Cole Schenewerk has a tough choice ahead of him.

　　科尔•施耐沃克(Cole Schenewerk)面临着一个艰难的选择。

　　The high-school senior from El Cajon, Calif., already has gotten an acceptance packet from Southern Methodist University and a preliminary scholarship offer from an Ivy League college. And he is still waiting to hear from seven other schools, which he expects will dangle a variety of financial-aid offers.

　　美国大学的学费是一笔不小的开销，花这笔钱和四年的时间接受大学教育是否值得?《Hacking Your Education》与《Debt Free U》两本书的作者各执一词。那谁是对的呢?《华尔街日报》的Jason Bellini结合他们的观点和大量数据给出了简要回答。这位加利福尼亚州埃尔卡洪(El Cajon)的高中毕业班学生已经收到了南方卫理公会大学(Southern Methodist University)发放的录取资料包以及一所常春藤盟校发放的预授奖学金录取通知书。施耐沃克此刻还在等待其他七所高校的录取结果，他预计这其中将有多份附带财务资助的录取通知。

　　'Definitely, finances are a big deal,' says Mr. Schenewerk, a coin collector who plans to work part-time in college while studying business. 'A lot of these schools have really high sticker prices. If I don't get the scholarships I need, I won't be able to go there.'

　　施耐沃克是一个硬币收集爱好者，他打算在大学攻读管理学学位时做点兼职工作。他说：“可以肯定，费用是个大问题。很多大学收取的学费真的非常高。如果不能获得我所需要的奖学金，我恐怕读不起大学。”

　　Many high-school seniors are in a similar situation. They have taken their SATs, written admissions essays and sent in their applications. Now the acceptances─and financial-aid offers─are rolling in. The pressure is on to figure out which college might produce the biggest return on investment.

　　不少高中毕业班学生也和施耐沃克一样头疼。在他们参加了SAT考试，字斟句酌地写好入学申请书并最终寄出申请后，现在录取通知书以及财务资助的批准通知纷至沓来。他们的主要任务变成了衡量哪所学校能为他们带来最高的投资回报。

　　But getting to the bottom line can be a dizzying exercise. Colleges aren't required to use uniform language to describe their financial-aid packages. Only about 700 of the nation's roughly 6,000 colleges have adopted the U.S. Department of Education's 'Financial Aid Shopping Sheet,' which provides a standard format for evaluating costs and performance. (It is on the web at collegecost.ed.gov/shopping_sheet.pdf.)

　　但是，计算收支金额这件事可能会让人头晕眼花。对于学校应该如何描述自身的财务资助计划并没有强制性的统一标准。在全美约6,000所学校中，只有700所左右采用了美国教育部(U.S. Department of Education)起草的“财务资助列项表格”(Financial Aid Shopping Sheet)，这份表格为评估教育成本及回报提供了一个标准模板。(表格下载网址：collegecost.ed.gov/shopping_sheet.pdf。)

　　Some schools don't even mention costs in their financial-aid award letters, while other schools cite only tuition and fees, ignoring transportation, textbooks and living expenses. Many colleges describe loans as 'financial aid' or obscure the fact that the aid package includes federal loans to be taken out by parents.

　　科尔•施耐沃克与父亲格雷格在清点他存下的硬币。一些学校的财务资助发放通知函甚至都未提及就读本校的费用，还有一些学校只列出了学杂费，而忽略了交通费、书本费和生活费。很多学校或是将各类贷款归为“财务资助”的范畴，或是淡化了财务资助计划中其实包含了学生家长获得的联邦贷款这一事实。

　　What's more, some schools are generous with grants and scholarships for freshmen, but are less so for upperclassmen. And most schools leave it up to families to guess how much costs will go up each year.

　　此外，很多学校向一年级新生发放补助和奖学金颇为慷慨，但对其他年级的学生就不尽然了。并且，大部分学校都把估算花销将怎样逐年递增的重担压在了学生家庭的肩上。

　　Choosing a college involves a complex mix of variables, including course offerings, geography and overall fit. But purely in financial terms, families can make smarter decisions by zooming in on factors such as net price after aid, graduation rate, job placement rates and how much you might have to borrow.

　　选择学校涉及了一系列复杂的变量，包括课程设置、地理因素以及学校的综合状况等。而仅从经济因素来说，学生家庭可以通过仔细研究抵扣资助后的净开销、学校的毕业率和就业率以及需要借贷的金额等因素来做出明智的决定。

　　'When you are looking at your final options, you want to set aside, for the time being, the emotional content and analyze things rationally,' says Anne Sturtevant, executive director of higher education at the College Board, provider of the SAT and Advanced Placement Program.

