Parents paying less of students' college costs
Thu, 03 Oct 2013 02:25:00 GMT —
Every year, nearly 60% of all college students borrow money to help cover the costs of higher education, but paying back those loans may become more difficult. A recent study by Sallie Mae Financial Services found on average, parents are paying about 27% of their student's college costs, down from 37% in 2010.
YouGov for Citi also conducted a survey, which found that 80 percent of college students are now shouldering some or all of their own college costs.
Dylan Kwitchoff is a freshman at Coastal Carolina University, who is using student loans and some money from his parents to get through school. He said they can't pay the entire bill, and the remainder will be left for him to pay off after graduation.
"I think it makes it 100% harder to go to school, because without your parent's financial help, you don't know if you can even afford to go to school," Kwitchoff said.
Savon Johnson, also a freshman at CCU, doesn't get any financial help from his parents. Scholarships and grants are the only way he's able to earn his Bachelor's degree.
"I couldn't be here without the scholarships I have, and without the grants I have. So I'm grateful that I do have scholarships," Johnson said.
He said his parents would love to help him, but they just don't have the extra money.
"Right now for me and my parents, my mother wouldn't be able to help. So I'm very thankful for the scholarships I do have," Johnson said.
The survey also says with less help, four out of five college students are now working while going to school to help lower the amount they'll have to pay back after school.