| College costs get a lot of press coverage because of | | | | During the last 49 years, the rate of rise in tuition rates |
| the rapid rate with which they are rising. But the rates | | | | has outstripped the general inflation rate for 43 of |
| that are normally quoted as being the price of a | | | | those years. Because of the steep rises, the costs |
| college education is usually a look at only three | | | | have become much more than many families can |
| factors- state college tuitions for in state and out of | | | | afford. But, there are a number of alternate solutions |
| state students, and tuition rates for private colleges. In | | | | for students to lower the cost of college. |
| reality, there are several other factors that weight | | | | One way to graduate for a lot cheaper is to attend a |
| heavily on college costs, and public and private | | | | junior college instead of a four year school. Junior |
| colleges are not the only options available to students. | | | | colleges cost about $2,000 in tuition per year. Their |
| When calculating the cost of a college, the tuition will | | | | programs last only two years, so an entire associates |
| likely be one of the largest costs, but not necessarily | | | | degree will cost less than one year of a state college. |
| so. The costs of books, room, and board continue to | | | | Some students also choose to attend a junior college |
| grow along with tuition rates. Much of the living costs | | | | for the first year or two before transferring to a more |
| depend on whether the student is living in on-campus | | | | expensive four year college. This lowers the rate |
| or off-campus housing. Some colleges actually require | | | | during the time the student spends in the junior college, |
| freshmen or even all undergraduates to live on | | | | and allows the student to take core curriculum classes |
| campus. This lowers the cost of housing, as the price | | | | at the cheaper rate and then transferring those credits. |
| of water and other utilities are included in the price. It | | | | There are also an increasing number of colleges that |
| also lowers transportation costs that would have been | | | | offer online courses or even entire online degrees. |
| incurred by commuting to campus. | | | | These are sometimes offered in lieu of regular |
| Choosing off-campus housing may be a preference of | | | | classes, and are charged at the same credit hour rate |
| the student, but often the college in question simply | | | | as classes taught in a classroom. But, some colleges |
| doesn't have enough on-campus housing to meet the | | | | are making their online courses less expensive in order |
| demand. In these cases, the off-campus housing costs | | | | to cut their own costs for classroom space and |
| may be even high than the year's tuition. | | | | resources that the college would otherwise have |
| A student attending a state college can expect to pay | | | | provided, such as computer use. Online classes also |
| an average tuition of about $5,000. This is the tuition of | | | | lower transportation costs for students who would |
| the full school year, whether divided into three quarters, | | | | have otherwise traveled to campus for the classes. |
| two semesters, or by some other arrangement. The | | | | Filling in the Gap |
| average full costs of a state school, including the | | | | Financial aid is now the norm at most schools, both |
| books and basic living expenses, is $11,000 a year. This | | | | public and private. Most private schools have a high |
| may be reduced somewhat by living in a dormitory | | | | percentage of students who are receiving some type |
| with roommates, and it can be increased significantly | | | | of student aid. This can be awarded by the school, |
| by living off-campus and commuting to school. | | | | funded by the school's endowment or by the tuition |
| The highly sought after private colleges are raising | | | | paid by other students. It can also be from private |
| tuition at rapid rates- even faster than state schools. A | | | | grants or fellowships, and/or from |
| student today can expect to pay about $20,000 for | | | | government-sponsored Pell grants. In the 2002-03 |
| yearly tuition to a private college. This is raised to a | | | | year, about $105 billion was pumped into the nations |
| whopping $27,500 a year with books, room, and board | | | | colleges by various financial aid sources. |
| included. The average cost of a private college | | | | Students also must borrow money to meet their tuition |
| education is then more than $100,000. This represents | | | | and living costs. Receiving student aid isn't always a |
| the average of private schools, though there are | | | | grant or scholarship. During the 2003-04 year, more |
| schools to be found that charge much less and much | | | | than 65 percent of college students took out some |
| more. Harvard, for instance, currently charges $30,000 | | | | type of loan to finance their education. The average |
| a year in tuition fees alone. Some smaller, specialized | | | | student graduating that year did so $17,000 in debt. To |
| colleges without Ivy League reputations charge no | | | | get a student loan, the student is considered |
| more than $8,000 to $10,000 per year for tuition. | | | | dependent on the income of the parent or guardian |
| Other costs that are rarely factored into the cost | | | | until the student reaches the age of 24. Even if a |
| equation are the health insurance costs. A college | | | | student is financing the tuition without the help of a |
| student attending school full time may be eligible for a | | | | parent, the financial aid rules still apply. If the income of |
| student health insurance plan, if one is available at the | | | | the parents is within the range determined by their loan |
| student's school. This is a fixed monthly expense that | | | | applications, dependent on income, assets, and debt, |
| may rise yearly. The other option is to add the student | | | | the student is eligible for loans as well as Pell grants. |
| onto the plan if the parent or guardian. This is legal until | | | | Using federal student loans in conjunction with grants |
| the student reaches the age of 23. At that age the | | | | and scholarships has gone a long way to bridge the |
| student must purchase his or her own health plan as | | | | gap between the amount many families can afford to |
| an adult. | | | | pay and the real cost of college. |
| Finding Other Solutions | | | | |