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More Families Have a Plan for College--and Are Confident in how to Pay for It
Sallie Mae ConsumerFeature
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80-PERCENT OF FAMILIES ARE CONFIDENT IN HOW THEY PAID FOR COLLEGE--AND NEARLY HALF CURRENTLY HAVE A PLAN TO PAY FOR IT. THAT'S ACCORDING TO THE LATEST "HOW AMERICA PAYS FOR COLLEGE"-REPORT, FROM "SALLIE MAE" AND "IPSOS". THE REPORT ALSO FINDS THAT FAMILIES SPENT AN AVERAGE OF ABOUT 26-THOUSAND DOLLARS ON COLLEGE--DURING THE PAST ACADEMIC-YEAR. FAMILY-INCOME AND -SAVINGS PAID 43-PERCENT OF COLLEGE-COSTS--WHILE SCHOLARSHIPS, GRANTS, AND GIFTS COVERED 33-PERCENT, AND BORROWING COVERED THE REMAINING 24-PERCENT. ALSO, 57-PERCENT OF THE FAMILIES WHO BORROWED TO PAY FOR COLLEGE HAD ALWAYS PLANNED TO DO SO--AS PART OF THEIR PAYING-FOR-COLLEGE STRATEGY. FURTHERMORE, 64-PERCENT OF FAMILIES SAY THAT THE STUDENT WILL BE SOLELY RESPONSIBLE FOR PAYING BACK THEIR STUDENT-LOANS. AND, MANY FAMILIES ARE GETTING A HEAD-START ON REPAYING LOANS--WITH 41-PERCENT MAKING PAYMENTS WHILE THE STUDENT IS IN SCHOOL. TO LEARN MORE, VISIT "SALLIE-MAE"-DOT-COM.
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