Subscribe Feed (RSS)By the sound of it, most Americans cannot afford to keep up with increasingly higher tuition costs, right? Well, not according to the results of a recent Sallie Mae-Gallup poll which revealed that 58% of American families are able to pay for college without borrowing money. True, many students must borrow money to pay for their education but thanks to college scholarship money and grants, most families are managing just fine.
Gallup Conducted Survey
Think you can't afford college? Think again! A recent Sallie Mae survey reveals that most Americans are coping just fine.
Sallie Mae’s How America Pays for College survey, which was conducted by Gallup on behalf of the student lending company, reveals some important finds including: 51% of families receive grants or scholarship funds to help cover college costs. In addition, 25% funded their education via federal loans, 12% through private education loans, while 5% used credit cards to pay for expenses.
The study was conducted this past March/April, as Gallup contacted 1604 college students and parents of undergraduates. 91% of those surveyed indicated that they deeply valued higher education, agreeing with the statement that college leads to a higher quality of life. This positive response comes despite difficulties paying for college during a stiff economic downturn when many people might reevaluate the importance of higher education.
Prioritizing College Funding
“Clearly there is no single way to pay for a college education, however, we are encouraged that the data confirms families follow the ‘1-2-3 approach’ that Sallie Mae has recommended for years: first, savings, scholarship and grants; second, federal student loans; and third, private education loans,” said Albert L. Lord, vice chairman & CEO. “Experience has taught us that when we counsel people to borrow wisely, students benefit from lower defaults.”
SayStudent.com offers a number of tools which can help families get a better grasp on how much college will cost and how to pay for it including the following:
Budgeting Worksheet – To help families to establish a college spending plan.
Cost Comparison – Compare costs between different colleges.
Spending Sheet – Determine where your college money goes.
Student Aid Worksheet – Helps you to keep track of your aid while in school.
In addition, SayStudent.com offers a number of student loan calculators to find the best loan deal available, if needed.
Adv. — Are you considering a career training or continuing education loan? If so, visit your Sallie Mae lender for more information or call them directly at 866-530-9523.
Tags: college grants, college scholarships, federal loans, Gallup, private student loans, Sallie Mae, Student Loans
much of their earthly goods with them. In times past, students brought just enough stuff with them for the semester, but 21st century college students now bring all of that and so much more.
Different from colleges and universities, most student loan programs do not apply to schools which emphasize career training or continuing education. While costs per class may be lower than what State U. charges, retraining can set students back by hundreds if not thousands of dollars. Unless students have the funds on hand, then they’ll be forced to look elsewhere for assistance – enter career training or continuing education loans.
There are two types of Federal Stafford Loans – subsidized and unsubsidized. Subsidized loans are needs based and interest does not accrue while students are still in school or during the sixth month deferment period after completing their education. In addition, if an authorized deferment is taken, interest is not accrued during that period either.
