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How America Pays for College

A SNAPSHOT OF HOW AMERICA PAYS FOR COLLEGE 2012 The national study, How America Pays for College, paints a picture of the commitment and resourcefulness of undergraduate college students and parents as they make the investment in higher education. SallieMae. AMERICAN FAMILIES ARE SAYING. 4TEAR PRINATE $34,532 COLLEGE IS IMPORTANT FOR QUR SUCCESS LITAR POBLIC $20,518 2-TAR PURLIC | 23 $10,053 ATTITUDES TOWARD COLLEGE Family expenditures for college vary significantly by type of school. Community college, the most affordable option, is drawing nearly one-third of the population. PARENTS STUDENTS 77% 89% 53% 61% Feel it is an investment in the future 169% L0% HERE'S HOW WE'RE MAKING DECISIONS Feel it is worth stretching financially ELIMINATED SCHOOLS BASED ON COST Students are the primary decision-makers in choosing a school, while parents are most likely to figure out how to cover the cost. CHOOSE SCHOOL: 79% STUDENT ONLY 42% PARENTS ONLY CHOOSE HOW TO PAY: WE'RE CUTTING COSTS WHERE WE CAN Families paid 5% less for college in academic year 2011-2012 than in 2010-2011. Nine out of ten families take at least two actions to make college more affordable. The most common are: 66? 2 50% 51% STUDENT LIVED AT HOME REDUCED STUDENT SPENDING 55% 50%. O 5U STUDENT INCREASED WORK HOURS STUDENT ADDED A ROOMMATE TAX FREDIT 45 TOOK INCOME TAX CREDIT OR DEDUCTION REDUCED PARENT SPENDING Through grants, scholarships, savings, federal and private WE'RE RESOURCEFUL IN PAYING FOR COLLEGE loans, and more, students and families are exercising all of their options to cover the costs of college. 37% COLLEGES 29% 30% 28% STUDENTS GET 73% SCHOLARSHIPS FROM COMMUNITY GROUPS OR NONPROFIT ORGANIZATIONS 18% STATEGOVERNMEN 27% II 26% 9% 4% RELATIVES & FRIENDS 10% BORROWED PRIVATE LOANS % COVERED OF THE TOTAL COST OF COLLEGE 1% BORROWED ONLY PRIVATE LOANS 25% 65% IO 81 BORROWED ONLY FEDERAL LOANS OF STUDENTS DID NOT BORROW COMPLETED FAFSA BORROWED BOTH FEDERAL AND PRNATE LOANS Federal Application For Federal Stadent Aid UNDERGRADS: 2011-12 ACADEMIC YEAR The Sallie Mae "How America Pays for College" 2012 national study, conducted by Ipsos, is based on extensive interviews with 1,600 undergraduate college students, ages 18 to 24, and parents of undergraduates, about how they paid for college in academic year 2011-12. For the full study, please visit www.SallieMae.com/HowAmericaPays. O 2012 Sale Mae, Inc. All rights reserved. SLM Corporation and its subsidiaries, including Sale Mae, Inc., are not sponsored by or agencies of the United States. SMSM MKT5636 0712 PARENT INCOME & SAVINGS GRANTS & SCHOLARSHPS

How America Pays for College

shared by jeremytrycm on Jul 23
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The national study, "How America Pays for College," conducted by Sallie Mae and Ipsos shows the resourcefulness of students and parents as they make the investment in higher education.

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Sallie Mae

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Education
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