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Cost
The vast majority of students (up to 70 percent) lack the financial resources to
pay tuition up front and must rely on student loans 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.
The courtyard of Balch Hall at Cornell UniversityAnnual 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.
Note that these prices do not include living expenses (rent, room/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 a single student without children).
College costs are rising at the same time that state appropriations for 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 schools.
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