A survey commissioned by Sallie Mae revealed that parents and students reported spending less on college costs than in years before, bucking a long-term trend of increasing spending.
Some of the specific data are particularly surprising. From the AP:
- Spending on higher education has fallen by an average of 5 percent overall since last year.
- Parents are spending nearly $3,000 on average less on their children’s education than they were two years ago.
- Nearly half of all students have opted to live at home—a startling 9 percent increase from last year. The trend is especially pronounced in higher income groups.
- More families have cited the debt and cost of colleges as a major factor in the decision process than at any point in the past five years.
Faced with the prospect of mountains of debt after graduation, students and parents are right to question the cost of their degrees. Both government and the student loan industry have failed to serve parents’ and students’ best interests. Greater cost-consciousness on the part of students and their families promises to be much more effective.
Read more Via Meadia on higher ed.