As the cost of higher education continues to rise, more students than ever have become dependent on college grants to help them cover the cost of tuition.

The College Board reports that the cost of attending a brick-and-mortar university has risen by approximately 5 percent over the past year. In addition, the number of institutions that cost more than $50,000 per year is expected to increase greatly for the upcoming semester, according to the Boston Globe.

However, experts say that prospective students should not let the cost of a campus-based or online college degree program deter them from pursuing their educational goals. To offset rising tuition costs, some schools are offering financial aid in addition to Pell grants for college to an increasing number of students. Furthermore, some of these college grant awards cover more than half of the sticker price.

Due to the fact that many schools increase their tuition due to upgrades that are intended to entice students – including luxurious housing facilities, state-of-the-art fitness centers or high-profile professors – prospective degree candidates may want to consider enrolling in schools online. While most of these institutions also offer financial aid, students can cut initial expenses by foregoing some of the frills of brick-and-mortar institutions.