With the economy on the rocks, paying tuition has become an even bigger burden on families. Recent surveys by both MeritAid.com and ApplyWise.com found that students are considering public colleges and "less prestigious schools" because they cost less.

Will this new mindset keep kids from getting a quality education? Traditionally, public schools have suffered from problems such as underfunding and overenrolled classes, while private schools are known for more personal attention and prestigious connections. But nowadays, many public universities outdo private ones in the rankings (e.g. Berkeley, UVA, UNC, UCLA) and offer a comparable if not better education at half the cost. And while there might be exclusive networks at very elite private universities, such as the Ivies and schools like Stanford or Rice, most schools that charge private tuition don't guarantee more valuable connections.

(Remember, however, that private schools often offer better financial aid packages and sometimes match public school tuition. Be sure to get a full picture from the financial aid office to make an informed decision.)

What do you think about public vs. private? Is tuition really an indicator of better quality education? Take our poll: