Friday, August 03, 2012

WBEZ: Record number of families choose college based on cost

This is a good thing for sure, you can shoot for the Ivy League but you still need Ivy League money. I'm sure costs is one reason why students and their families may choose either a state institution or do two years of undergrad at a community college. Of course, that's in general.
A new national report from Sallie Mae, one of the nation’s top student loan providers, shows more students and families are choosing colleges related to how much they cost.

In fact, a record 69 percent of American families say they rule out schools that are too expensive. That’s up from 64 percent in 2011, according to the report.
Other key findings from the Sallie Mae report:
  • Students are footing more of the bill for college—about 30 percent, up from 24 percent four years ago.
  • Parents are covering less of the cost of college—about 37 percent, down from 45 percent four years ago.
  • 13 percent of parents borrowed funds to pay for their child’s post-secondary education.
  • Fewer parents “strongly agree” that college is an investment in their child’s future—77 percent this year, compared with 83 percent in 2011.
  • More than half of all students live at home while going to school, about a 9 percent increase from 2011.
  • Fewer parents say they would send their child to college for the experience—just 19 percent, down from 24 percent last year and 33 percent in 2010.
Sadly I didn't learn half of this years ago. I would say if we expect our young people to go to university financing their education is one thing that they should be briefed on. This will separate the ones who are serious from the ones who aren't.

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