Mr. Schwartz， 18 years old， was accepted at Cornell University but enrolled instead at City University of New York’s Macaulay Honors College， which is free.

　　Mr. Schwartz says his family could have afforded Cornell‘s tuition， with help from scholarships and loans. But he wants to be a doctor and thinks medical school， which could easily cost upward of $45，000 a year for a private institution， is a more important investment. It wasn’t ‘worth it to spend $50，000-plus a year for a bachelor’s degree，‘ he says.

　　As student-loan default rates climb and college graduates fail to land jobs， an increasing number of students are betting they can get just as far with a degree from a less-expensive school as they can with a diploma from an elite school -- without having to take on debt.

　　More students are choosing lower-cost public colleges or commuting to schools from home to save on housing expenses. Nearly 25% of students from families with annual household incomes above $100，000 attended public， two-year schools in the 2010-2011 academic year， up from 12% the previous year， according to a report from student-loan company Sallie Mae.

　　Such choices meant families across all income brackets spent 9% less -- an average of $21，889 in cash， loans， scholarships and other methods -- on college in 2010-11 than in the previous year， according to the report. High-income families cut their college spending by 18%， to $25，760. The report， which is released annually， was based on a survey of about 1，600 students and parents.

　　The approach has risks. Top-tier colleges tend to attract recruiting visits from companies that have stopped visiting elsewhere. A diploma from an elite school can look better to many recruiters and graduate schools， as well. And overcrowding at state schools means students could be locked out of courses and have difficulty completing their degrees in four years.

　　Mr. Schwartz started at the Macaulay Honors program at Queens College this fall with ’nagging‘ disappointment but has come to terms with his decision.

　　’I have to grow up. I have to incorporate what I want and what I can have，‘ he says. ’Even though people say money shouldn‘t be everything， in this situation， money was the most important thing.’