College Tuition and Student Loans

College tuition refers to the amount of money students must pay to receive instruction at institutions of higher education. Mandatory fees to subsidize nonacademic areas such as student-support services and athletic departments are typically added to the price of tuition. The total cost of attendance is calculated by combining the cost of tuition and fees with the estimated cost of other expenses such as room and board, books and supplies, and transportation.

Students who are unable to cover the full cost of attending college may qualify for financial aid. Financial aid encompasses nonrepayable forms of gift aid, such as grants and scholarships, as well as federally subsidized paid work-study jobs and loans. Education loans, more commonly known as student loans...