Are you a parent with a teen making a choice about which college to attend this fall? Let go of the guilt about the price tag and help your kid make the best decision from a dollars and cents perspective.

The New York Times  cited a study that found college choice is more about perceptions around elite status than the hard economics of what a degree from one higher-priced school will earn you versus another lower-priced school.

"Equally smart students had about the same earnings whether or not they went to top-tier colleges. The big difference, their studies found, came from minority and low-income students who went to top-tier colleges: They did better later on," the article notes.

So if you're a parent, let go of that guilt! It's not your duty to pay $250,000 for your son or daughter to go to some fancy school. At same time, you shouldn't give them the green light to borrow $100,000 or more for college.