Is college really unaffordable for most people?

I'm a bit stressed out over college fees. I've heard that most people can't afford it. Is this really true? Does financial aid solve this problem or do most students still struggle with the cost?

The cost of college can indeed seem daunting, especially when just considering the sticker price of tuition for many institutions. However, it's important to note that many students do not end up paying the full price tag.

Colleges provide financial aid packages to help lessen the financial burden for students. Financial aid can dramatically reduce the cost of tuition for many students, and can come in various forms, including scholarships, grants, work-study programs, and student loans.

Federal student aid, often distributed through FAFSA, is based on your family's income and financial need. For instance, the Pell Grant, which does not need to be repaid, can provide substantial aid to students from low-income families.

Many colleges offer need-based financial aid as well. For example, highly selective schools like Harvard University and Princeton University offer robust financial aid programs where students from families that make below a certain income threshold (e.g., $85,000 at Harvard) can go to school for free or at a significantly reduced cost.

Merit-based scholarships, awarded based on academic or extracurricular achievement, can also offset the cost of tuition. These can be offered directly from the colleges or from external organizations.

After financial aid packages are taken into account, the majority of students do not pay the full listed price of tuition. However, the amount of aid you receive can vary greatly depending on your family’s financial situation, your academic and extracurricular achievements, and the institution you are applying to.

While financial aid can help many students, there can still be additional costs associated with attending college, such as textbooks, housing, food, and personal expenses. Some students work part-time jobs or take out student loans to help cover these extra costs.

In conclusion, while the initial sticker prices of colleges might give the impression that college is unaffordable for most, there are numerous financial aid opportunities that can make higher education more accessible. It's vital to research each prospective school’s financial aid options and use their Net Price Calculator — a tool that can give you an estimate of what you might pay after factoring in likely financial aid. The net price is often far below the listed price. Remember to also consider more affordable options such as community colleges and in-state public universities.