Study shows how college students handle tuition
A new study by Sallie Mae and Gallup shows that despite rising tuition at schools across the country, a majority of students are not worried and are finding ways to pay for this investment in higher education.
According to the study, 67 percent of college students said that even in the current economy, they are confident that they will be able to pay for school. In order to help them do so, about 25 percent of people said they borrowed federal loans, 12 percent said they use private loans and 51 percent receive grants and scholarships.
Low-income individuals typically receive about $7,150, or 42 percent of school expenses, through scholarships and grants. Students who are in the middle-income category receive an average of $4,417 in grants and scholarships, or 25 percent of college costs. People with higher incomes tend to get about $4,642, but mostly from scholarships.
Receiving these types of monetary support may be important for some students, as a private four-year college tends to cost about $35,00 in tuition and fees annually, according to College Board.
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