Everyone knows that college graduates make more money, and that SAT scores can help or hinder your chances of getting into your university of choice.

Of course, if you don’t have stellar SAT scores, there are still plenty of ways to be successful, but high SAT scores just make it a little easier to follow the traditional path of college followed by a career.

Don’t be hasty

Of course, you’re probably going to need a money loan to go to college. If your SAT scores are so stellar that you get a scholarship to an Ivy League school, more power to you. But the reality for most people is that college is expensive.

So I must caution you: just because your SAT scores are good enough to get you into an uber-expensive school doesn’t mean you should automatically go there. So if you get your SAT results today, don’t automatically fax your application to Harvard. Here are some excerpts from an article I wrote on a SmartMoney study about private universities versus public.

Nuts and bolts

The SmartMoney report analyzed the cost of private school versus public schools based on out-of-state tuition. It looked at the cost of attending 50  university and the salaries of alumni three years later and 15 years later.

The results are not surprising. While many Ivy Leaguers do make higher salaries, the extra money they spend repaying their student loans cuts greatly into the return on their investment.

Money-saving tips for college

For students who move to a different state to go to college, private schools cost about 30 percent more. Stay home to go to school and that difference jumps to about 75 percent.

So going to a public school in your home state costs a quarter of what it would cost to go to a private school.

One college-girl’s opinion

Go to community college first. Tuition is a fraction of what it costs to go to a four-year university. After you transfer and get your bachelor’s degree, it’ll carry just as much weight as everyone else’s.

If you want to go to an out-of state school: Most states consider you a resident after you’ve lived there one year, as long as you only go to school part-time. So move to the place where you want to go to school, attend community college part-time for a year. Then you’ll be able to pay in-state tuition and fees for the rest of your college career.

SAT scores can save you money

So, if your SAT scores are good enough to get you into an expensive, private university, just think of the scholarships you could get for community college or a state school. You could end up getting to go to school for free!

So study hard, get good SAT scores and embrace your future earning potential.

Most people know that education is a good investment. College degrees fetch higher salaries, thus giving the student a return on his or her investment. But does higher tuition mean a better education or a better salary? A report at from SmartMoney.com addresses this question.

Price difference

For students who move to a different state to go to college, private schools cost about 30 percent more. Stay home to go to school and that difference jumps to about 75 percent.

So going to a public school in your home state costs a quarter of what it would cost to go to a private school.

Speaking of price difference, the fees on payday loans are often less than the costs incurred from bounced checks or bills that are paid late.

Nuts and bolts

The SmartMoney report analyzed the cost of private school versus public schools based on out-of-state tuition. It looked at the cost of attending 50  university and the salaries of alumni three years later and 15 years later.

The results are not surprising. While many Ivy leaguers do make higher salaries, the extra money they spend repaying their student loans cuts greatly into the return on their investment.

All about the Benjamins

SmartMoney’s survey looked at financial gain only. It didn’t factor in the other reasons students go to college. It didn’t measure how well-educated graduates were.

The formula, which used PayScale.com to find out the alumni salaries, simply compares dollars and cents. For some students, college is all about the experience. Many graduates don’t even get jobs in their field of study. And private schools do boast a higher faculty-to-student ratio.

But in terms of cost versus earning potential only, it’s no surprise that public schools topped the list. Here are the schools that came out on top.

Winners

No. 1: University of Georgia, which offered an average 338 percent return on students’ investments.

No. 2: Texas A&M, 315 percent

No. 3: University of Texas, Austin, 306 percent

No. 4: Georgia Tech, 263 percent

No. 5: University of Washington, 225 percent

An imperfect model

Looks like Texas and Georgia are the places to go to get the most bang for your buck. But keep in mind that these figures are based on out-of-state tuition and fees. Also, the study only “looked at what graduates from 50 of the most expensive four-year colleges earn in their early and midcareers.”

So there are even less expensive schools out there that could potentially give you an even larger return on your investment. Another way to save money on getting an education is to get an associate’s degree from a community college, then transfer to a four-year college. Community colleges generally don’t charge out-of-state fees.

One college-girl’s opinion

As a college graduate myself, here’s my model for the least expensive way to get a degree:

Go to community college first. Tuition is a fraction of what it costs to go to a four-year university. After you transfer and get your bachelor’s degree, it’ll carry just as much weight as everyone else’s.

If you want to go to an out-of state school: Most states consider you a resident after you’ve lived there one year, as long as you only go to school part-time. So move to the place where you want to go to school, attend community college part-time for a year. Then you’ll be able to pay in-state tuition and fees for the rest of your college career.

In the end, extra money saved will turn into extra money earned, and you’ll be less likely to need payday loans.