Final answer:
The amount of financial aid offered by the university has a major impact on affordability, with financial aid packages helping to reduce the overall cost of attendance. This component is crucial as tuition and fees have increased substantially, while median household income and government support have not kept pace. The correct answer is option c.
Step-by-step explanation:
The biggest impact on whether a 4-year university is affordable comes from a variety of factors, but among the options provided, the amount of financial aid that the university offers typically has a very significant impact. This is because financial aid can come in various forms, such as grants, scholarships, and student loans, which can directly reduce the cost of attendance. While living in the same state as the university can offer in-state tuition, which is generally lower than out-of-state tuition, and while attending a public university instead of a private one can also be more affordable, the financial aid package can substantially bridge the gap between the cost and a student's ability to pay.
Moreover, the cost of tuition has increased significantly over the decades, outpacing the increase in median household income, which makes financial aid even more critical. The cost of college education continues to rise, doubling for private colleges and increasing by almost 2.5 for public colleges over two decades. Full-time work at minimum wage is no longer sufficient to cover these expenses, indicating the importance of financial aid in achieving higher education. This sharp rise in education costs, alongside minimal increases in government support, makes financial aid an essential factor in university affordability.