Sunday, August 23, 2009

Parents pay college costs amid recession: study

"More than half of U.S. parents use their current income to pay all or part of college costs for their children and are confident they can continue to support them amid the country's recession, a Gallup poll found."

"The poll, which was commissioned by student loan provider Sallie Mae and released on Wednesday, found 55 percent of the 800 parents surveyed paid on average $7,175 for the 2008-2009 academic year from their current income."

"Despite tough economic times, 67 percent of parents said they were confident in their ability to meet the cost of education, while 13 percent had little or no confidence."

"Parents paid 45 percent of the total costs of college in the 2008/09 academic year using income, savings and borrowing, similar to the previous year."

"The second largest source of college funding was scholarships and grants, covering 25 percent of total costs, while students contributed 24 percent, using a mix of income, savings and borrowing. A small amount came from sources such as relatives and friends."

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