As student-loan default rates climb and college graduates fail to land jobs, an increasing number of students are betting they can get just as far with a degree from a less-expensive school as they can with a diploma from an elite school—without having to take on debt.
More students are choosing lower-cost public colleges or commuting to schools from home to save on housing expenses. Twenty-two percent of students from families with annual household incomes above $100,000 attended public, two-year schools in the 2010-2011 academic year, up from 12% the previous year, according to a report from student-loan company Sallie Mae.
Such choices meant families across all income brackets spent 9% less—an average of $21,889 in cash, loans, scholarships and other methods—on college in 2010-11 than in the previous year, according to the report. High-income families cut their college spending by 18%, to $25,760. The report, which is released annually, was based on a survey of about 1,600 students and parents.
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Filed under: * Culture-Watch Children Education Marriage & Family Young Adults * Economics, Politics Economy Consumer/consumer spending Personal Finance The Credit Freeze Crisis of Fall 2008/The Recession of 2007--
Posted November 8, 2011 at 8:00 am
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