<p>The old universities (i.e. those dating back to the colonial period like Harvard, Yale, Princeton, etc.) are normally divided into an undergraduate section known as college , one or more graduate schools , and possibly several other professional schools .</p>
<p>The college in the HYP (Harvard-Yale-Princeton) sense is the unit within the university that grants the degrees of Bachelor of Arts (B.A) or Bachelor of Science (B.S.), which are normally awarded following 4 years of full-time study beyond secondary school. After earning a bachelor's degree, one can enter the job market directly or, alternatively, apply for admission into a graduate school or into a professional school.</p>
<p>Graduate schools grant academic master's degrees (e.g the M.A or the M.S degrees) and research doctorates (e.g. the Ph.D. or the Sc.D. degrees). A master's degree normally requires two years of study beyond the initial bachelor's degree , whereas a Ph.D. may be earned after 3 to 5 years of study beyond a master's.</p>
<p>Professional schools, like graduate schools, only admit students who already hold a bachelor's degree, but they differ from graduate schools because, instead of granting research degrees, they specialize on teaching certain prestigious professions, especially law, business, and medicine. Law school normally lasts 3 years beyond the bachelor's degree and leads to the J.D. (Doctor of Jurisprudence) degree. Medical school lasts 4 years beyond the bachelor's course and leads to the M.D. (Doctor of Medicine) degree. The primary degree granted by Business Schools is in turn the M.B.A (Master in Business Administration), which requires two years of study beyond an initial bachelor's degree.</p>
<p>Note however that, in the modern universities (i.e. those established in the 19th and 20th centuries), the term "college" may occasionally have a different meaning and be used as the equivalent of a "faculty" in British English, i.e., a unit within the university specializing in one specific subject, e.g. the College of Engineering, the College of Fine Arts, etc. Colleges in that second meaning may grant both bachelor's, master's, and doctor's degrees.</p>
<p>Finally, a "liberal arts college" (LAC) means an isolated institution of higher learning, normally small in size, that is not part of a university and grants 4-year bachelor's degrees only, usuallly offering a broad , non-specialized curriculum.</p>
<p>Answering your second question, U.S. universities may be private (like Harvard, Yale, Princeton, Stanford, MIT, Duke, Chicago, UPenn, most of the other top 30 American universities, and pratically all LACs ) or public (mostly the state universities like the Universities of California, Illinois, Texas, Virginia, Florida, etc.). Unlike in Europe, both public and private universities charge tuition fees, but private universities are generally more expensive. State universities are actually relatively cheap for in-state residents; for international students, they are still very expensive by European standards.</p>