College Prep: Getting the most out of your dollar, financial aid

The ability to stretch a dollar has never been more important than it is today.

Americans are eschewing non-essential items and seeking bargains with everything else, particularly those things that are held dear - like a college education.

According to Forbes.com, "Since 1981 the list price level of tuition and fees has risen sixfold while the consumer price index has only increased two-and-a-half times."

Translation - a family's need to identify good value when assessing college options has become critical.

Recently, I wrote of the hidden value at several name brand private schools that have come with high-end sticker prices. These values are based on copious endowments that often allow older, more established schools to level the playing field for students-families who have demonstrated need.

But with roughly 4,000 four-year colleges and universities across the country, there remains an enormous opportunity to share the multitude of educational values that exist across the country.

Residents of Nevada have great value-based opportunities to attend college through the local community college and the state university systems. Students who desire to attend a community college first can attend Western Nevada College and take lower division classes for $78.25 per unit. For a load of 15 units, which is fairly typical for a full-time student, plus books and fees, a student could attend WNC for somewhere between $1,400-$1,500 per semester.

The University of Nevada, Reno, offers residents an exceptional value to receive an undergraduate degree. Students interested in attending the UNR and living on campus can do so for approximately $8,000, plus books and fees. This is a rough calculation prior to any possible financial aid.

Additionally, Nevada continues to offer the Millennium Scholarship, which is a merit based scholarship for in-state graduates who achieve a 3.25 grade point average in core curriculum, pass the Nevada High School Proficiency Exam, and have been a resident for two years. Funding can reach as much as $10,000 per student during the life of the scholarship. Details on this can program are at www.nevadatreasurer.gov.

For students interested in exploring value-based opportunities outside of Northern Nevada, there are two entities that annually offer excellent "best value" assessments for colleges and universities. The US News & World Report and The Princeton Review, a comprehensive college planning concern that is well known for their SAT and ACT preparation services, each year provide comprehensive reports of some of the best values.

These rankings are based on a range of various criteria spanning from academic excellence - based upon institutional data and student surveys, costs, and available financial aid. Also factored is the percentage of graduating seniors who took student loans and the average debt they have upon graduation.

Earlier this month, The Princeton Review released its best value list for 2012, which contains separate lists for value among public and private schools. As the best values for public schools favor in-state residents, the following represents TPRs top five best values among private schools. Included next to each school is the total annual cost of attendance and the average debt at the time of graduation.

No. 1 - Williams College (Williamstown, MA). Annual total cost of attendance - $55,360. Average loan amount at graduation - $8,369.

No. 2 - Swarthmore College (Swarthmore, Penn.). Annual total cost of attendance - $54,400. Average loan amount at graduation - $19,016

No. 3 - Princeton University (Princeton, N.J.). Annual total cost of attendance - $50,269. Average loan amount at graduation - $5,225.

No. 4 - Harvard University (Cambridge, Mass.). Annual total cost of attendance - $51,724. Average loan amount at graduation - $10,102.

No. 5 - Rice University (Houston, Texas). Annual total cost of attendance - $48,621. Average loan amount at graduation - $13,944.

Clearly, the price tag of attending these intuitions is high. However, based on the data that has been collected on the academic experience available at these schools alongside the financial assistance that is provided, these schools represent relative value. A full listing of TPR's Best Value list, both public and private institutions, can be found at www.usatoday.com/news/education/best-value-colleges.

One of the most important concepts to remember when considering college options is to keep one's options open. Though the sticker price may be high, you can never be too sure of the aid that is available.

Also, be wary of falling into the "name game" trap. This pastime involves valuing name brand schools over others that may be lesser known but also offer outstanding opportunities and economic values.

Schools such as Williams College and Swarthmore College are examples of ones that may not be household names in every home but offer great academic experiences.

• Brian Underwood is the executive director of Sierra Lutheran High School. He can be reached at underwood@slhs.com.