Tuition is the cornerstone of the college experience. It is the main thing about which every potential college student worries. It can even be the basis of which college or university a potential student chooses to attend. The following is a discussion of what precisely tuition is in terms of how it applies to college and university life. Moreover, the following will discuss what college-bound students can do in order to make certain that they meet their university's tuition requirements.
As it applies to colleges and universities, tuition is the term used to describe the fee which must be paid for educational instruction, specifically at an institution which specializes in higher learning. For most colleges and universities, tuition is designed to assist with such things as paying the faculty and staff, funding the courses offered, purchasing lab equipment, books, and libraries, and ensuring a comfortable, knowledgeable learning experience.
Very rarely is a student able to fund his or her entire tuition by himself or herself - or even with the help of parents, guardians, or other family members. As such, there are several methods available to help students afford tuition. First and foremost are scholarships, which may be awarded privately, through a student's individual high school and/or university, through third-parties, or through scholarship databases available on the internet. Scholarships may be awarded for scholastic and academic achievement, athletic achievement, or artistic achievement. They do not have to be paid back, nor do grants, which - as in the case of the Pell Grant - are normally offered to students who exhibit an exceptional need for financial assistance.
Federal student loans are also available to help students pay for college. These are by far some of the most common and popular means of financial assistance available. A student can receive federal student loans by submitting a FAFSA form. Among the most common federal loans are Stafford Loans and Perkins Loans. Stafford Loans can be either subsidized loans, wherein they are need-based and the government covers the interest charges while the recipient is enrolled in school, or unsubsidized, which are not need-based. With unsubsidized Stafford Loans, the student is responsible for the interest even while he or she is attending college, however they can be deferred as long as the borrowing student understands that the interest accrued will be applied to the loan principal. Like subsidized Stafford Loans, Perkins Loans are need-based scholarships and are awarded to those students with exponential financial need.
There are also private loans available to help a student cover the cost of tuition. These are generally available through third-party lenders and the interest is usually much higher than what is offered by federal student loan programs. As well, there are parent loans, wherein the parents obtain money intended to go toward their child's college education.
In the case of most colleges and universities, the tuition increases with each passing academic year. Conversely, as tuition rates rise, the overall amount of financial aid available seems to be decreasing at an alarming rate. However, this does not mean that college is out of the question because as long as there are students who are interested in attending college, there will always be options available to help them cover the cost of tuition.
