College Choices and Costs
The majority of student, up to 70 percent, lacks the financial resources to pay tuition up front and must rely on student loans, grants and scholarships from their university, the federal government, or a private lender. All but a few charity institutions charge all students tuition, although scholarships (both merit based and need based) are widely available. Generally, private universities charge much higher tuition than their public counterparts, which rely on state funds to make up the difference. Because each state supports its own university system with state taxes, most public universities charge much higher rates for out of state students. Private universities are generally considered to be of higher quality than public universities, although, there are many exceptions.
Annual undergraduate tuition varies widely from state to state, and many additional fees apply. A typical year’s tuition at a public university (for residents of the state) is about $5,000. Tuition for public school students from outside the state is generally comparable to private school prices, although students can generally get state residency after their first year. Private schools are typically much higher, although prices vary widely from no frills private schools to highly specialized technical institutes. Depending upon the type of school and program, annual graduate program tuition can vary from $15,000 to as high as $40,000. Moreover, these prices do not include living expenses (rent, room and board, etc.) or additional fees that schools add on such as activities fees or health insurance. These fees, especially room and board, can range from $6,000 to $12,000 per academic year assuming you are a single student without children.
College costs are rising at the same time that state appropriations for student loan aid are shrinking. This has led to debate over funding at both the state and local levels. From 2002 to 2004 alone, tuition rates at public schools increased by just over 14 percent, largely due to dwindling state funding. A more moderate increase of 6 percent occurred over the same period for private school.
As you can see depending on were you decide to obtain your higher education really depends on your student loan costs. Do your homework and research the schools as well as the loans, grants, and scholarships available to you.