How America Pays for College — 2013 Report | 07.23.13
Sallie Mae has issued its sixth annual report, How America Pays for College. David Levy breaks down the key findings:
- Most families still see a college education as an important investment in their child’s future.
- More than 90% of families believe their students will earn the degree they are seeking.
- Despite reports of increased reliance on educational loans, families view grants and scholarships as the top resource to pay for college.
Because of the post-recession economy, families have reduced the share they contribute to college expenses and have looked for ways to make college more affordable. These cost-cutting strategies include: choosing less expensive post-secondary institutions; increasing work hours; having the student live at home; and utilizing education tax credits.
As the economy continues to improve, parents’ attitudes about the value of college and their ability to finance this second largest family expenditure are slightly more optimistic.
Parents remain worried about how to finance college, but with the economic recovery underway, this concern seems to have decreased over the past three years. As consumer confidence increases (as it has over the past few months), it will be interesting to see if consumer expenditures for college and its related costs also increase, too.
To read the report, find the summary and PDF download links here.
David Levy is Associate Editor of the Edvisors Network. David brings 30 years of experience as Director of Financial Aid at some of the nation’s leading colleges, including the Scripps College, California Institute of Technology and Occidental College. He is respected by students, parents and financial aid professionals nationwide because of his extensive outreach and volunteer activities, his extensive knowledge of financial aid and his leadership in helping to simplify the aid application process.
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