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How America Pays for College

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How America Pays for College

Families have adjusted to the post-recession when it comes to paying for school, using grants and scholarships to fund the rising college costs.

Sallie Mae, the nation’s number one financial services company specializing in education, in conjunction with Ipsos, has released a new national study, “How America Pays for College 2013.”

The study’s findings were based on survey results from around 800 undergraduate students, between the ages of 18 and 24 years old and the parents of undergraduate students.

According to the study, families have adjusted to the post-recession when it comes to paying for school, using grants and scholarships to fund the rising college costs.

Financial aid, classified as “free money”, now funds a larger portion of college costs than it has in the past. Utilizing scholarships and grants to cover college costs rose to 30 percent, from the 23 percent reported in the 2010 study.

Previously, parents’ income and savings were the leading resource of funding for school at 37 percent. That percentage declined in 2013 and is currently the second source of funding at 27 percent.

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