result of a ticking time bomb set by Democrats five years ago," Mr. Kline said. "Simply calling for more of the same is a disservice to students and taxpayers." (For more on this story, click here.)

Soon-to-be college graduates, do you fear crippling student loan debt? What steps are you taking to prevent becoming a statistic?

Did you have to take out student loans in order to pay for all or part of your college education? Probably, as total student loan debt passed total credit card debt for the first time and is approaching the $1 trillion mark, but the bigger problem could be that college students who truly need to borrow are not doing so.

In a new analysis of student debt published in AEA’s Journal of Economic Perspectives, researchers Christopher Avery and Sarah Turner explain that overemphasis in news coverage of students drowning in debt is scaring people away from taking on healthy debt. They say that capital investment one takes on with a student loan is growing – males with college degrees make $600,000 more in their lifetimes than peers with only high school degrees – but just one in six full-time students at four-year colleges who are eligible for a student loan do not take one out. Why? The study cites rational self-control, short-sightedness and risk factors like the difficulty of predicting future earnings but also reveals that many loan-less students accrue debt by relying heavily on credit cards to cover educational expenses and half work more than 20 hours per week – a schedule that could hurt their chances of graduating on time or at all.

There’s much more to the study here but what’s your take on student loans? Is borrowing worth it if it's done responsibly or is it best to use loans as a last resort in funding your education?

by Kara Coleman, Scholarships.com Virtual Intern

Traditionally, most college students live in dorms or apartments on or near their campuses to get the full “college experience.” But before you sign that rental agreement, you might want to consider living at home and commuting to school.

We’re all familiar with the stereotypical college student – eating Ramen noodles for every meal and taking out student loans to pay for books and tuition – but that doesn’t have to be you! My goal is to graduate from college debt-free so I live at home with my parents and commute to a university about 30 minutes away. Because I live at home, I am able to save myself rent and utility expenses and use the money I earn from my job to pay cash for my tuition and books. Some students prefer the feeling of independence that comes with living on your own (I mean, if you live in your parents’ house, you live by their rules!) but not taking out student loans will mean financial freedom after I graduate and get a real job.

The downside to living so far off-campus is that I’m not as connected to events and happenings at school as the students who live there are. It’s not always easy to make it to meetings and events when commuting from the next county but by no means does it deprive me of the college experience: I still attend football games, plays and seminars at my university, and hang out with friends between classes.

Is living home and commuting right for you? While it’s certainly not for everyone, it’s definitely an option that I encourage students to consider while making housing plans for the upcoming school year.

This summer, Kara Coleman graduated from Gadsden State Community College with an Associate of Arts degree. She is currently studying communications with concentration in print journalism at Jacksonville State University Kara's writing has been featured in Teen Ink magazine and she is a children's author through Big Dif Books.

In addition to talk of the economy and spilled milk, President Obama shared his thoughts on higher education during his third State of the Union address last night. On his to-do list: reduce student loan interest rates, extend a tax credit and continue supporting community colleges.

Ideally, the president would prevent the interest rate increase on federal student loans currently set for July, double the amount of federal work-study jobs in the next five years (moves that would cost $5 billion and $1 billion per year, respectively) and make the American Opportunity Tax Credit permanent. Obama praised community colleges as he has in the past for their links to job training and their contributions to keeping college affordable but had some harsher words for other institutions: Colleges that continued to hike tuition were put "on notice" and a document accompanying the speech said the president would propose to shift some federal aid away from colleges that don’t provide good value. "It’s not enough for us to increase student aid," Obama said. "We can’t just keep subsidizing skyrocketing tuition; we’ll run out of money. States also need to do their part, by making higher education a higher priority in their budgets. And colleges and universities have to do their part by working to keep costs down."

Did you watch the State of the Union? What did you think of what President Obama had to say?