When you are considering the cost of
a college education, you have to remember that the costs do
not just include the cost of tuition at school. You will also
have to take into account accommodation, books, travel and of
course, cost of living expenses.
Although estimates
vary, in the academic year 2006 -2007 the average cost PER
YEAR of a four year degree course at a public university is
$15, 608, while attending a private university will incur
costs of $33, 642. These costs include tuition and room and
board. If an inflation rate of 5% per annum is assumed, which
is very low, then if your or your child wants to attend a
university in the year 2021, then the costs per year rise to
$32,447 and $69,940 respectively for a public and private
university.
Remember that these projected costs are
only for an ordinary degree course. If you intend to do
post-graduate studies, then the costs will increase
dramatically.
At the moment, Federal financial aid
packages are available to students. These include Pell and
Stafford loans for students, and PLUS loans that can be made
to the parents of students. Although these may be sufficient
to pay for the cost of the university education, it makes good
sense to seek out additional sources.
There are
several federally managed foundations which can provide grants
and scholarships to students. Some of them require the
students to follow a particular career upon graduating from
school, or to take up employment in an area of the country
where there is a shortage of suitably qualified job
applicants.
Because there is such a wide range of
grants and scholarships available, it would be prudent to seek
the services of one of the several specialized companies who
know where and how to apply for them. It may well be that some
grants are only available to a particular group of people and
these experts will be able to guide you through the
intricacies of them all.
The school itself may well
have private funds available to assist students to complete
their education. You should contact the school’s financial aid
office in plenty of time to see what they might have available
to assist. You should not forget to apply early for such extra
funding to pay for the cost of the university education as
these funds will be limited and will probably be paid out on a
first come, first served basis.
About The Author
Kai Yee, is a writer, educator and
a businessman living and working in Washington, DC. He
has taught and lectured at in George Washington
University and George Mason University. You can find his
website at http://www.Student-Grant-Loan-Advisor.com.
