Many individuals are aware of the benefits of higher education, which can include a higher salary and more job opportunities. However, the cost of earning a bachelor’s degree can be daunting for some, causing them to question where they will get the funds for such an investment.
According to a newly released Sallie Mae study conducted by Ipsos, the total amount students pay to cover college costs decreased during the 2010-2011 academic year. This past school year, students spent about $21,889 on higher education, compared to approximately $24,097 during the 2009-2010 school year.
A majority of these students were able to pay for higher education using their parents’ income or savings, while about one-third relied on scholarships and grants, the report shows. Additionally, about 15% of students said they borrowed money for school, while 11% were able to use their personal income and savings.
As the price students pay to attend college goes down, their opinion of higher education has increased. The report indicates that about 90% of degree seekers say they believe that college "is an investment in the future."
Similarly, in a recent Gallup and Lumina Foundation poll, almost 70% of respondents said that a college degree is necessary to obtain a high-quality career.