Families often don’t let the price of a college limit their choice of schools. And they don’t think about how they will repay student loans when they are borrowing.

These are just two of the findings in a Salle Mae and Gallup study called “How America Pays for College.”

The study looked at 1,400 undergraduates and parents. Among the findings:

— 42 percent of families didn’t let cost of a college affect their choice of school, even after getting the financial aid package.

— 70 percent didn’t think about what sort of income the student would likely earn after graduation when they figuring out how much to borrow.

— The majority of parents worried about rising tuition and increases in the interest rates on loans.

 — Only 3 percent of families used the equity in their home to help pay for college last year. But nearly three-quarters of them were counting on tapping their home equity again for the next school year.

— About 90 percent of families with income under $35,000 filled out the Free Application for Federal Student Aid, but only 76 percent of families earning $35,000 to $50,000 do so.

These findings are troubling in a number of ways.

By ignoring the cost tuition when choosing a school, you might end up going to a school that’s far too pricey for your budget. You could have instead gone to a less expensive school that was also strong in your field of study.

And if you don’t consider how much you'll earn after after graduation before borrowing, you can be saddled with tens of thousands of dollars to repay on loans while earning a meager salary.

That can lead to some pretty lean times in your 20s and limit many other things you want to do. I’m reminded of a recent e-mail from someone who earns $30,000 at a non-profit, but is struggling to pay off $50,000 in student loans. She wants to go to grad school, but can’t afford it.

Also, relying on home equity can be a problem when home values today are flat or even falling.

And filling out the FAFSA application is critical, particularly for those earning $50,000 or less. Even those earning two or three times that should make sure they fill out the form. If you don’t qualify for need-based grants and loans, you might still qualify for a non-subsidized federal Stafford loan for undergraduates. And federal loans are the most consumer-friendly loans around.