Report: College Costs Driving Decisions for Families
Career College Central Summary:
According to a report from loan giant Sallie Mae, college costs are driving decisions about which schools to attend, what to study and even where to live. Parents no longer foot the largest portion of the bill, according to the lender’s annual survey. That role goes to grants and scholarships, with student loans coming in third.
College spending per student was about $21,000 during 2012, down from a peak of $24,000 in 2010, according to the Sallie Mae-Ipsos Public Affairs report. The annual survey of student financial aid found students earned about $6,300 in grants and scholarships to pay for college costs, taking the top spots from parents.
Parents’ enthusiasm for college has not shriveled, though. The survey found 85 percent of parents saw college bills as an investment in their children’s future. Parents chipped in $5,727 on average, a decrease of 35 percent since 2010. Student loans were the third most common source to pick up the bill for courses, housing and books. The average student borrowed $8,815 in federal loans.
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