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By Selena Maranjian (TMF Selena)
December 26, 2001

Q. Are private or public colleges better?

A. It's worth thinking twice about private universities, which can cost several times what public schools cost. Some private schools have prestigious names, which can open some doors, or at least give a bit of shine to a resume. But a hard-working, clever student at a public university can achieve just as much. Besides a college's name, graduate schools and employers will be looking at courses taken, grades, recommendations from faculty members, initiative taken, achievements, and so on.

An interesting exercise is to have your child interview five to 10 adults he or she admires, asking where they went to college, and how they think their college choice made a difference in their careers.

Your child might also look over the following lists of people and the schools they attended, to see that successful people have gone to all kinds of schools:

Public Schools

Warren Buffett       University of Nebraska
Bill Cosby           Temple University  
Roger Ebert          University of Illinois 
David Gardner        University of North Carolina 
Jim Henson           University of Maryland 
Stephen King         University of Maine 
David Letterman      Ball State University 
Steven Spielberg     California State College 
Oprah Winfrey        Tennessee State University

Private Schools

Madeleine Albright   Wellesley College 
Carly Fiorina        Stanford University 
Tom Gardner          Brown University 
Ruth Bader Ginsberg  Cornell University 
Steve Jobs           Reed College 
Denzel Washington    Fordham University 
Tiger Woods          Stanford University

Different personalities thrive in different environments. Public schools are attractive because (among other things) they usually cost a lot less. But, with proper planning and perhaps some scholarships thrown in, private schools can be very affordable, too.

Here are a bunch of resources that can help you learn more about various schools and about paying for college: the U.S. Department of Education, the Student Guide, www.finaid.org, the College Board, Peterson's, Campus Tours, the Fool's college planning area, The 529 plan guide, and Mapping Your Future.

This question and answer is adapted from The Motley Fool Money Guide: Answers to Your Questions About Saving, Spending and Investing. For answers to this and 499 other common money questions, check it out -- it's a handy resource.