College Tuition Costs

Cost of CollegeFor students as well as parents, covering college tuition costs often seems pretty daunting, if not impossible. It is no secret that higher education is expensive, but that does not mean it is unaffordable or that receiving a college education is financially impossible. College tuition costs are almost always eye-poppingly large, but the full sticker price is rarely what students and families wind up paying. Since colleges offer financial help to their students, the financial burden is often less than what students and families expect it to be. Regardless of what exactly is the cost of college tuition, it is a worthwhile investment as pursuing higher degree programs allow students to establish a rewarding career.

Cost of College Tuition

The cost of a college education varies pretty widely depending on the college, with the largest split being between public and private institutions. For in-state students, a 4-year education at a public college or university will cost about $8,244 annually. For full-time students who are out-of-state, tuition and fees is on average about $20,770. Private, not for profit 4-year institutes charge tuition of about $28,500 annually, while public 2-year colleges charge on average $2,963.

Managing Cost of College Tuition

Students who cannot manage to cover the costs of their education can benefit from various financial aid programs and forms of aid, such as scholarships, student loans, and grants. Free money forms of aid, such as scholarships and grants, are the most desirable for of financial aid, and as such should be the first forms of aid a student in need of funding pursues. Other funding options, such as federal and private student loans, are also available for students. In case of federal student loans, students can borrow a limited amount of money, though at a very low interest rate, to help cover their college tuition costs. Private

student loans, on the other hand, typically do not have borrowing limits, and allow students to borrow whatever they need to cover the cost of their education. However, these financial aid programs have higher rate of interest when compared to federal student loan programs; as such, students who need to borrow should first take out federal student loans, and only if they run out of federal funding should they turn to private student loans. To find the right private student loan, use our Student Loan Comparison tool to search, compare, and apply for the loan that best for you.

 

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