Choosing a College That's Financially Right

Families of high school seniors will have some serious discussion about money in the coming weeks.

For wealthy families, the discussion will revolve around allowances and cars. For lower income families, the discussion will revolve around filling out the dreaded FAFSA form -- the "free application for federal student aid." But for many middle class families, the discussion should revolve around which college the family can afford. And in many ways, that's the most difficult discussion of all.

That point was brought home to me recently in an email I received from the father of a high school senior. His child, he explained, is an excellent student and has applied to some top colleges to pursue his chosen career path. The family has saved some money, but not enough to pay for the outstanding colleges their son has chosen. And they have too much in the way of assets to qualify for need-based federal financial aid. So they're considering alternatives. ...