When we look at most consumer products, we look at prices very early in our deliberation process. Both adults and teens do this. However, when looking at colleges, our emotions over-ride our good sense. Colleges, like cars and other products, have different levels of prestige, social status, building attractiveness and extra options like upscale living options, fancy fitness centers and other things that have nothing to do with academic quality.

Because we equate college quality and career success, we often throw caution out the window when considering colleges.

If you have a student headed to college this fall, you may want to check with your bank or credit union to see if they can beat federal student loan interest rates and benefits. The parent loan interest rate for 2017-18 is rising to 7% from 6.31% in 2016-17 and the student loan interest rate for 2017-18 is rising to 4.45% from the 3.76% charged in 2016-17.

While the interest rate for students is still reasonable, I noticed that some parents were beginning to skip the parent PLUS loan in favor of loans from their banks and credit unions two years ago.

I talk to families everyday about college and managing college cost. It is always a surprise to them that the best way to contain cost is to put that in the plan first-before looking at any colleges. Unfortunately, many select a college and then think about how to minimize costs. To me, that is like going to the Mercedes dealer new car lot first and then worrying about how to pay for the car. Car buyers know to look at costs first and look for deals. College buyers should do the same.

There are college deals to be had...but you have to be willing to compromise. Just as you would if you were shopping for a car. Where are the deals? The deals in colleges are like the deals in cars. What college wants your kid really bad? That's a deal college for you. There are many other deals out there in higher education. Look for them first, then start thinking about where to apply. Don't do college financing backward; selecting a college and then looking for a deal. 

Parents who want to pay less for college would do well to keep 3 things in mind:

It pays to include out of state colleges and private colleges in the mix of colleges a student considers. State colleges have lower tuition but also are less likely to give large sums of money away to incoming freshmen. Out of state colleges will sometimes give money to out of state students to encourage them to accept an admissions offer.

Parents love to ask how much college costs. Unfortunately, the answer is "it depends". College cost depends on the cost of the college, the academic and other accomplishments of the student, the merit scholarship and grant process of the college and when the student applies for admission.

College cost is very much an individual phenomenon. For example, a highly accomplished student can apply to a college, receive a merit scholarship and end up paying half the cost or nothing at all. An average student with high financial need might end up paying the same.