It’s that time of year when seniors will be weighing their college options. Choices will be made as parents and students evaluate colleges who offered admission.

The long wait is over and it’s time to make a decision. Which college will your student attend? This decision feels like the most important decision in his life up to this point and will weigh heavily on his mind and yours over the next month.

Before your teen makes the decision, however, you should weigh your college options. You would never purchase a home without determining its value, its fit for your family, or even its location. This college decision should be approached in the same manner. And to complicate matters, the decision has to be made in a timely manner—the National Candidate’s Reply Date is May 1st.

If your student didn’t get an offer of admission from his first or even second choice college, or he is accepted without enough financial aid, it’s time to re-evaluate the colleges on his list. Your teen should take a closer look at those schools on the list that weren’t on top. If he did his homework before applying, these schools should be more than sloppy seconds.

Here are five realities your student should take into account when weighing his options:

Attending a college that you can’t afford is a bad financial start.

Students and parents have been known to take out huge student loans to pay for a college education from a college that didn’t offer financial aid. Colleges will offer admission to students and often not offer any financial aid. Being accepted is one thing. Being accepted without any financial aid is another. Entering college with debt sets a bad precedent. Taking out loans to finance a college education is a poor financial choice. When your student graduates, he will be in debt, starting his life in the red. This debt can cause him to take a job he doesn’t like just to pay the bills. Large amounts of student loan debt will mean your student has fewer choices in life.

Another look could unearth a hidden gem.

When preparing the college list, little time is spent investigating the lesser choices. Even though some colleges made the list, they are often considered less desirable. But the college made the list for a reason and now is the time to take a closer look. Take some time and diligently investigate the colleges further down on the list that have offered admission. Compare offers, visit their campuses again, talk to current students and be open to discovery. You never know what you might unearth in the process.

You can now take a deeper look.

Your student has the luxury of knowing he is accepted. This gives him an opportunity to take a deeper look at the college. College choices are often made based on peer pressure, parent pressure and status. After all the hype and stress of applying, it’s easier to sit down and look at the choices that were made in a more objective light. The pressure of applying is now gone and all you need to do is thoughtfully evaluate those colleges that have offered admission. A more informed choice will help your student discover a better fit.

They want you, they really want you!

Sally Field said it best in her Oscar speech, “You like me; right now you like me!” Why would you go to a college that doesn’t like you or want you? The college admissions process is subjective and the college had their reason for not offering admission. But here’s the good news: there are colleges that actually want your student to attend—they have offered him admission. In addition, the school may want him so badly that they will offer generous financial aid awards that could mean free money. Along with the aid, they could offer an honors program with perks. All these incentives are offered because they see him as a valuable asset to their college community. Who doesn’t want to be wanted?

Your student could fall in love

In an article entitled, “When Second Choice is Best”, Lauren Schug, 26, from Philadelphia, was rejected by her top college choices—Brown, Columbia, and Duke. As you can imagine, she was pretty sure her life was over. “I was extremely disappointed when I didn’t get into my first choice school,” she says, “and as I didn’t get into my second and third choice, I feared that my education and my future would be compromised.”

Lauren had the typical response. Rejected from her dream colleges, she knew she would have to take a closer look at the colleges further down on her list who offered her admission. To her surprise she fell in love with Tulane, a diverse college completely different from her other choices. She now says getting the cold shoulder from Brown, Columbia, and Duke changed her life. Her experience isn’t uncommon. College students across the board say they ended up falling in love with their second choice school.

Once your student has taken a look at the colleges further down their list, here are 7 factors to consider before your student sends off his response card.

1. Compare the financial differences

College is expensive.

If you’ve done your homework and discussed your college budget with your teen, it’s time to evaluate and compare the financial aid awards. The best colleges are using the new Financial Aid Shopping Sheet created by the U.S. Department of Education. This sheet breaks the award letter down into segments, including all the information you will need to evaluate the award. If the college doesn’t use this, you can print out your own copy and transfer the data they provide.

2. Discuss the decision with others

Tap into your network of family and friends and encourage your student to take advantage of social media to connect with current students. There is great value in listening to other opinions, as long as he uses the information for his own decision and doesn’t feel obligated to follow their advice. If you know alumni, they are a great source of information as well.

Don’t forget that your student will obviously be hearing biased opinions, especially from alumni. Your best channel of truth will come from current students; they will be truthful and be willing to share the good and the bad about their college. This should counteract the overly biased view your student will receive from the colleges and their staff. After all, they are trying to woo him!

3. Ask questions

Don’t be afraid to ask questions. The ball is in your court and before your student makes the final decision, he should have all his questions answered. Colleges are more than helpful and would be happy to answer any and all questions. You are now the consumer and a potential customer. This means they will be ready and willing to provide additional information if asked.

4. Consider factors unrelated to the education

If the college is your alma mater and you already have connections there, this may play a key role in your student choosing this college. Other factors might be the college location, family travel expenses to and from parent weekends and move in days, cultural influences off campus and extracurricular activities such as Greek Life and intermural sports. While these factors might not be the only aspect of the decision process, they are certainly things to consider.

5. Delve further into academics

Your student researched possible majors before applying to the college. But once the offer of admission arrives, he should dig deeper into the specific programs offered and how the campus fosters those interests. If he is a music major or an acting major, are there opportunities to participate in performance art on campus? If your student is interested in stock trading, does the campus have a trading room? Along with the courses offered in his major, the college should encourage his interest by providing opportunities outside of the classroom.

6. Explore the campus

Your student can’t make a decision without taking a second look, especially if he didn’t look closely the first time around. He should step off the tour, talk to current students, attend some classes, explore the dorms, eat dinner in the student union, and if possible, spend the night. Getting to know a college is just like getting to know a person—you can’t know them without spending time with them.

7. Make a pro/con list

Making a list of pros and cons of each college is a logical approach to the decision. CollegeExpress offers a small list of pros and cons to consider:

• What type of setting is best suited for your success: small classes or large lecture halls?
• Does the college’s strength(s) match your own? For example, if you are really interested in business, make sure that it is not only offered at the school, but that it’s a strong program too.
• Do you want a close-knit campus community or do you need room to spread out?
• Are sports, Greek life, and tradition important to you? Does each school offer what you are interested in?
• Location! Do you see yourself in a big city, suburban, or rural campus?
• What kind of housing options will be available to you?
• Does the college have your specific academic program? Or if you change your mind, does the school offer “backup” majors that interest you?

Revisiting these questions can help you highlight the list of pros and cons helping to make your decision more clear. Once you have the list, do a side by side comparison.

The offers of admission mean that for the first time in the college process, your student has the power to decide his fate. But with the freedom to choose also comes the responsibility to make an informed choice. The college choice is not only a large financial investment; it’s an investment in your student’s future. All the more reason to weigh your options.