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.
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.
SafeAmerica Credit Union can help.
We're your local credit union and we're here to help. Did you know SafeAmerica Credit Union offers affordable student loans? Let us finance your education or refinance your current student loan to save you even more money. We also award 5 lucky winners a $1,000 college scholarship each year with our annual college scholarship program. Submit your essay today for a chance to win.