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Attend College for Less Money

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With the price of college still on an upward trajectory, families are looking for ways to make higher education affordable. According to “How America Pays for College,” a report by Sallie Mae, the average American family spent $23,757 on college costs in 2017.

Besides taking a student job, which at least 76% the students surveyed reported they’re planning to do, here are some things families are currently doing to reduce or help with college costs:

• Live at home. The report found 50% of students live with their parents or relatives.

• Cut the pricey top picks. Nearly 70% of families eliminated colleges during the application process due to their high price tags, up from 58% in 2008. About 73% are choosing an in-state school.

• Finish quicker. Nearly 26% of students enrolled in accelerated courses while in high school to pay for fewer semesters in college.

• Use grants and scholarships. Families reported covering about 35% of their school bills with grants and scholarships—the biggest portion of their payment sources. About 87% of these scholarships come from the schools.

• Start a college-savings plan. In 2016-17, 13% of families used the 529 tax-advantaged college-savings plan, with an average amount of $10,031. If you haven’t already taken advantage of this type of savings account, contact Liberty Savings to see about starting one today.

Liberty Savings Federal Credit Union serves Hudson County residents and businesses, providing financial services with a personal mission. Our aim is to offer the lowest loan rates, least amount of fees, and the best options for saving. Contact us at 201-659-3900 to discuss any financial needs—from lending to savings to obtaining a new Visa, we’re here for you.