　　美国大学委员会(College Board)的高等教育执行理事安妮•斯特蒂文特(Anne Sturtevant)表示：“当你在审视自己最终的学校筛选名单时，你最好暂时放开感性因素，而进行理性的分析。”美国大学委员会是SAT考试及进阶先修课程项目(Advanced Placement Program)的管理机构。

　　The consequences for making a bad choice can be enormous, given the rising costs. The average student who borrows has piled up nearly $29,000 in student loans by graduation, or more than $37,000 if you include loans taken out by parents, estimates Mark Kantrowitz, publisher of FinAid.org, a financial-aid resource site.

　　由于费用一直在不断上涨，不明智的选择可能会带来深远的负面影响。据财务资助信息网站FinAid.org的出版人马克•坎特罗威茨(Mark Kantrowitz)估算，截至毕业时，借贷学生的平均学生贷款金额已经接近29,000美元，如果把学生家长的贷款金额也包含在内，平均贷款金额甚至高于37,000美元。

　　Here is a step-by-step guide to making the best possible college choice─in financial terms, anyway. (For an interactive tool that can help you compare your various financial-aid awards and see how schools stack up based on graduates' salaries, debt and other measures, go to graphics.wsj.com/college-costs. And in order to report any confusing award letters, send an email to: priceofadmission@wsj.com.)

　　下文将至少从财务角度上为你提供选择最佳学校的指导步骤。(如果你需要能帮你比较各种财务资助奖金以及衡量学校基于毕业生薪酬、负债及其他指标的综合能力的互动工具，请访问graphics.wsj.com/college-costs。如果你想向我们提供令人困惑的财务资助通知书，请发送邮件至：priceofadmission@wsj.com。)

　　• Calculate net cost. First, total up tuition, room and board for all of the colleges on the student's list.

　　计算净支出。首先，将所有待选学校的学费和食宿费分别相加。

　　To calculate the full cost, add in other expenses. Students at four-year colleges spend an average of $1,210 a year on books and $1,060 on transportation, according to the College Board. Other extras to watch out for include materials and lab fees, parking and health insurance, though schools sometimes will let you opt out of health coverage if your child is covered by your insurance plan.

　　为涵盖全部开销，你还要计入其他费用。美国大学委员会的数据显示，四年制学校的学生平均每年在书本上花费1,210美元，在交通上花费1,060美元。其他需注意的额外支出包括材料及实验室费用、停车费及健康保险的费用等，不过如果家长的保险计划覆盖了子女，学校有时会豁免学生的健康保险。

　　If some costs aren't clear, families should check the college's website or ask the admissions office.

　　如果有不清楚的费用，学生家庭可以通过查询学校网站或是询问录取办公室的方式来进行了解。

　　The next step is to subtract for each school any grants and scholarship offers from the total cost. That will provide a so-called net price, including any borrowing, for each school.

　　接下来你要做的是，把每所学校能够给予的补助和奖学金从其总费用中扣除。这样一来，你就能得到每所学校的“净支出”数字，这其中包含贷款金额。

　　Chris Noah, an advertising executive who lives in Middletown, N.J., ruled out several schools that accepted his son, Derek, because the net price wasn't competitive. Derek, now a high-school senior, plans to attend Allegheny College in Meadville, Pa., and major in environmental studies.

　　住在新泽西州米德尔敦(Middletown)的广告业管理人士克里斯•诺亚(Chris Noah)就排除了录取他儿子德里克(Derek)的几所学校，原因是这些学校的净支出数字不具竞争力。现在就读高中毕业班的德里克计划选择位于宾夕法尼亚州米德维尔(Meadville)的阿勒格尼学院(Allegheny College)，主修环境科学。

　　A $15,000 merit scholarship made it 'much more doable,' Mr. Noah says.

　　诺亚表示，该校提供的15,000美元的优异奖学金“大大增加了就读这所学校的可行性”。

　　• Estimate the cost over four years or longer. Many families overlook rising costs after a student enrolls. The average sticker price of tuition and fees at private, nonprofit colleges has jumped 13% since the 2007-08 academic year, even after accounting for inflation, and by 27% at public four-year schools, according to the College Board.

