How Americans Paid for College in 2010

College is getting more and more expensive every year. Considering the current economy, how are Americans continuing to pay for a product that is constantly increasing in price?
The authors of How America Pays for College 2010 tired of asking this same question over and over again, so they decided to conduct a survey to find out. They interviewed 801 students and 823 parents from across the nation and asked them various questions about how they finance a college education.
A vast majority, about 73 percent, said that they had to reduce their spending habits in other areas to pay for a college education. This shows a 17 percent increase from the 2008-2009 school year to the 2009-2010 year. Luckily though, 82 percent said that they strongly believe that a college education is an investment in the future and worth the sacrifice.

A new trend that has many concerned is that many families and students are paying for a college education on credit. Although it is currently only six percent of families who pay for college this way, the trend is not expected to stop and could become much higher in the future.
How else are people paying for college?

  • 37 percent use parent income and savings.
  • 23 percent use grants and scholarships
  • 14 percent use student borrowing (such as student loans)
  • 10 percent use parent borrowing (such as credit cards and loans from loan companies)
  • 9 percent use student income and savings
  • 7 percent use funds from friends and family members

How do you pay for college? Are any of these trends surprising or concerning to you? Share your thoughts and concerns below!
Via The Huffington Post
See Also:
Parents Who Refuse to Help Their Kids Pay for College
Selling Drugs to Pay for College
How to Avoid Debt to Pay for College