|
Families are Getting Savvier Paying for College
Special to The Truth
College costs may be on
the rise, but families are as determined as ever to make
higher education a reality for their children. What’s more,
families are becoming savvier about how they meet the
expense, suggests a new study.
According to “How America
Pays for College 2017,” a national study from Sallie Mae and
Ipsos, students and parents shared paying for college
responsibilities equally in academic year 2016-17, each
contributing about one-third of the expense, with
scholarships and grants covering most of the rest.
In addition, 98 percent of
families surveyed took proactive measures in order to reduce
college costs. That included choosing an in-state school,
living at home, and enrolling in an accelerated program.
“Throughout our 10 years
of conducting this study, families have consistently
demonstrated they are determined to make college happen, and
they’ve also become more value-conscious as they pay for
higher education,” said Raymond J. Quinlan, chairman and
chief executive officer, Sallie Mae.
For those families with
college-bound students, Sallie Mae recommends a 1-2-3
approach.
• Maximize money that
doesn’t need to be repaid. Scholarships and grants paid 35
percent of college costs last school year; and scholarships
were used by 49 percent of all families.
You can get in on this
action by utilizing free scholarship search tools from
companies like Fastweb, Chegg, and Sallie Mae. To stay
organized, maintain a spreadsheet of each scholarship’s
details, including application due dates.
• Explore federal student
loans. All college-bound students should complete the Free
Application for Federal Student Aid, no matter what they
believe their eligibility is – and repeat this every year
they are in school. This is the key to securing federal and
state financial aid for college. To learn more, visit
fafsa.ed.gov.
• Consider a responsible
private student loan. Regardless of cost, nearly all
families (98 percent) agreed college is an investment in a
student’s future, and 86 percent of families said they
expected their child to attend college since he or she was
preschool age or younger. Even further, 59 percent said they
expected their child to pursue a graduate degree. Making
these dreams happen may require seeking out a private
student loan. Be sure you turn to a responsible lender so
there are no surprises down the line when it comes time to
pay back.
To learn more about “How
America Pays for College 2017” visit SallieMae.com/HowAmericaPays.
Higher education remains
an important aspect of the American dream for many families.
As cost remains a deciding factor, more families are taking
creative and proactive steps to make college affordable.
Courtesy StatePoint
|