　　按照四年或者更长的时间来估算费用。在学生注册入学后，很多家庭忽视了费用将逐年递增的趋势。美国大学委员会的数据显示，从2007-08学年到现在为止，即使在扣除了通货膨胀的因素后，非盈利性私立大学的平均学杂费也已经攀升了13%，四年制公立大学的平均学杂费更是激增了27%。

　　Some schools are trying to rein in cost increases─or even freeze tuition─but past price increases can provide a general estimate of what you can expect, says Brian Zucker, a consultant who works with colleges on pricing strategies.

　　为学校提供定价策略咨询的顾问布莱恩•朱克(Brian Zucker)称，一些学校正在努力控制费用的增长──他们甚至保持学费不变──但是从之前教育费用的涨势中，你应该能得到一些警示。

　　To be safe, families should calculate costs over four and five years, because many students take more than four years to graduate. Just 53% of students at nonprofit private schools and 31% at public colleges graduate in four years, according to the Department of Education.

　　为了稳妥起见，学生家庭应该按照四年或五年的时间来计算费用，因为从入学到毕业，很多学生花费的时间不止四年。据美国教育部称，只有53%非盈利性私立大学的学生和31%公立学校的学生能够按时毕业。

　　If you can barely manage in the first year, 'you should be very cautious about accepting,' advises Bonnie Kerrigan Snyder, a college consultant in Lancaster, Pa. At many schools, freshmen receive more of their aid in the form of grants than seniors, she notes.

　　宾夕法尼亚州兰卡斯特(Lancaster)的学校顾问邦妮•凯瑞甘•斯奈德(Bonnie Kerrigan Snyder)建议道，如果你紧紧巴巴地才能凑够第一年的钱，“那么在接受录取前你应该三思而行”。她表示，在很多学校，相对于高年级学生，一年级新生得到的补助形式的资助更多。

　　All told, about 50% of colleges front-load grants, meaning freshmen receive more of their aid as grants than seniors do, Mr. Kantrowitz says.

　　坎特罗威茨表示，总体看来，50%左右的高校实行补助预发制度，这意味着新生比高年级学生收到的补助型资助更多。

　　• Scrutinize the fine print on merit awards. Many schools offer generous 'merit aid' to high-achieving students in an effort to meet enrollment goals and boost college rankings. But most offers aren't adjusted for inflation. Some are good for only a single year or require that the student meet other requirements.

　　仔细察看优异奖学金条款中的附属细则。为了达到录取指标以及提高学校的排名，很多学校都向优秀的学生提供颇为慷慨的“优异奖学金”。但是其中大多数优异奖学金都不随通货膨胀进行调整。这类奖学金中，有些只有一年的有效期，有些则要求学生满足其他条件。

　　Families should ask colleges what happens to the award if costs increase and whether there are any conditions for renewal.

　　学生家庭应当咨询学校，如果费用上涨的话，奖学金是否会相应调整以及每年续发奖学金是否需要附加条件。

　　Another question to ask: What happens to the aid package if the student receives outside scholarships? Colleges typically reduce financial-aid packages proportionately for students who win outside scholarships, but they can do it by cutting loans, grants or both.

　　另一个需要问的问题是：如果学生获得了来自校外的奖学金，这会不会对其校内资助计划产生影响?通常情况下，学校都会按比例缩减针对获得校外奖学金的学生的财务资助，但是调整方式会有区别：校方可以削减贷款，也可以削减补助，或者两者都削减。

　　• Balance prestige and cost. Some students, like Chandler Walsh, a senior in Berlin, Mass., are confronting a choice between a cheaper school and one with a better reputation. 'I could go to some schools and not have to worry about money, and some schools where I would worry a lot,' she says.

　　在学校声望以及就读开销间进行权衡。马萨诸塞州柏林市(Berlin)的高中毕业班学生钱德勒•沃尔什(Chandler Walsh)和其他一些学生一样，正面临着一个两难的选择：那就是入读一所学费更低的学校还是入读一所声望更高的学校。沃尔什说：“入读某些学校，我无需担心学费的问题;但如果想就读另一些学校，我的压力就非常大了。”

　　Dean Skarlis, president of the College Advisor of New York, which works with families on college admissions and aid, advises families facing this dilemma to weigh costs over four years. 'Is this place $22,000 times four better?' he asks. 'It forces them to clarify why one school is better than the other.'

