Do some college graduates face a loan crisis? Absolutely! Are college costs accelerating too quickly? Yes! However, to suggest the solution as simply choosing to attend one’s public university is an oversimplification.

As a parent of three who recently graduated or are currently attending college, and as a college adviser, I’m convinced that attending “State U.” is not necessarily the most affordable option or the path to less indebtedness. Indeed, our children applied to public universities where we resided (Connecticut, New York, and Maine respectively). In the end, based on generous financial aid AND reasonable loan expectations it cost less for them to attend “expensive” private institutions than it would have to attend state schools. Further, the loan portion of their awards were less than those extended by the publics. I’ve worked with many families sharing similar experiences.

It should be noted that average indebtedness for college graduates is $30,000 not the $50,000 to $90,000 that are often cited. (Most loans at the high end are reflective of students pursuing graduate degrees.)

We tend to want to see an immediate payoff as reflected in one’s first job. However, I would argue that an indebtedness of $30,000 for a career that will likely yield more than $2,000,000 (40 years at $50,000) is a pretty good investment.

I don’t pretend to have all the answers. However, I do believe there should be more loan forgiveness opportunities through service. There should be limits to indebtedness for undergraduates. And, colleges must curb rapidly accelerating costs. (Funding cuts have led publics to increase fees at rates exceeding many privates.)

In the end, my advice is to not rule out expensive private colleges based on the “sticker price.” Rather, let the process play itself out, and then compare the cost (and indebtedness). You might be surprised!