Considering college costs doesn't stop with looking at listed prices. We recommend that families consider three steps:

Step 1: Think about the amount you'll actually pay.

The listed price is often not what something will actually cost. The same goes for college. Merit and need-based aid can make a huge difference, lowering the listed price to a "net price" and making college much more affordable.

Step 2: Consider graduation rates.

How likely is it that a student will graduate in four years? No one plans to take six years to graduate but it happens. Graduating on time helps save money and allows students to start working — and earning — earlier.

Step 3: Weigh the value of the investment.

Families should consider the quality of the education a student will receive. How will the choice help begin a career — and advance it later? How will a student be impacted in other ways?