Are you a parent with a teen making a choice about which college to attend this fall? Let go of the guilt about the price tag and help your kid make the best decision from a dollars and cents perspective.

The New York Times  cited a study that found college choice is more about perceptions around elite status than the hard economics of what a degree from one higher-priced school will earn you versus another lower-priced school.

"Equally smart students had about the same earnings whether or not they went to top-tier colleges. The big difference, their studies found, came from minority and low-income students who went to top-tier colleges: They did better later on," the article notes.

So if you're a parent, let go of that guilt! It's not your duty to pay $250,000 for your son or daughter to go to some fancy school. At same time, you shouldn't give them the green light to borrow $100,000 or more for college.

Image of Clark Howard About the author: Clark Howard

Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to save more, spend less and avoid getting ripped off. View More Articles

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