　　迪安•斯卡里斯(Dean Skarlis)是“纽约高校顾问机构”(College Advisor of New York) 的主席，该机构旨在与学生家庭携手解决有关高校录取和财务资助的问题。斯卡里斯建议那些举棋不定的家庭应该从四年的整体费用这个角度多考虑一下。他问道： “这所学校真值得你连续四年每年多花22,000美元吗?”他说：“这个问题能使大家在权衡哪所学校更好时保持清醒。”

　　Mr. Kantrowitz recommends selecting the better-regarded school if the difference in net price is $1,000 or less. If the gap is more than $5,000, 'go with the cheaper school,' he says. Students who borrow heavily are less likely to attend graduate school, might be under pressure to choose a job that pays better over one for which they are better suited and are more likely to struggle to repay their college debt, he says.

　　坎特罗威茨建议，如果两所学校的净支出数字差距不超过1,000美元，应该选择其中声誉更好的那所。如果净支出数字差距高于5,000美元，“那就要选便宜的那所学校了”。他还表示，那些贷款负担沉重的学生继续深造的可能性更小，他们还可能迫于财务压力选择薪酬更高的工作而放弃更适合他们的工作，另外，这些学生更容易被偿还学校债务搞得焦头烂额。

　　• Manage borrowing. As a rule of thumb, total student debt at graduation─including parent loans the student is expected to repay─shouldn't exceed the student's annual starting salary at graduation, Mr. Kantrowitz says. Parents shouldn't take on more debt─for all of their children─than they can afford to repay within 10 years or by retirement, whichever comes first, he adds.

　　合理控制贷款金额。坎特罗威茨表示，依据他的经验，学生毕业时的债务总额──包括家长贷款在内的应偿借贷──不应该高于这名学生毕业后的起步年薪。他还补充道，家长为所有子女担负的债务则不应该超过他们十年内或者退休前能还清的金额，以这两个时间点中先到的那个点为准。

　　Federal loans are the safest option because they contain special protections and repayment options, including income-based repayment, says Lauren Asher, president of the Institute for College Access and Success, an advocacy group. Subsidized Stafford loans are particularly attractive, partly because interest doesn't begin to accrue until the repayment period begins.

　　美国大学入学及成功协会(Institute for College Access and Success)主席劳伦•阿舍(Lauren Asher)表示，由于联邦贷款具有特别的保障机制以及还款选择，如基于收入水平的还款方式，因此联邦贷款是最为稳妥的借贷方式。作为联邦贷款补充的斯泰福贷款(Stafford Loans)也特别具有吸引力，在一定程度上是因为该项贷款在还款期开始前都不计算利息。

　　Families planning to take out federal Parent Plus loans should apply as soon as they can to be sure they qualify. Rejection rates have increased since the federal government tightened lending standards for Parent Plus loans last fall.

　　计划申请联邦父母贷款(Parent Plus Loans)的家庭应该尽早行动，以确保获得贷款资格。自从去年秋季联邦政府收紧了针对父母贷款的借贷标准后，此项贷款的拒批率一直都在攀升。

　　Beware of aid offers that include private loans 'because it means you can't borrow enough from the federal government,' advises Nancy Coolidge, associate director of student financial support for the University of California system. Federal rules generally limit undergraduates who are dependents to $31,000 in government-backed loans.

　　加利福尼亚大学(University of California)学生财务支持部门的副主管南希•库里奇(Nancy Coolidge)建议，应该详细了解包括私人贷款在内的多种贷款选择，“因为你或许不能从联邦政府那里获得所需的全部资金”。联邦政府通常不允许尚无自立能力的本科生借贷超出31,000美元的政府支持贷款。

　　Appeal inadequate aid offers. 'If your financial-aid package isn't what you expected, there is absolutely no harm in going back to the financial-aid office and letting them know this isn't what you expected,' says Justin Draeger, president of the National Association of Student Financial Aid Administrators.

　　对财务资助不足提起申诉。美国全国学生助学金管理人员联合会(National Association of Student Financial Aid Administrators)主席贾斯丁•德雷格(Justin Draeger)表示：“如果你获得的财务资助没有达到你的预期，那么回到财务资助办公室，并向工作人员申明这一点是绝对没有坏处的。”

　　To bolster your case, document a change in family circumstances, such as a job loss or large medical bills, or a major expense that doesn't show up on your financial-aid form, such as the cost of caring for an aging parent.

　　为了在诸多申请者中引发关注，你应该递交有关家庭情况变动的文件，比如失业、大额医疗账单，或者你的财务资助申请表上未能体现的大额开销资料，如为照顾年迈的父母需要支付的费用等。

　　Mr. Skarlis says one client nabbed a larger award by showing that a property sale that generated a large capital gain was a one-time event. An offer from a competing school also might work in your favor, particularly if your child's test scores and grades are in the top 25% for that institution, he says.

