Understanding Your Tuition Fees
By Nan Werther
, last updated December 22, 2011
Anyone financing their own or helping finance their child's college education would do well to familiarize themselves with the costs of their school's tuition. Whether you plan on paying out of pocket, working your way through school, or receiving assistance from private or public organizations in the form of grants, scholarships, or loans, it is necessary to understand the costs of college. Not only will this information help you create a budget that reflects your expenses but it will help you figure out how much additional money you'll need to borrow and where to allocate it responsibly. Paying for college is not an easy task, so don't risk being irresponsible.
Each college and university will differ slightly in their tuition fees. You can get a better understanding of the individual costs associated with each school by talking with a financial aid officer. Nonetheless, reviewing a reference guide to college tuition fees is an important step to becoming a financially responsible adult in charge of their education.
About half of all undergraduates are enrolled in four-year degree programs in colleges or universities. On average, these respectable schools provide excellent educations at a cost of around 9,000 dollars per year. This cost includes both tuition and fees, which are incurred to cover the cost of administrative processing. While four-year public schools are the most popular choice for most college-bound students, there are other alternatives which can either decrease or increase the tuition cost depending on which route you choose. On one hand, two-year schools and community colleges are far cheaper, offering a comparable education for about 3,000 dollars on average. Conversely, private colleges offer four-year degrees at a vastly inflated price, usually 35,000 dollars or more per year in tuition and fees. Occasionally well-funded private schools are able to offer students unable to afford their price tag generous rides in the form of endowments or grants. To be considered for any sort of financial aid package, however, most applicants would need to demonstrate considerable academic success and achievement.
Another important factor to consider when it comes to the cost of tuition is whether or not you intend to attend college in state or out. Generally, in state students receive the flat rate for their educations while those transferring from out of state would pay 3-4,000 dollars more to attend per year. In some circumstances, neighboring states have reciprocity agreements which grant certain out-of-state residents in-state tuition costs. One example of this is Wisconsin and Minnesota, which offer a slight discount to their neighboring residents attending college within their states. The prices according to the institutions still differ, and would need to be discussed with the admissions office for the exact cost.
Keep in mind too that financial aid packages can help offset the cost of tuition considerably. In some situations low-income students receive full rides to the school of their choice. Make sure to fill out your FAFSA application and apply for as many scholarships as possible before factoring your final tuition costs.