Families are Changing How They Pay for College - The Explorer: Education

Families are Changing How They Pay for College

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Posted: Tuesday, August 5, 2014 10:00 pm | Updated: 1:33 am, Thu Aug 7, 2014.

(StatePoint) American families’ commitment to college is as strong as ever. In fact, ninety-eight percent of families with an enrolled undergraduate believe that it’s a worthwhile investment. However, the way they covered the bill last year changed, according to new statistics.

A national study, “How America Pays for College 2014,” from Sallie Mae and Ipsos, found that while the average amount spent on college was consistent with prior years, families paid more out of pocket, and overall borrowing was at the lowest level in five years.

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“There’s no question that college is a critical investment,” says Ray Quinlan, chairman and chief executive officer, Sallie Mae. “It’s equally clear that there is no single way to pay for college. But no matter how you pay for college, this investment brings peace of mind and more choice.”

The study also found that 38 percent created a plan for paying for all years of college. Additionally, only 40 percent indicated their family had a contingency plan in case of unexpected events.  To help families start a plan to pay for college, Sallie Mae launched an online college planning resource earlier this year at www.Salliemae.com/plan for college. From federal student loans to private loans to grants and scholarships, knowing your options can put your family in a better position to afford college.

More facts about how people are now paying for college are available at www.SallieMae.com/HowAmericaPays.

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