　　斯卡里斯称，他的一位客户在申诉使自己家庭获得大额现金收益的房产出售仅为一次独立事件后获得了更高的助学金。他还表示，来自分量相当的学校的录取通知书或许也能帮上忙，特别是当你子女的考试分数或成绩在那所学校排名在前25%时。

　　•Focus on outcomes. A record 88% of last year's incoming freshmen cited the ability to get a better job as a 'very important' reason for attending college, according to a national survey released in January by the Higher Education Research Institute at the University of California, Los Angeles.

　　关注学业结果。加利福尼亚大学洛杉矶分校高等教育研究所(Higher Education Research Institute)今年一月公布的全美调查结果显示，去年将能够找到一份好工作视为进入大学学习“非常重要”的原因的一年级新生比例达到了创记录的88%。

　　For a sense of outcomes, families should look at a college's four-year and six-year graduation rate, loan-default rate for its students, average debt loads and the pay for recent and midcareer graduates. Families can find this type of information on websites such as College Navigator (nces.ed.gov/collegenavigator), the Institute for College Access and Success's College InSight (college-insight.org) and PayScale (payscale.com).

　　为了得到有关学业结果的信息，学生家庭应该关注学校的四年毕业率及六年毕业率、学生贷款违约率、学生的平均负债，以及毕业生的起步薪酬及职业中期薪酬水平。学生家庭可以在下列网站上找到此类信息：“大学导航”(College Navigator, 请访问nces.ed.gov/collegenavigator)、美国大学入学及成功协会旗下的“大学洞悉”(College InSight,请访问college-insight.org)以及薪金调查网站PayScale(请访问payscale.com)。

　　Families also should keep an eye out for mitigating factors. High average debt loads are less troubling if few students borrow. Liberal-arts graduates might have lower starting pay but earn more over time. What's more, salary figures don't account for students who go on to graduate school. The least-selective schools, meanwhile, are likely to have lower graduation rates.

　　与此同时，学生家庭还应当留意上述不利因素并非一概而论。如果借贷的学生很少，那么即使平均负债水平较高也不是太大的问题。文科毕业生可能起步薪酬较低，但会随着时间推移越赚越多。此外，薪酬数据并没有计入就读研究生院的学生的情况。还有，越是奉行“宽进”入学标准的学校，越容易呈现出低毕业率的现象。

　　Some schools voluntarily provide average debt at graduation, while in other cases, the only information available is debt at the time borrowers enter repayment, whether or not they have graduated. That can understate borrowing at schools with high drop out rates.

　　一些学校会主动提供毕业生的平均贷款金额，但其他一些学校披露的只是进入还款期的平均贷款金额，而无论借款人是否已顺利毕业。这样就拉低了那些淘汰率较高的学校的平均学生贷款金额。

　　Families also should ask what the college does to help students burnish their resumes and interviewing skills, how many students go on to graduate school and where they study, and which employers come to the school to recruit, says Deborah Fox, a San Diego financial planner and founder of Fox College Funding.

　　来自圣地亚哥(San Diego)的财务规划师、“福克斯大学基金”(Fox College Funding)的创始人黛博拉•福克斯(Deborah Fox)表示，学生家庭还应该事先询问，在帮助学生润色简历及提高面试技巧上学校能提供什么样的帮助;能继续研究生深造的学生数量以及他们将就读于哪些院校;什么样的雇主会参加校园招聘，等等。

　　Eli Castronova, a real-estate executive in Scottsdale, Ariz., says his daughter, Naomi, now a freshman, chose Barrett, the Honors College at Arizona State University, in part because 70% of its graduates go on to graduate school.

　　亚利桑那州斯科茨代尔(Scottsdale)的房地产业管理人士伊莱•卡斯特罗诺瓦(Eli Castronova)称，他的女儿、现为大学一年级新生的内奥米(Naomi)之所以选择了亚利桑那州立大学(Arizona State University)的巴雷特荣誉学院(Barrett, the Honors College)，一定程度上是由于该学院70%的毕业生都将进入研究生院继续学习。

　　'You need a graduate school specialty to excel in the workplace, and we have finite resources,' he says. Barrett is 'known for helping its students prepare for and pursue postgraduate studies.'

　　他说，“要想在职场上出类拔萃，你需要研究生院的光环，但我们拥有的渠道却很有限;巴雷特荣誉学院在帮助在读学生准备及申请研究生学习方面的优势有目共睹。”