Surprise! Most Families Are Paying For College Just Fine.

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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 cant afford college? Think again! A recent Sallie Mae survey reveals that most Americans are coping just fine.

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.

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Categories: Student Loans