Americans are Finding New Ways to Pay for College

The majority of American families have an unwavering belief in the value of college — 85 percent of parents believe that college is an investment in their child’s future, according to a new national study by Sallie Mae.

With tuition costs on the rise, families are finding resourceful ways to help ease college costs, from eliminating schools based on price, to forgoing the costly dormitory experience. According to the same study, the use of grants and scholarships are on the rise, and more parents are turning to such tools as 529 college savings plans to fund their children’s education.

While parents are becoming more realistic about funding college, experts say that advanced planning is still not the norm.

“The majority of families do not have a financial plan to pay for college. Having one however, increases the likelihood of success, says Jack Remondi, president and CEO of Sallie Mae.

To learn more about how Americans are paying for college, visit www.CollegeAnswer.com/Pays2013.

In this post-recession environment, the dream of college is not dead. But finding new ways to fund it is becoming more important.