Money, Money, Money

How Students Are Paying for Education in the U.S.

Financial Aid/Loans/Grants/Scholarships

American Student Assistance reports that according to The Chronicle of Higher Education of the 20 million students enrolled in college each year 60% take out some form of loans to fund their education.

More than 65% of undergraduate students use financial aid in the form of grants or loans or a combination of grants and loans to fund their education.

Sallie Mae reports that in 2013 39% of students use scholarships to fund education and scholarships awarded averaging $8,349.

Parents

Sallie Mae’s annual report “How America Pays for College” shows that parental contributions to children’s education using income and savings made up 27% of college student funding in 2013.  College savings plans totaled 7% of college student funding that same year.

G.I. Bill

The U.S. Department of Veterans Affairs reports that since 2009 the Post-9/11 GI Bill has proved educational benefits to 773,000 veterans and their family members.  Benefits include undergraduate degrees as well as graduate degrees, flight training, tutoring, vocational or technical training, entrepreneur training and licensing and national testing programs.

Part-Time Jobs

A 2013 Citi and Seventeen magazine poll found that almost 80% of college students work a part-time job.

Full-Time Jobs

U.S. Census Bureau Data indicate that the percentage of college students who work full time (35 or more hours a week, 50 out of 52 weeks a year) ranges from 14% to 37%, depending on the state.

Credit Cards

A 2009 study by Sallie Mae revealed that 84% of undergraduates had one or more credit cards.  94% of these students used credit cards to pay some education expenses such as textbooks, school supplies or tuition.

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Works Cited

American Student Assistance.  http://www.asa.org/policy/resources/stats/

Davis, J.  School Enrollment and Work Status: 2011: American Community Survey Briefs.  (October 2012) for the U.S. Census Bureau.  .http://www.census.gov/prod/2013pubs/acsbr11-14.pdf

Kingkade, T. The Huffington Post.  Most College Students Work Part-Time Jobs, But Few Pay Their Way Through School: Poll http://www.huffingtonpost.com/2013/08/07/college-students-jobs_n_3720688.html

National Center for Education Statistics.  Digest of Education Statistics. http://nces.ed.gov/programs/digest/d12/tables/dt12_386.asp

Sallie Mae Champions for Higher Education.  How Undergraduate Students Use Credit Cards: Sallie Mae’s National Study of Usage Rates and Trends 2009. http://static.mgnetwork.com/rtd/pdfs/20090830_iris.pdf

Sallie Mae / IPSOS.  How America Pays for College 2013, Summary Report. https://www.salliemae.com/assets/Core/how-America-pays/howamericapays2013.pdf

The U.S. Department of Veterans Affairs .  Office of Public and Intergovernmental Affairs.  VA and the Post 9/11 GI Bill.  Veterans Affairs http://www.va.gov/opa/issues/post_911_gibill.asp

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