SPRINGFIELD, Mass. (WWLP)– A declining number families are borrowing money to pay for college. 22News is working for you with a look at what your options are when it comes to the high cost of college.
College costs continue to rise leaving many Western Massachusetts families to be faced with some difficult choices, like save for your kids college or for your own retirement?
Michael Chiz, from Longmeadow, told 22News for now, retirement has to be their priority, “Because nobody else is going to pay for that except for us. College is almost prohibitively expensive but there’s ways to pay for it.”
As a new study by Sallie Mae reveals, there are options. More than 30 percent of the families surveyed chose said they use grants and scholarships as their primary way to pay for college, rather taking out loans.
The study also found families are finding ways to cut on total costs. For example, more than half of college students said they opt to stay in-state or live at home during their college years.
22news is working for you with other money saving options.
One option is to choose a school with a two year program to get you started. They often offer the same required core classes as a 4-year school at a fraction of the cost. Which the dean of admissions at Springfield Technical Community College says is one way students are rethinking their college plans in order to save money.
“It will cost me 10 thousand dollars for two years, which is much more reasonable than 20 thousand, 30 thousand, 40, 50, 60 per year at a 4-year school,” Davis-Freeman said.
The Sallie Mae study reported that two-year public colleges are expected to some of their highest enrollment numbers this year.