There’s more to the cost of college education than tuition rates

by My college Corner My College Corner provides webinars

Costs of college education in the U.S. get a great deal of coverage because of the alarming pace with which they are going up. But the rates that are generally quoted as being the “college costs” are almost always associated with tuition rates. In reality, there are several other factors that add to the costs of college education.

So, how much does college cost?

When valuing the cost of a college, the tuition will no doubt be one of the largest costs, but not necessarily so. The costs of books, room, and management are also involved. A good deal of the living costs revolves around whether the student is living in on-campus or off-campus housing. Some colleges actually call for freshmen or even all undergrads to live on campus. This brings down the cost of housing, as utility costs are included in the price. It also reduces transportation costs that would have been incurred by commuting to campus.

Over the last few years, the rate of incline in tuition costs has put the general inflation rate to shame. Because of the exponential inclines, the costs have become much more than many families can stretch to. Thankfully, there are a number of alternative solutions for students to bring down the cost of college education.

Financial aid is now what one would expect at most colleges. Most private colleges have a sizeable percentage of students being presented with some sort of student aid. This can be awarded by the institution, backed by the college fund or by the tuition paid by other students. It can also be from special grants or fellowships, and/or from government-sponsored Pell grants.

Students also must borrow money to pay for their tuition and living costs. Receiving financial aid isn't always a grant or scholarship. More and more college students now are requesting some type of allowance to finance their education. To get a student loan, the student is considered supported by the income of the parent until the student reaches the age of 24. Even if a student is picking up the tab for the tuition without the help of a parent, the student aid guidelines still pertain. If the income of the parents is within the range determined by their college loans for parents’ applications, dependent on income, assets, and debt, the student is eligible for credits as well as Pell grants. Using federal student loans in conjunction with grants and scholarships has gone a long way to bridge the gap between the amount many families can bear the expense of and the real cost of college.


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Created on Jul 3rd 2018 01:56. Viewed 400 times.


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