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There’s no doubt a college education is expensive. If you’re paying your way through school or footing the bill for your child, when bills for tuition and fees roll in, you may ask yourself if the expense is worth it. The short answer to this question is yes. For many people, it is the best investment they will ever make. But like any investment, it requires research, smart decision making and following through for it to pay off.

However, making poor decisions can leave you with a mountain of debt, questioning where you went wrong.

I have a friend who is hesitant to help his daughter pay her way through college. Because college costs have gone up in recent years, he says it’s just not a good use of money. It’s certainly true that higher education costs have skyrocketed. Since 1982, tuition prices have risen more than 435 percent nationwide, according to the Bureau of Labor Statistics, making increases in health care and energy costs pale in comparison. But despite this, a college education can still be well worth the expense.

In the 1970s, someone with a two- or four-year degree generally made little more than someone with a high school diploma. But that has dramatically changed during the past 30 years. During a 40-year period, those with a two-year degree earn an average of $400,000 more than high school graduates. The Bureau of Labor Statistics also recently reported that some of the fastest-growing, well-paying jobs require an associate degree. Below, are the median annual wages and projected 2016 employment increase for a few of the jobs that made the top of the list:

• Computer specialists — $71,510; 15 percent projected increase

• Dental hygienists — $64,740; 30 percent projected increase

• Registered nurses — $60,010; 23 percent projected increase

• Paralegals and legal assistants — $44,990; 22 percent projected increase

Those with bachelor’s and advanced degrees also earn significantly more than workers with a high school diploma. Below is a 2006 summary of average annual earnings relating to educational attainment, according to the U.S. Census Bureau:

• Master’s, professional or doctoral degree — $82,320

• Bachelor’s degree — $56,788

• High school diploma — $31,071

• Less than a high school diploma — $20,873

So how can a person ensure the best return on their educational investment?

By doing the following:

1. Explore which careers are best suited to your interests and abilities. Interview people who work in positions that look appealing to you. Talk to a career counselor at a college you’re interested in attending. Or go to www.careertest.net and take a free test to help you determine which careers are compatible with your personality.

2. Research jobs to determine future growth potential and educational requirements. A good place to start is “The Occupational Outlook Handbook,” which can be found at www.bls.gov/oco/

3. Assess which colleges offer the best value for your money. One source for this is provided by U.S. News and World Report at colleges.usnews.rankingsandreviews.com/college. While top-tier private colleges can offer students certain career advantages, this is not usually the case with most private schools. The average graduate from a reputable public university tends to do as well in his or her career as the average graduate of a comparable private college.

4. Take advantage of in-state opportunities. I received my undergraduate degree from the University of Delaware and paid in-state tuition as a resident. About 45 percent of my classmates were from out of state and paid almost three times more than I did. A lot of students choose to attend colleges outside their home state. Nationwide, this number has risen from 31.8 percent in 1996 to 38.5 percent in 2004. But unless your educational needs can only be met by going out of state, it’s hard to beat the value that a public university provides to in-state residents. If you’re determined to attend a college in another part of the country or in a different country altogether, look into a national or international exchange through the University of Fairbanks at www.uaf.edu/admissions/other/visiting/index.html.

5. Determine how much financial aid you’re eligible for and calculate all of your costs before making a final decision regarding if and where you’ll go to college. While there are scholarships and loan programs that can be used anywhere, most colleges also offer their own grants, scholarships and employment opportunities. This information is usually posted on the school’s Web site (for UAF, go to www.uaf.edu/finaid).

If you assumed that only the extremely wealthy can attend top-tier schools, think again. As of about a year ago, it became more affordable. More than 50 percent of students who attend Harvard, Princeton, MIT and Dartmouth receive needs-based grants. The average discount on costs is more than 60 percent, according to U.S. News and World Report. In an attempt to target students from middle-income families, top-tier institutions have adopted policies to make their schools more affordable. For example, at Harvard, most families pay no more than 10 percent of their annual income, and home equity is no longer factored into the equation. Families earning $120,000 pay $16,000, while those earning $80,000 pay $8,000. When annual income drops to $60,000, families pay even less, about $4,000. Though Harvard took the lead in changing their financial aid policies, other schools, like Yale, Princeton, Amherst and Columbia are following suit.

6. Investigate loan forgiveness programs. If you know you’d be a great teacher or social worker but cringe when you think about trying to pay off student loans on the salary you’ll earn, check out loan forgiveness options. Students who become full-time teachers in schools that serve students from low-income families can have a portion of their Perkins Loan forgiven. Some law schools forgive loans of those who work in public interest or nonprofit positions. And organizations like the National Health Service Corps offer loan forgiveness to physicians who work in remote areas or economically depressed regions. For more information on this, visit www.staffordloan.com/repayment. Also, the College Cost Reduction and Access Act of 2007 forgives student loan debt after 10 years of full-time employment in public service, according to www.finaid.org/loans/.

7. Stick to your educational goals.

About 25 percent of freshmen drop out of college, and only 60 percent complete a four-year degree within six years, according to the U.S. Department of Education, National Center for Education Statistics, 2002. Lay out a clear strategy for achieving your academic goals and make it a priority.

I can’t say that going to college is a wise investment for everyone. A student who attends an expensive private university, chooses a major with few potential job opportunities and proceeds to drop out a year before graduation will probably not see a good return on his or her investment. But for those who understand the opportunities that a college education can provide, going to college can be the best decision they will ever make. During the course of a 40-year career, the financial reward can be substantial. But more than this, a college education is an investment in yourself and your family that opens up career opportunities that wouldn’t be accessible otherwise.