When you are in debt and you or your child want to get a great education, but save money doing it; you should strongly consider a community college or in state school with lower tuition-at lest for the first two years before transferring credits.
For public community colleges, the average tuition is approximately $5,014 per year for in-state students and $8,725 for out-of-state students (2021). For private colleges, the average yearly tuition is approximately $15,507 per year.
Tuition at community colleges on average is $3.660 per year. But in reality, many students end up paying far less in tuition. Published tuition costs do not account for scholarships, grants and tax benefits. The College Board broke down what the average net price of college is today — taking scholarships and grants into account — and found that students typically pay less than the published price.
Between 2009 and 2019, the average published tuition and fees at public two-year colleges increased by $930 (about 34% after adjusting for inflation) but the average combined grant aid and tax benefits also increased by over $1,300 (almost 50%) during that period.
In fact, according to the College Board, “56% of independent students and 50% of dependent students at public two-year colleges did not pay any part of their tuition and fees.” Overall, more than half of community college students received enough grant aid to cover their tuition and fees.
When you start to add in transportation, food, living expenses and more at an out of state school or one not in your community, these costs can increase dramatically. Using the above methods to go to cheaper but good schools can save a lot of money and can help to avoid expensive student loans and save you money for other things while not putting you into debt.
There is also the use of grants and scholarships. Getting an outside, or private, scholarship can actually reduce the amount of financial aid you get from your college. But that doesn’t mean you’ll have to pay a bigger share of your college costs. It just means that the scholarship dollars replace financial-aid-package dollars.
How are scholarships and need based aid determined?
Colleges determine your need-based aid by subtracting your Estimated Family Contribution (EFC) from the cost of attendance. If your total financial aid package — including outside scholarships and need-based aid — comes to more than $300 above your calculated need, your college must reduce the amount of need-based aid you receive.
Some companies that can provide info on getting financial aid or scholarships are:
https://www.scholarships.com/financial-aid/college
