Public higher education is an investment, and it’s the best investment you can make in your future.

This time of year, students and their families are looking to the upcoming school year and making financial arrangements for college. One thing they know is that paying for college is complicated. It is also very much worth it. While there has been a growing concern about the cost of college, it remains a great investment.

College can be a bargain, especially public education in California. It provides an exceptional rate of return.

One thing that has changed over the past decade is how state universities throughout the nation are funded. In many instances, states are funding colleges at a lower level, shifting the costs to families. We are fortunate in California that public school tuition remains generally low compared to the rest of the nation, with the California State University system significantly lower than comparable institutions. In fact, the CSU has not increased tuition in seven of the last eight years.

Consider the cost of a new pickup or hybrid car, which can cost in the $50,000 range. This amount, often financed over many years, is a debt. It is well above the average student loan investment, which at HSU is $13,000 and nationally is about $30,000. The big difference is that the truck or car will actually lose value, including a big decline right when you drive it off the lot. Investing in a college degree adds value, in part by providing higher lifetime earnings averaging more than $1 million. That is a better return than the stock market. Furthermore, people with college degrees tend to enjoy a higher quality of life and better health (and they also pay more taxes).

Many students receive financial aid. Those with means, or those in the middle, tend to receive less (or no) aid because the federal financial aid system is based on “need.” Families with lower income are often eligible for more aid as the system is designed for, and expects, support from families. Loans are designed to fill the gap between financial aid and family support. As with all financial decisions, students should consider educational choices carefully. It may not be as wise to attend a costly college that requires substantial loans. It is the same logic that guides you when considering if you can afford a $50,000 vehicle or a $500,000 home.

State universities provide quality educational experiences at a reasonable cost, with an impressive return on investment.

In my family, I was the first to earn a college degree. I had financial aid and student loans, and I also worked in college to cover costs that my family could not. I then dutifully paid off my student loans over a 10-year period. That $27,000 total undergraduate and graduate loan amount (investment) created the opportunity for me to advance in my career and eventually become a college president.

My experience is not unique or even unusual. There are many who borrowed conservatively and are doing well in their chosen profession. My family did not have the means to fund my education, and so I invested in myself through working and taking loans, even as the government invested in me through financial aid. I should add that my family also did not have a $50,000 truck. We had a well-used old station wagon.

College is a very smart investment. It is not a debt. I encourage you to keep that in mind as you and your student make plans for the future.

Tom Jackson is the president of Humboldt State University.