by Katerina Nikolas

Created on: November 04, 2010   Last Updated: November 08, 2010

College tuition accounts for the largest proportion of the costs involved in acquiring a degree and can vary widely between colleges. Many colleges have two tiers of tuition fees: one for instate students and one for out of state students. Thus choosing an instate college can considerable reduce the tuition costs.

One aspect of tuition costs which is too often overlooked is that some colleges provide financial aid packages which cover the full costs of even the most expensive tuition, effectively making the most expensive colleges the least expensive to attend. Naturally academic excellence is required alongside determined financial need.

Ivy League schools such as Princeton, Harvard and Yale offer excellent financial aid packages and certain colleges promise that student loans will be unnecessary. Other colleges provide financial aid to all students whose family income is less than $100,000, with three quarters of all students attending Emory University in Atlanta receiving financial aid. Lafayette College in Pennsylvania also provides financial aid to all students with family incomes less than $100,000, and in addition puts a cap on the amount of student loans.

It is thus important that students and their families take their time to do their homework and research financial aid provided directly from the colleges. Presuming you will not qualify for financial aid is a huge mistake as many colleges provide assistance even if income levels are high, if there are other siblings also requiring a college education.

Financial aid is usually determined by completing the FAFSA application which determines the family contribution. Many colleges provide direct aid to cover the difference between tuition fees and the family contribution.

In addition to college financial aid students should seek out both scholarships and state grants which can be utilized to pay for tuition. Some colleges have dropped all merit scholarships, preferring to offer aid to those with demonstrated financial need, but many retain merit scholarships which are also available from outside sources.

All students who submit the FAFSA are automatically considered for the federal Pell grant which is awarded on a needs base to those from low income families. Students can also apply for low interest federal state loans through the FAFSA, but may consider exploring the option of interest free loans first which reduce the debt burden on graduation. Some States offer interest free loans as do private foundations.

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