With the price of college still on an upward trajectory, families are looking for ways to make higher education affordable.
According to “How America Pays for College,” a report by Sallie Mae, the average American family spent $23,757 on college costs in 2017.
Here are some ways families are reducing their college costs:
• Live at home. The report found 50% of students live with their parents or relatives.
• Cut the pricey top picks. Nearly 70% of families eliminated colleges during the application process due to their high price tags, up from 58% in 2008. About 73% are choosing an in-state school.
• Take a student job. At least 76% the students surveyed reported planned to work while in college, with 55% working year-round.
• Finish quicker. Nearly 26% of students enrolled in accelerated courses while in high school to pay for fewer semesters in college.
• Use grants and scholarships. Families reported covering about 35% of their school bills with grants and scholarships—the biggest portion of their payment sources. About 87% of these scholarships come from the schools.
• Start a college-savings plan. In 2016-17, 13% of families used the 529 tax-advantaged college-savings plan, with an average amount of $10,031. See Heritage Valley FCU about starting a college-savings plan today.
Copyright 2017 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
