Ways to Save for College

When attempting to calculate college expenses, the College Board states that published tuition prices are not what most students actually pay. Grants and educational tax credits reduce the cost of higher education for many students and families.

The average amount students actually paid for annual tuition and fees at public colleges and universities after receiving grant aid and taking advantage of tax breaks was reduced from the published price of $5,491 to $2,200.

Private colleges and unversities are a different story, the average amount students actually paid was reduced from the published price of $21,235 to $11,600 per year.

Even with grant aid and tax breaks, college students receive more than half of their financial aid in the form of loans, and aid in the form of loans is growing at a faster pace than grant aid, a concerning trend for future students.

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