For many students, community college is the most affordable option for obtaining a higher education. The cost of tuition, fees, room, and board at a two-year institution averages a little over $8,500, while the same expenses for a four-year institution cost nearly double that at just under $17,000 per year. Yet, despite the cost savings, some community college students still need financial assistance to pay for their education. The financial aid application process can present a number of barriers, especially for first-time college students who are unfamiliar with the process. However, these barriers can easily be overcome when armed with the right information.
Always Apply For Aid
Each year, millions of college-bound students apply for federal financial aid. Yet, millions more eligible students don’t apply at all. During the 2011-2012 academic year, an estimated 2 million students who would have qualified for a Federal Pell Grant didn’t even fill out the Free Application for Federal Student Aid (FAFSA). Even more surprisingly, approximately two-thirds of those students would have qualified for a full grant award that would have paid for all of their college expenses.
Instead, for a variety of reasons these students did not bother to apply. Nearly half the students who would have qualified for the Pell Grant simply believed they were not eligible for those funds. Another 34 percent reported that they didn’t want to take on debt, even though Pell Grants do not have to be repaid. Many more maintained that they did not have a financial . . . read more
A significant number of community college students choose to take that route because of the affordability. According to data from College Board, in 2011, community college students paid on average $2,713 in tuition and fees, as compared to $7,605 for students who attended an in-state four-year institution. At less than half the cost, community colleges pose significant financial benefits for students who are on a tight budget.
Reference: Center on International Education Benchmarking