It's a question we hear a lot at the Massachusetts Educational Financing Authority, where we provide low-cost college lans to parents. Of course the answer is, "Yes, it's worth it." But it's hard to blame a parent for asking the question. Even though I am the executive director of MEFA, I am also the father of a college freshman. And when I opened my son's tuition bill, I found myself asking the same question. Is it worth it?

        The cost of a college education is one of the biggest purchases many families will ever make. Even if a child doesn't go to the most expensive colleges priced at more than $30,000 per year, it is still a major investment.

        In the 2000-2001 academic year, the average tuition, room and board at a private college costs $21,423, according to the National Center for Education Statistics. For an in-state student at a public college, tuition, room and board averaged $7,621.

        If they seem like large numbers, stop and consider the potential return on the investment in a college education, as outlined by the U.S. Census Bureau in a report in July. Also consider the cost to the child who does not earn a college degree.

        Study after study shows us the benefits of a college education. The recipient of a bachelor's degree is more likely to be employed consistently, enjoy better working conditions, and exercise regularly and live longer. Perhaps the clearest example of the benefits of a bachelor's degree over simply a high school diploma is in earning potential. A college degree offers the opportunity for greater financial security and a better quality of life.

        A college graduate with a bachelor's degree will earn nearly $1 million more in the course of his or her lifetime than the high school graduate, according to the U.S. Census Bureau. This gap in earnings potential has been widening over the past 25 years. The Census Bureau found a worker with a bachelor's degree in 1975 earned 1.5 times the wages of a worker with a high school degree. Flash forward to 1999, and that ratio is 1.8 times. Increasingly, the amount a worker can expect to earn is determined by his education level.

        The extra investment for post-graduate education will also pay off. Where a bachelor's degree recipient can expect to earn $2.1 million in a lifetime, a master's degree increases earnings potential to $2.5 million. A larger jump is seen in the professional degrees, such as medicine and law, where the average lifetime earnings reach $4.4 million. Meanwhile, a doctoral degree may reap $3.4 million lifetime.

        Knowing a college education is worth the investment may not make it any easier to afford. Parents have a range of options, whether their children are going to college next fall or in 20 years. Students and parents need to start early to educate themselves on the various grants and loans available. College financial aid offices are an excellent source of information. We at MEFA, a public agency for 20 years has helped families finance tuition to Massachusetts colleges and universities, also pride ourselves in acting as a trusted advisor to parents.

        Unfortunately, not all students qualify for the need-based grants, and grants do not always cover the entire cost of college. There are a variety of loans available from a variety of sources. Each has their pluses and minuses, and parents and students should weigh the options carefully so they get the best terms and interest rates for them. For example, the MEFA Loan for Parents is offering its lowest rates ever. Parents have two options: a variable rate or a fixed rate. The variable rate is 4.79% and offers monthly payments of $8.10 per $1,000 borrowed, but the rate may fluctuate up or down. The fixed rate of 6.79% offers stable monthly payments of $9.22 per $1,000 borrowed. Both are excellent options for parents, but they must consider which is best for them.

        Parents and students have many options when it comes to financing a college education, and many of them offer very good interest rates that makes college an affordable, worthwhile investment. When parents ask the question, "Is it worth it?", the answer is a very definite, "Yes."