Compared to many of the other countries around the world that also offer a college education, American colleges can seem crazy when you start to break down costs. However, an American college education is more popular than ever, and many people from all over the globe travel to one of these universities each year. What makes American colleges so expensive? Let’s take a closer look.
More often than not, the best of the best in the American collegiate system are based in extremely expensive states or cities to live in. Seven of the Ivy League colleges are in the states surrounding New York City, with the eighth – Columbia University – in Manhattan. Other popular universities can be found in LA, San Francisco, Chicago, and other expensive places in the US. This drives up living costs and can make it very difficult for ordinary students to afford a living here without the right support.
Little State Support
Many colleges in the US are completely financially independent. Like many other areas of the US, they are often private businesses that need to turn a profit. Many of the universities and colleges in other parts of the world receive funding from their governments. In the US, this funding would come from the state and not the federal governments. Many are not in the position to do this, so colleges must push high tuition fees so they can afford everything on campus.
Demand drives price. These are some of the most prestigious institutions in the world and they attract top talent both in terms of the students and the staff. For the top colleges to be able to afford the best staff, they have to be able to draw the funds from somewhere. More often than not, this is from the students themselves through their tuition fees. Add in the cost of high-end equipment and it is easy to see why attending college in the US is not cheap.
How You Can Help Yourself
If you have your heart set on attending a college in the US, companies like MPower Financing are determined to make the experience much easier for you with their student loans. If you are a student from another country, you should look into international student loans to see how they could help you out with the cost of living. Residents of the US can look into DACA students’ loans and other forms of financial aid to help them achieve the grades of their dreams.
Attending college in the US can be incredibly expensive but it can also be one of the best decisions you ever make. There are so many different universities across the states and they could offer you a fantastic education and the chance to make some lifelong memories. Take a good look at some of your top colleges to see what they could offer you. You could easily be on your way to a great education at one of the best American colleges with some careful thinking about your finances.