Aurora has one or more colleges and universities. These are both institutions of higher learning, and are sometimes used interchangeably. Both offer post-secondary education. A college in Aurora is an institution which usually offers only undergraduate degrees. They can be of various types, such as a community college, which offers an associate's degree in two years, or an undergraduate college with four year courses. Liberal arts colleges are those which follow the liberal arts curriculum. A university, which may be present in Aurora, have a large undergraduate section. They are distinguished from colleges in having graduate departments that confer higher degrees such as a masters, or a doctorate. They are also engaged in research activities. Funding for such institutions may come from the government, or private enterprises. Accordingly, the institution may be a public or a private one. The fees, curriculum and student experience can vary widely. Higher education prepares students for future challenges in life, and can be a very rewarding experience. Admission is usually selective.