Private universities have a hefty price tag, with tuition costs ranging from $30,000 to $50,000. There may be cases where students in private universities pay less than students in public universities because private universities may have more financial aid grants available to students. Many students apply for student loans to meet the costs of attending a private universities.
Tuition at public universities average around $7,000 per year. Costs are subsidized by the state. The tuition increases are based on state budgets and policies. Out-of-state residents may pay higher tuition fees, comparable to students at private colleges. Many students also apply for loans to pay for tuition at a public university.
In addition to tuition costs, students have to pay for room and board, adding about $10,000 to $15,000 more per year, which can double the cost of attendance at a university. Some students opt to commute from home, which can dramatically lower expenses, but they may miss out on the college experience of living in the dorms.
You also need to consider miscellaneous costs, such as books and other materials needed for your courses. For example, art majors may need to buy design software and art materials, while science majors may need to buy lab materials. Science majors may also have higher tuition than liberal art majors, since lab and research costs are taken into account in the tuition.
Students can lower the cost of attendance at a university through various forms of financial aid. They can apply for merit scholarships, which are based on their academic performance, as well as need-based grants. Students who are interested in receiving financial aid must submit a FAFSA application, which calculates how much financial aid in grants and loans a student is eligible to receive. This form must be filled out every year.